Senior Actuarial Analyst

Medica•Madison, WI

4d•Hybrid

About The Position

Medica is a nonprofit health plan with more than a million members that serves communities in Minnesota, Nebraska, Wisconsin, Missouri, and beyond. We deliver personalized health care experiences and partner closely with providers to ensure members are genuinely cared for. We're a team that owns our work with accountability, makes data-driven decisions, embraces continuous learning, and celebrates collaboration — because success is a team sport. It's our mission to be there in the moments that matter most for our members and employees. Join us in creating a community of connected care, where coordinated, quality service is the norm and every member feels valued. The Actuary II performs actuarial analyses and develops models to evaluate future risks and support pricing, forecasting, valuation, and financial decision-making. The role applies developing professional knowledge to analyze historical experience, identify trends, and estimate financial impacts. With growing independence, the Actuary II provides interpretations of actuarial results, supports rate development, and produces monitoring reports that inform business and product performance. The position contributes to team objectives by delivering accurate, well-documented analyses and recommending insights that support future planning.

Requirements

Bachelor's degree or equivalent experience in a related field
1+ years of work experience beyond degree
Strong written and communication skills
4 Actuarial exams/courses
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

Health insurance experience
Database experience - SQL, R, SAS, Python
Medicaid experience a plus

Responsibilities

Conduct Actuarial Analyses & Forecasting: Perform actuarial analyses such as reserve estimates, cost projections, and experience studies using established methods and tools. Evaluate historical data to identify trends, patterns, and relationships that inform actuarial assumptions. Prepare actuarial financial evaluations and document methodologies, data sources, and assumptions for auditability and transparency. Develop forecasts under the direction of senior staff, applying appropriate actuarial and statistical techniques.
Support Pricing, Rate Development & Product Monitoring: Assist in developing rate levels and pricing assumptions for products and programs, ensuring alignment with regulatory and organizational standards. Prepare monitoring reports to track pricing performance, financial results, and emerging experience. Analyze variances between expected and actual results and communicate potential drivers to team members. Recommend preliminary adjustments or considerations based on observed trends and model outcomes.
Build & Maintain Actuarial Models & Tools: Develop and maintain models using statistical programming languages and database tools (e.g., SQL, R, Python) under established guidelines. Validate data inputs and outputs to ensure consistency, reliability, and accuracy of model results. Automate recurring processes to improve efficiency and reduce manual effort where appropriate. Document model logic, assumptions, and limitations to support reproducibility and internal review.
Support Risk Assessment & Future Event Evaluation: Analyze the likelihood and financial impact of future events using actuarial principles, probability analysis, and scenario testing. Assist in quantifying risks related to utilization, cost trends, benefit changes, or market dynamics. Prepare summaries and visualizations that communicate risk drivers and potential financial implications. Collaborate with senior actuaries to refine risk assumptions and incorporate new information as experience develops.
Collaborate with Cross-Functional Teams & Communicate Actuarial Findings: Provide explanations, interpretations, and analytical insights to partners across Finance, Product, and Operations. Contribute to cross-functional projects by preparing data, performing analyses, and summarizing actuarial impacts. Respond to internal questions regarding methodologies, results, and assumptions with growing independence. Support continuous improvement by sharing observations, documenting processes, and identifying opportunities to enhance existing workflows.