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Posted: 14-Aug-24
Location: Temple, Texas
Salary: Open
Categories:
Internal Number: 24009657
JOB SUMMARY
The Actuary is responsible for utilizing statistical techniques to develop complex financial models used to valuate different financial scenarios. Provides valuation of financial requirements and measures risk for all projects undertaken by the company for which no technique is readily available. Provides guidance on best course of action on important financial, marketing, regulatory and product design activities. Provides Statements of Actuarial Opinion (SAOs) to regulatory entities, clients, auditors and other departments within the company.
ESSENTIAL FUNCTIONS OF THE ROLE
- Develops monthly Incurred but not Reported (IBNR) claim liability estimates.
- Conducts valuations of non-standard product designs and of non-standard benefit options.
- Develops SAOs on trend estimates, including utilization and unit costs, and provides to regulatory entities, clients, auditors and other departments within the organization.
- Identifies and prices product adjustments in response to changes in the regulatory environment.
- Communicates and works with the Department of Insurance and/or Federal agencies, as necessary, to support the development of new products. Maintains existing portfolio, including providing rate filings, answering information requests and providing supporting documentation.
- Evaluates cost impacts of network changes, including changes in capitation cost, impact of contract changes on product pricing and trend and changes in network/out of network utilization patterns, etc.
- Evaluates and advises on financial risks of different projects/strategies, and advices the Director of Actuarial Services as necessary.
- Presents the positions of the department to committees, teams, boards, community organizations, etc.
- Responsible for the timely submission of Risk Adjustment data as well as forecasting and monitoring of ACA Risk Transfer Estimates.
- Responsible for the annual valuation and submission of the Own Risk Solvency Assessment report.
KEY SUCCESS FACTORS
- Bachelor's degree in mathematics, statistics or actuarial science preferred.
- Proven knowledge of statistics and mathematics.
- Working knowledge of MS Office product suite, including Excel and Access. Reasonable understanding of SQL and/or comparable querying language.
- Proven understanding of insurance terminology.
- Excellent communication skills and able to perform autonomously.
BENEFITS
Our competitive benefits package includes the following
- Immediate eligibility for health and welfare benefits
- 401(k) savings plan with dollar-for-dollar match up to 5%
- Tuition Reimbursement
- PTO accrual beginning Day 1
Note: Benefits may vary based upon position type and/or level
QUALIFICATIONS
- EDUCATION - Bachelors or 4 years of work experience above the minimum qualification
- EXPERIENCE - 4 Years of Experience
- CERTIFICATION/LICENSE/REGISTRATION -
Associate Society Of Actuaries (ASA)
Experience in health insurance preferred