Actuarial Intern Spring 2027 (CMH Health)

Milliman•Chicago, IL

2d•Hybrid

About The Position

Exciting Spring 2027 internship opportunities! Join our CMH Health Practice! Milliman’s CMH Health Practice is looking for motivated graduates or current college students pursuing a bachelor’s or master’s degree in actuarial science, math, economics, finance, statistics or another major with quantitative course work to participate in a full-time seasonal (winter-spring) internship with a focus on our Medicare Advantage and Medicare Advantage Part D business areas. We offer competitive pay with the opportunity to work on real world assignments in our vibrant, dynamic, and growing health consulting practice. Candidates should be talented and hard-working individuals with strong math and analytical skills. Milliman delivers market-leading services and solutions to clients worldwide. Today, we are helping companies take on some of the world’s most critical and complex issues, including retirement funding and healthcare financing, risk management and regulatory compliance, data analytics and business transformation.

Requirements

Pursuing a bachelor’s or master’s degree in actuarial science, mathematics, economics, finance, accounting, or another major with quantitative course work
Must be able to work full-time from mid-January 2027 to mid-June 2027 (40+ hours per week along with extended hours, at times of 50+ or 60+ hours per week)
Individual(s) must be legally authorized to work in the United States without the need for immigration support or sponsorship from Milliman now or in the future.

Nice To Haves

Junior standing is preferred but not required. Freshmen and sophomores will also be considered
For those on an actuarial track, at least one actuarial exam passed is preferred, but not required
Good academic standing (3.2 grade point average or above is preferred)
Previous internship or relevant work experience
Leadership experience and involvement in extra-curricular activities
Experience working with SAS, VBA, or other coding languages is advantageous
Strong communication skills (both verbal and written)
A detail-oriented self-starter with an entrepreneurial spirit inspired to contribute to the success of any project
Ability to work on multiple types of projects at one time
Can complete project deliverables, meet deadlines, and ensure compliance with quality procedures
Analytical thinking skills to evaluate analyses for downstream impact
Strong time management skills
Ability to work independently and in a team environment
Demonstrates integrity in all functions of work
Excel, programing, and prior internship experience or work is a plus, but not a requirement for this position

Responsibilities

Perform data analysis using Excel, VBA, SAS, Python, and proprietary Milliman programs to assist with consulting in Medicare Advantage and Part D
Pricing and analysis for Medicare Advantage and Part D plans
Provide medical, dental, and/or pharmacy benefit design strategy support for insurance carriers
Participate in consulting activities including pricing, reserving, financial, projections, and mergers and acquisitions
Responsible for reviewing the work of peers and assisting with research and product development
Coordinate with Consultants, Managers, Professional Staff, and fellow Interns as a project team to analyze claims data, quantify the cost of insurance coverage, and model payment scenarios for clients
Responsible for the majority of the technical work, which may include analyzing data, completing actuarial calculations, developing and utilizing actuarial models, and implementing software solutions

Benefits

Competitive pay
Opportunity to work on real world assignments
Competitive pay and high earning potential with the opportunity to work overtime and receive time and a half
Day of actuarial exam sitting is paid time off
Mentorship from experienced actuaries
Housing stipend may be provided
Prospect of securing a full-time position with Milliman
Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges.
401(k) Plan – When an employee reaches 1,000 hours worked within 12 consecutive months, they become eligible for a 401(k) plan that includes a company matching program and profit-sharing contributions.
Paid Time Off (PTO) – Begins accruing on the first day of work; Interns, Temporary, and Seasonal Employees will earn PTO each pay period, based on 1 hour for every 30 hours worked.
Transportation – Pre-tax savings for eligible transit and parking expenses.