The Senior Health & Benefits Actuarial Analyst will provide accurate and timely data and financial analysis on various actuarial/financial projects for pricing of medical, dental, life and disability programs. To fulfill this role, the Actuary will:
Perform basic cost projections by entering the client's cost and enrollment data into an Excel spreadsheet and projecting costs for the next plan year
Analyze vendor renewals by checking carrier or vendor's plan rates for reasonableness and by analyzing claims and enrollment data, trend rates, administrative expenses and other charges
Price medical and prescription drug plan designs by entering plan design information into Mercer's internal pricing model to develop the relative cost differences between plan designs, in order to compare the client's current plan to alternative designs
Develop employee contributions scenarios by entering current employee medical contribution data into an Excel spreadsheet and project contributions to the next plan year, taking into account the cost-sharing goals of the client
Gain an understanding of basic project management and consulting skills such to include: managing the quality and timeliness of client deliverables, helping to develop budgets and billing reports, participating in client calls and meetings as appropriate and assisting with the preparation of clear and concise client-friendly communications
Gain an understanding of the following, through online training, group sessions, or one-on-one training with others in a more senior role: Health and Benefits products, services and technical tools offered by Mercer, vendor/carrier markets, basic underwriting and actuarial skills, budget-setting, rate-setting and evaluation
The Senior Health & Benefits Actuarial Analyst may:
Perform pricing and evaluation of consumerism plans using Mercer's internal pricing model to compare designs where consumers have a greater ownership in costs
Analyze cost drivers by reviewing client's cost/utilization data and looking for year-over-year trends or comparisons to external benchmarks using data provided from client's vendor reports or raw data from external databases
Project retiree medical costs by entering the client's retiree cost and enrollment data for both pre-Medicare and post-Medicare
Estimate the impact of Medicare part D legislation by entering retiree prescription drug data into Mercer's Part D pricing model and performing tests to determine whether a federal government subsidy is available to the client
Perform analyses for larger, more complex clients, including more in-depth analysis for complex situations that may require additional research or discussion with Mercer subject matter experts
Gather necessary data from the vendor or client; review to ensure it is complete, accurate and reasonable; and prepare data in a particular template or format for use in basic or advanced financial analyses or valuations.
Strong analytical and mathematical skills; strong command of Excel
Excellent interpersonal skills; strong oral and written communication skills
Ability to prioritize and handle multiple tasks in a demanding work environment
Strong critical thinking and analytical problem-solving skills
Ability to work independently and on a team
Must have passed at least one preliminary Society of Actuaries (SOA) exam or a Valuation of Educational Experience (VEE) component, and plan to continue taking exams
Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Mercer's more than 22,000 employees are based in 43 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With more than 60,000 colleagues and annual revenue over $13 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. Marsh & McLennan Companies is also the parent company of Marsh,which advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions; Guy Carpenter, which develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities; and Oliver Wyman, which serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit www.mercer.com. Follow Mercer on Twitter @Mercer.
Mercer LLC and its separately incorporated operating entities around the world are part of Marsh & McLennan Companies, a publicly held company (ticker symbol: MMC).
Marsh & McLennan Companies offers competitive salaries and comprehensive benefits. For more information about our company, please visit us at: http://www.mmc.com/. We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients. For more information, please visit us at: www.mmc.com/diversity.
Marsh & McLennan Companies and its Affiliates are EOE Minority/Female/Disability/Vet/Sexual Orientation/Gender Identity employers.