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Associate Actuary

Company: Noridian Healthcare Solutions
Location: Fargo
Posted on: March 18, 2019

Job Description:

Job Summary The Associate Actuary is responsible for analyzing data, developing financial projections related to premium income and claims, and monitoring actual variances to projections for determining rate increases. The Associate Actuary position may either specialize in financial reporting or pricing, which will be determined by the organizational needs. An Associate Actuary who specializes in financial reporting is responsible for calculating liability estimates, updating loss ratio reports and preparing information and exhibits for financial forecasts. An Associate Actuary who specializes in pricing is responsible for researching and analyzing actuarial and underwriting methods, processes, and experience studies to insure pricing objectives are met, including development and submission of required rate filings. The Associate Actuary serves as a Subject Matter Expert (SME) resource within and outside the department, and is expected to mentor less experienced actuarial staff. Essential Functions Performs or reviews calculations of Incurred but Not Reported (IBNR) claims liability estimates, recommends reserve estimates with appropriate levels of margin and regularly reviews accuracy of updated past estimates for adjustments to future estimates. Prepares financial schedule and exhibits to support internal financial reporting and external reporting requirements, including regulatory requirements (for financial reporting). Performs or reviews calculations of periodic rate increases for blocks of business, analyzes historical data, and prepares required rate filings. Writes and signs off on rate filing Actuarial Memorandums (for pricing). Prepares financial forecasts, analyzes historical data and develops appropriate forecasting methodologies for premium income, incurred claims and paid claims (for financial reporting). Performs monitoring, evaluation, and reporting of the effectiveness of existing rating formulas and underwriting strategies (for pricing). Prepares loss ratio studies, regularly updating loss ratio reporting by line of business to support internal reporting needs, accumulates and organizes data by line of business and major product lines and applies appropriate completion factors to estimate incurred claims (for financial reporting). Participates in the development of new products, evaluates changes in provider contracting, presents rating/financial information upon request, and monitors historical claim trends (for pricing). Mentors actuarial staff in accomplishing work objectives by coaching, motivating, and holding staff accountable for achieving results. Participates in cross-functional projects. Leads documentation efforts for standards of practice policy development. Knowledge, Skills and Abilities Specialized Technical Skills Advanced Analytical Thinking Advanced Quality Focus Advanced Coaching Intermediate Collaboration Intermediate Business Analytics Intermediate Education Requirements Required : Bachelor's Preferred: Bachelor's Field(s) of Study : Mathematics, Actuarial Science, Finance or related field Experience Requirements Required : Minimum of 5 Years Preferred: Minimum of 6 Years Experience Details: Minimum of 5 years of actuarial experience, preferably in health insurance required; Incumbents who are hired or transfer into this role after March of 2018 must hold an Associate of Actuary (ASA) designation through the Society of Actuaries. Fellow of Actuary is preferred. Certification, Licensures& Registration Requirements Title : N/A State or Agency : N/A Equivalent combination of education, experience or training determined to be acceptable by Human Resources may be substituted, unless regulated by contract or program standards Job Summary The Associate Actuary is responsible for analyzing data, developing financial projections related to premium income and claims, and monitoring actual variances to projections for determining rate increases. The Associate Actuary position may either specialize in financial reporting or pricing, which will be determined by the organizational needs. An Associate Actuary who specializes in financial reporting is responsible for calculating liability estimates, updating loss ratio reports and preparing information and exhibits for financial forecasts. An Associate Actuary who specializes in pricing is responsible for researching and analyzing actuarial and underwriting methods, processes, and experience studies to insure pricing objectives are met, including development and submission of required rate filings. The Associate Actuary serves as a Subject Matter Expert (SME) resource within and outside the department, and is expected to mentor less experienced actuarial staff. Essential Functions Performs or reviews calculations of Incurred but Not Reported (IBNR) claims liability estimates, recommends reserve estimates with appropriate levels of margin and regularly reviews accuracy of updated past estimates for adjustments to future estimates. Prepares financial schedule and exhibits to support internal financial reporting and external reporting requirements, including regulatory requirements (for financial reporting). Performs or reviews calculations of periodic rate increases for blocks of business, analyzes historical data, and prepares required rate filings. Writes and signs off on rate filing Actuarial Memorandums (for pricing). Prepares financial forecasts, analyzes historical data and develops appropriate forecasting methodologies for premium income, incurred claims and paid claims (for financial reporting). Performs monitoring, evaluation, and reporting of the effectiveness of existing rating formulas and underwriting strategies (for pricing). Prepares loss ratio studies, regularly updating loss ratio reporting by line of business to support internal reporting needs, accumulates and organizes data by line of business and major product lines and applies appropriate completion factors to estimate incurred claims (for financial reporting). Participates in the development of new products, evaluates changes in provider contracting, presents rating/financial information upon request, and monitors historical claim trends (for pricing). Mentors actuarial staff in accomplishing work objectives by coaching, motivating, and holding staff accountable for achieving results. Participates in cross-functional projects. Leads documentation efforts for standards of practice policy development. Knowledge, Skills and Abilities Specialized Technical Skills Advanced Analytical Thinking Advanced Quality Focus Advanced Coaching Intermediate Collaboration Intermediate Business Analytics Intermediate Education Requirements Required : Bachelor's Preferred: Bachelor's Field(s) of Study : Mathematics, Actuarial Science, Finance or related field Experience Requirements Required : Minimum of 5 Years Preferred: Minimum of 6 Years Experience Details: Minimum of 5 years of actuarial experience, preferably in health insurance required; Incumbents who are hired or transfer into this role after March of 2018 must hold an Associate of Actuary (ASA) designation through the Society of Actuaries. Fellow of Actuary is preferred. Certification, Licensures& Registration Requirements Title : N/A State or Agency : N/A Equivalent combination of education, experience or training determined to be acceptable by Human Resources may be substituted, unless regulated by contract or program standards Other Information Job Posting Policy 6.05 New employees with Blue Cross Blue Shield of North Dakota will be eligible to apply for positions within their assigned department after successfully completing a 90-day review. For positions outside your department, you must attain a minimum of six months of service before you can apply. Equal Opportunity Employment Equal Opportunity Employer of Minorities, Females, Protected Veterans and Individual with Disabilities, as well as Sexual Orientation or Gender Identity. For questions, please email careersbcbsnd.com This job posting will be closed 3/29/2019 at 8:00AM CST. No further applications will be considered.

Keywords: Noridian Healthcare Solutions, Fargo , Associate Actuary, Accounting, Auditing , Fargo, North Dakota

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