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Health & Benefits Actuarial Consultant Job
Date: May 14, 2012
Location: Louisville, KY, US
Health & Benefits Actuarial Consultant-LOU000MN
Description
Mercer is the global leader for trusted Human Resources and related financial advice, products and services. In our work with clients, we make a positive impact on the world every day. We do this by enhancing the financial and retirement security, health, productivity and employment relationships of the global workforce. Mercer has more than 19,000 employees serving clients in over 180 cities and 40 countries and territories worldwide. If you thrive on challenge, are passionate about ideas, love solving problems and truly enjoy connecting with people, we encourage you to explore the hundreds of job opportunities available through Mercer. Our core strengths in consulting, outsourcing and investments place Mercer in a unique position to help our clients achieve the extraordinary - and extraordinary results require extraordinary people. Mercer is an operating unit of Marsh & McLennan Companies.
Marsh & McLennan Companies is a leading global professional services firm with roots dating back to 1871. We employ over 50,000 employees in more than 100 countries with annual revenue exceeding $11 billion. Marsh & McLennan Companies is the parent company of a number of the world's leading risk experts and specialty consultants, including: Marsh, our insurance broker and risk advisor; Guy Carpenter, our risk and reinsurance specialist; Mercer, our provider of HR and related financial advice and services; and Oliver Wyman, our management consultancy.
The Health & Benefits (H&B) Actuarial Consultant will lead the accurate and timely data and financial analysis on various actuarial/financial projects for pricing of medical, dental, life and disability programs. A key part of this role is also to act as a project manager for actuarial projects as well as mentor more junior actuarial staff and oversee their basic actuarial work. To fulfill this role, the Actuary will:
- Provide financial analysis for more complex and/or larger clients, including more in-depth analysis for complex situations that require additional research or discussion with Mercer subject matter experts. For less complex and involved work, this oversees the analysis of more junior staff
- Price and evaluate consumerism plans (high deductible health plans with provisions to create greater consumer awareness) using Mercer's internal pricing model to compare designs; results are typically presented to client as part of a strategy or plan design discussion
- 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; key results are summarized and presented to client to help understand cost drivers and help modify plan design
- Project retiree medical costs by entering the client's retiree cost and enrollment data for both pre-Medicare and post-Medicare; results are used by Retirement to develop retiree medical liabilities used by the client and their auditors for accounting purposes
- 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; results are included in a report to the client documenting the assumptions and results of the testing
- Oversee the financial analysis work of a more junior analyst, including: 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
- Manage actuarial projects from start to finish including: manage the quality and timeliness of client deliverables; develop budgets and billing reports; act as a key client contact for financial work; prepare clear and concise client-friendly communications; present results to clients
- Gain an expert level of 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; underwriting and actuarial skills; budget-setting, rate-setting and evaluation
- Mentor and train more junior staff on the above
Qualifications
- BA/BS degree
- Minimum seven years of H&B or relevant actuarial experience required
- 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 three preliminary Society of Actuaries (SOA) exam, and plan to continue taking exams.
Marsh & McLennan Companies offers competitive salaries and comprehensive benefits and programs including: health and welfare, tuition assistance, pension and 401K, employee assistance program, domestic partnership benefits, career mobility, employee network groups, volunteer opportunities, and other programs. For more information about our company, please visit us at: 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.
Job: Actuarial
Primary Location: US-KY-Louisville
Marsh & McLennan Companies and its Affiliates
are equal opportunity employers
Description
Mercer is the global leader for trusted Human Resources and related financial advice, products and services. In our work with clients, we make a positive impact on the world every day. We do this by enhancing the financial and retirement security, health, productivity and employment relationships of the global workforce. Mercer has more than 19,000 employees serving clients in over 180 cities and 40 countries and territories worldwide. If you thrive on challenge, are passionate about ideas, love solving problems and truly enjoy connecting with people, we encourage you to explore the hundreds of job opportunities available through Mercer. Our core strengths in consulting, outsourcing and investments place Mercer in a unique position to help our clients achieve the extraordinary - and extraordinary results require extraordinary people. Mercer is an operating unit of Marsh & McLennan Companies.
Marsh & McLennan Companies is a leading global professional services firm with roots dating back to 1871. We employ over 50,000 employees in more than 100 countries with annual revenue exceeding $11 billion. Marsh & McLennan Companies is the parent company of a number of the world's leading risk experts and specialty consultants, including: Marsh, our insurance broker and risk advisor; Guy Carpenter, our risk and reinsurance specialist; Mercer, our provider of HR and related financial advice and services; and Oliver Wyman, our management consultancy.
The Health & Benefits (H&B) Actuarial Consultant will lead the accurate and timely data and financial analysis on various actuarial/financial projects for pricing of medical, dental, life and disability programs. A key part of this role is also to act as a project manager for actuarial projects as well as mentor more junior actuarial staff and oversee their basic actuarial work. To fulfill this role, the Actuary will:
- Provide financial analysis for more complex and/or larger clients, including more in-depth analysis for complex situations that require additional research or discussion with Mercer subject matter experts. For less complex and involved work, this oversees the analysis of more junior staff
- Price and evaluate consumerism plans (high deductible health plans with provisions to create greater consumer awareness) using Mercer's internal pricing model to compare designs; results are typically presented to client as part of a strategy or plan design discussion
- 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; key results are summarized and presented to client to help understand cost drivers and help modify plan design
- Project retiree medical costs by entering the client's retiree cost and enrollment data for both pre-Medicare and post-Medicare; results are used by Retirement to develop retiree medical liabilities used by the client and their auditors for accounting purposes
- 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; results are included in a report to the client documenting the assumptions and results of the testing
- Oversee the financial analysis work of a more junior analyst, including: 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
- Manage actuarial projects from start to finish including: manage the quality and timeliness of client deliverables; develop budgets and billing reports; act as a key client contact for financial work; prepare clear and concise client-friendly communications; present results to clients
- Gain an expert level of 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; underwriting and actuarial skills; budget-setting, rate-setting and evaluation
- Mentor and train more junior staff on the above
Qualifications
- BA/BS degree
- Minimum seven years of H&B or relevant actuarial experience required
- 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 three preliminary Society of Actuaries (SOA) exam, and plan to continue taking exams.
Marsh & McLennan Companies offers competitive salaries and comprehensive benefits and programs including: health and welfare, tuition assistance, pension and 401K, employee assistance program, domestic partnership benefits, career mobility, employee network groups, volunteer opportunities, and other programs. For more information about our company, please visit us at: 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.
Job: Actuarial
Primary Location: US-KY-Louisville
Marsh & McLennan Companies and its Affiliates
are equal opportunity employers
Nearest Major Market: Louisville
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