Summer Intern – Supervision & Regulation – Retail SMT Homeowners’ Insurance

What You Will Do  

Intern Project

The intern will work on a project focused on data collection and research regarding homeowners’ insurance. The project’s motivation is based on the notion that as homeowner insurance premiums continue to rise, many homeowners are looking for ways to save money. One common way to save money on insurance without reducing coverage is to increase one’s deductible. However, this comes with its own risks because if homeowners are budget-constrained and cannot afford a higher premium, it is unlikely that they have the savings to pay a higher deductible should disaster strike. This research project will quantify the trade-off that homeowners make between premiums and deductibles. 

Project timeline: 

• Phase 1 (Weeks 1-2): Perform a thorough review of relevant literature regarding homeowners’ insurance and insurance contract choice  

• Phase 2 (Weeks 3-5): Research and become familiar with insurance data 

• Phase 3 (Week 6): Generate descriptive statistics and data visualizations of basic patterns of insurance choice and renewal dynamics  

• Phase 4 (Weeks 7-9): Identify how data patterns may vary by geography or homeowner characteristics 

• Phase 5 (Week 10): The intern will prepare a written report and presentation on their findings and present this to the FRB as the capstone to this internship. 

• Extra Time: If the intern has requisite skills and experience, they will collaborate with the investigator to specify and estimate a discrete choice model of insurance policy choices to quantify the willingness to pay for various insurance policy characteristics.  

What You Have

• Graduate degree or PhD in in economics, finance, statistics, or applied mathematics 

Required Skills: 

• Experience creating data visualizations  

• Experience with statistical programming and a working knowledge of R is preferred 

Preferred Competencies: 

• Excellent problem-solving, communication, and presentation skills 

• Strong technical writing skills 

• Strong interest in data visualization 

Additional Information:

• The Federal Reserve Bank of Philadelphia takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the “@phil.frb.org” domain or through the Workday system “rb@myworkday.com”.  If you are initially contacted by phone, feel free to request that the caller provide you with their email address to validate their identity.  If you have any questions about the validity of someone who contacts you regarding this position, please email the Talent Acquisition team at TalentAcquisition@phil.frb.org.
• We are an equal opportunity employer committed to hiring the best candidates and to providing equal employment opportunity to all persons without regard to race, color, religion, sex, pregnancy, national origin, age, genetic information, disability, military service, or any other basis protected by law.
• We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment. If you need assistance or an accommodation due to a disability, please email us at TalentAcquisition@phil.frb.org.
• All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
• Background investigations and drug testing are required for all new hires as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be screened for the presence of marijuana. Employment may not begin until the Bank accepts the results of the background investigation.
• All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
• Certain eligibility rules apply. You will provide work authorization to prove your eligibility to work in the United States.
• The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
• This is NOT a 100% remote opportunity. You will be available to work on-site in at least a hybrid capacity.
• ​Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.