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Job Details

Health and Benefits Actuarial Consultant

Company name
MARSH & MCLENNAN COMPANIES, INC

Location
New York City, NY

Date Last Verified
May 11,2018

Posted on
Apr 24,2018

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The purpose of this position is to provide accurate and timely data and financial analysis on various actuarial/financial projects for pricing of medical, dental, life and disability programs.

Financial analysis

Performs advanced financial analysis including (25%-35%):

Pricing and evaluation of consumerism plans using Mercer’s internal pricing model to compare designs where consumers have a greater ownership in costs

Analyzing cost drivers by reviewing client’s cost/utilization data and looking for year-over-year trends or comparisons to external benchmarks using data provided from client’s vendor reports or raw data from external databases

Projecting retiree medical costs by entering the client’s retiree cost and enrollment data for both pre-Medicare and post-Medicare participants

Estimating the impact of Medicare Part D legislation by entering retiree prescription drug data into Mercer’s Part D pricing model and performing tests to determine whether a federal government subsidy is available to the client

Performing analyses for larger, more complex clients, including more in-depth analysis for complex situations that may require additional research or discussion with Mercer subject matter experts

May perform basic analysis including (5%-15%):

Perform basic cost projections by entering the client’s cost and enrollment data into an Excel spreadsheet and projecting costs for the next plan year

Analyze vendor renewals by checking carrier or vendor’s plan rates for reasonableness and by analyzing claims and enrollment data, trend rates, administrative expenses and other charges

Price medical and prescription drug plan designs by entering plan design information into Mercer’s internal pricing model to develop the relative cost differences between plan designs, in order to compare the client’s current plan to alternative designs

Develop employee contributions scenarios by entering current employee medical contribution data into an Excel spreadsheet and project contributions to the next plan year, taking into account the cost-sharing goals of the client

Data manipulation and review – Work directly with vendor or client to review data to ensure it is complete, accurate and reasonable; and manipulate for use in financial analyses or valuations.

Perform a Level 1 review of the junior analyst’s work

Project management & consulting

Participate and present in client calls and meetings

Build relationships with clients and anticipate client questions

Manage one aspect of an actuarial project from start to finish

Consult on and directly answer questions that clients have on any analysis work they performed

Assist with the preparation of clear and concise client-friendly communications

Manage the quality and timeliness of client deliverables

Help to develop budgets and billing reports

Delegate and review project work of more junior analysts

Mentor more junior analysts and interns

Products, services & tools – have a proficient understanding of the following, through online training, group sessions, or one-on-one training with others in a more senior role. In addition, to assist with the delivery of internal training to more junior analysts.

Health and Benefits products, services and technical tools offered by Mercer

Vendor/carrier markets

Basic underwriting and actuarial skills

Budget-setting, rate-setting and evaluation. Qualifications

BA/BS degree

3 years of H&B experience

Strong analytical and mathematical skills; strong command of Excel

Excellent interpersonal skills; strong oral and written communication skills

Ability to prioritize and handle multiple tasks in a demanding work environment

Strong critical thinking and analytical problem-solving skills

Ability to work independently and on a team

Must have passed more than one preliminary Society of Actuaries (SOA) exam or a Valuation of Educational Experience (VEE) component, and plan to continue taking exams.

Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Mercer’s more than 22,000 employees are based in 43 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With more than 60,000 colleagues and annual revenue over $13 billion, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. Marsh & McLennan Companies is also the parent company of Marsh,which advises individual and commercial clients of all sizes on insurance broking and innovative risk management solutions; Guy Carpenter, which develops advanced risk, reinsurance and capital strategies that help clients grow profitably and pursue emerging opportunities; and Oliver Wyman, which serves as a critical strategic, economic and brand advisor to private sector and governmental clients. For more information, visit www.mercer.com. Follow Mercer on Twitter @Mercer.

Mercer LLC and its separately incorporated operating entities around the world are part of Marsh & McLennan Companies, a publicly held company (ticker symbol: MMC).

Marsh & McLennan Companies offers competitive salaries and comprehensive benefits. For more information about our company, please visit us at: http://www.mmc.com/. We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients. For more information, please visit us at: www.mmc.com/diversity.

Marsh & McLennan Companies and its Affiliates are EOE Minority/Female/Disability/Vet/Sexual Orientation/Gender Identity employers. NEW0084C-en

Company info

MARSH & MCLENNAN COMPANIES, INC
Website : http://www.mmc.com

Company Profile
Marsh & McLennan Companies is a professional services firm like no other — a global network of nearly 65,000 experts in risk, strategy, and people, united by an unusually collaborative culture that transcends business units and borders. We bring the best people together to help clients discern new possibilities and pursue them with success. For 147 years, we have grown by helping our clients prosper amid changing times and technologies, from the Industrial Revolution to the digital age. Our work today embraces many of society’s most complex challenges: sustainable business growth; the health, wealth, and performance of organizations' people; resource security; cyber security; economic instability; climate change; and terror threats.

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