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Health & Group Benefits Actuarial Analyst

Location:Houston , TX
Benefits:Full benefits to include medical, dental, vision, life, disability, 401k with match, and profit sharing
Employment Type:Full Time
Department:Employee Benefits
Description:To assist account managers and consultants on assigned accounts to provide accurate and timely data and financial analysis on various actuarial/financial projects as they will relate to employer health and welfare plans such as medical, dental, life, and disability.
Duties:• Perform cost projections using client cost / enrollment and census data. Analysis will be required to familiarize oneself and understand Milliman’s proprietary actuarial cost model, Health Cost Guidelines. Product lines will include but are not limited to medical, prescription drug, dental, vision, LTD, and STD
• Evaluate consumer driven high deductible health plans paired with HRA/HSAs using Milliman’s proprietary actuarial cost model, Health Cost Guidelines
• Analyze vendor renewals and at times checking carrier or vendor rates for reasonableness using Milliman’s proprietary models
• Complete plan design analyses for products including but not limited to medical, prescription drugs, and dental developing relative cost factors between designs and comparing to the client’s existing plan designs; implement plan design changes and how they should relate to those premium rates being charged
• Perform Monte Carlo stop-loss analysis to educate client’s on potential impact to increasing or decreasing current individual stop-loss deductibles; make recommendations on appropriate deductible levels given group’s risk tolerance and variability of claim costs
• Develop employee contribution scenarios to meet client goals and communicate with client on the importance of its impact to minimize the possibility of anti-selection
• Provide support for complex and/or larger clients including more in-depth analysis that may require additional research or discussion with Milliman subject matter experts
• Perform supporting analysis for IBNR (Incurred But Not Reported) reserve development
• Analyze cost drivers and performing risk scoring using Milliman’s internal medical insight tool. Results will be summarized and presented to client in order to modify plan designs and address key cost drivers
• Project retiree medical costs using client census, plan design and experience data. Results will be used by Milliman’s employee benefits team to value the OPEB liabilities for both public and private entities
• Assist consulting team with client proposals, presentations, and management reporting
• Complete specific projects related to ad hoc actuarial issues may be required (such as health care reform related issues)
• When applicable, may also need to work directly with client service team to ensure that all work is performed effectively and correctly
• Will be responsible for the quality and timeliness of client deliverables and prepare clear and concise client-friendly communications
• Possess a basic understanding of the Health and Group Benefit practice, and participate as needed on task forces and special project teams
• Respond quickly to client and colleague requests and works to provide timely and accurate information and documentation
• Work with a high level of interest, energy and enthusiasm to meet or exceeds client expectations
• Able to give non-technical explanations to technical matters
• Understand and value all roles and functions needed in order to complete client projects and provide on-going service
• Communicate and work well with colleagues at all levels and is viewed as a team player
• Adhere to professional standards and ethics in one’s field and demonstrates the highest level of integrity and honesty in all interactions
Qualifications:• Bachelor’s degree
• Minimum 2-3 years of Health and Group Benefits experience in an analytic or actuarial role (5+ years preferred)
• Strong analytical and mathematical skills with a strong emphasis in Excel
• Excellent interpersonal skills
• Strong oral and written 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
• At least 1 actuarial exam passed (prefer to have passed 2-3 actuarial exams)

A competitive base salary, plus a performance-based incentives bonus tied to the overall business performance. The firm offers an outstanding and comprehensive benefits package.

Milliman employs more than 2,000 people working in employee benefits, healthcare, life insurance/financial services, and property and casualty insurance. For more than 60 years, the firm has quietly earned a reputation for exceptional services, innovation, and quality. Today, Milliman is one of the nation’s most highly regarded providers of retirement plan services to the full spectrum of business, financial, government, and union organizations.

Milliman is an equal opportunity employer and strongly supports both ethnic and gender diversity. All employment decisions are based strictly upon qualifications of the individual as related to the work requirements of the position. This policy is applied without regard to race, sex, color, religion, national origin, ancestry, age, handicap, veteran status, marital status, or sexual orientation.

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