Director, Actuarial Services

Medica•Madison, WI

1d•Hybrid

About The Position

Actuaries use technical knowledge and business acumen to analyze financial experience, quantify financial risk, and project future medical expenses. They are expected to adhere to the highest levels of ethics, professionalism, and standards of practice, as defined both internally and by the American Academy of Actuaries. The goal of the actuarial department is to be Medica’s source of truth for product financial performance and medical trend. At all levels, this requires a commitment to producing complete, timely, and accurate actuarial analysis. For more senior positions, this also requires the ability and willingness to work with the segments and help them meet their strategic goals and objectives. Performs other duties as assigned.

Requirements

Bachelor's degree or equivalent experience in related field
10 years of experience
5 years of leadership experience
Fellowship in the Society of Actuaries (FSA)
ASA with demonstrated performance over multiple years under the supervision of a qualified actuary
Member, American Academy of Actuaries (MAAA)
Health actuarial or other related actuarial experience
Eligibility to work in the US: Medica does not offer work visa sponsorship for this role. All candidates must be legally authorized to work in the United States at the time of application. Employment is contingent on verification of identity and eligibility to work in the United States.

Nice To Haves

Commercial health insurance experience, including fully and self-insured
Experience with ACA
Experience with rate and premium setting

Responsibilities

Conducts Experience Studies: Is familiar with the data and technology tools available to Medica’s actuarial department. Oversees the creation, development, and consistent production of accurate and timely actuarial information, reports, and exhibits. Reviews the work of analysts and other credentialed actuaries for reasonability, appropriateness, and relevance.
Quantifies Risk: Works closely with segment leadership on product design, especially in areas of risk selection and induced utilization. Directs the work of analysts and/or consultants regarding key variables to stress during sensitivity testing. Communicates key variance in actual/expected financial performance to Medica and segment leadership. Incorporates the impact of risk adjustment into financial projections and performance analysis.
Provides Context: Works with Medica and segment leadership to create appropriate financial targets for pricing and product performance. Uses appropriate benchmarks when analyzing utilization and provider data. Provides the organization with appropriate value for actual/expected analysis, including intra-year targets for use by Medica leadership, segments, and corporate finance.
Forecasts Financial Performance: Owns the actuarial component of all product pricing. Works with segment leadership to incorporate actuarial, risk, competitive information, and aligning corporate and segment priorities around profit and growth. Ensures that forecast trend, revenue and membership projections are used appropriately by segment and corporate finance.
Filings & Compliance: Ensures rate filings and bids are accurate, submitted on time, and consistent with segment strategies and goals. Attends state negotiations and plenaries, as necessary. Oversees additional work to prepare for rate negotiations, including analysis by rate cell and geography.
Reviews the work of others: Reviews any low- and medium-risk actuarial work before it is published. Signs rate filings certifications, and other actuarial communications after appropriate level of review. Responsible for the timely and accurate monthly production of actuarial results – either specific to the segment, or corporate reporting as appropriate.
Participates in segment activities, as directed by the General Manager. This could include attending department meetings, having recurred 1:1 meetings, and providing status reports to segment leadership.