What are the responsibilities and job description for the Actuarial Analyst I or II position at WellSense Health Plan?
It's an exciting time to join the WellSense Health Plan, a growing regional health insurance company with a 25-year history of providing health insurance that works for our members, no matter their circumstances.
The Actuarial Analyst II is a key member of the Finance / Actuarial Services team. Under direct guidance and supervision, the Actuarial Analyst II applies knowledge of mathematics, probability, statistics, and principles of business in order to provide assistance and technical support for rating/pricing, reserving, medical economics, financial forecasting, and/or healthcare data analytics. The Actuarial Analyst II works with a team of actuaries to assist with the actuarial components of health programs, and provides actuarial support to Finance, and/or other departments in the company.
Our Investment in You:
- Full-time remote work
- Competitive salaries
- Excellent benefits
Key Functions/Responsibilities:
- Analyzes financial, statistical and mathematical data and performs actuarial calculations
- Develops premium rates through analyses of benefit design, rating factors, claims experience, regulatory mandates, admin expense allocation, and projection of future claim cost
- Prepares regulatory rate filings, and data or response for additional inquiries
- Develops monthly IBNR reserve estimates for different line of business
- Prepares monthly accruals and contract settlements for different line of business
- Assists in financial budget, reforecast and other financial projections
- Assists in risk adjustment analyses and risk score simulations
- Supports trend development, trend drivers study, and/or provider contract analytics
- Maintains established reports for internal needs and/or regulatory requirements
- Participates in internal and external audits
- Provides analytic support for corporate initiatives/projects
- Executes SQL/SAS queries and programs to extract data from data warehouse, and reviews the data to ensure accuracy and validity
- Summarizes findings and recommendations, and documents the process
- Shares knowledge and provides training to new employees
- Is a participant in good standing in the Actuarial Student Program, and is committed to completing the Society of Actuaries education courses to attain the ASA or FSA designation
Qualifications:
Education:
- Bachelor's Degree in Mathematics, Actuarial Science, Finance, Economics or related fields
Experience:
- At least 2 years of progressively responsible experience in actuarial analysis, data modeling, informatics and analysis
- Commensurate educational experience in related field will be considered
- Successful completion of at least 3 or more SOA actuarial exams, preferred
- A background in managed healthcare, insurance operations, preferred
Competencies, Skills, and Attributes:
- Should be experienced in MS Office products, SQL, and SAS or other statistical software
- Should be experienced or proficient in Excel
- Ability to meet deadlines, multi-task, problem solve and use appropriate technology to analyze business problems
- Ability to work collaboratively with team members and other departments
- Good communications skills
About WellSense
WellSense Health Plan is a nonprofit health insurance company serving more than 740,000 members across Massachusetts and New Hampshire through Medicare, Individual and Family, and Medicaid plans. Founded in 1997, WellSense provides high-quality health plans and services that work for our members, no matter their circumstances. WellSense is committed to the diversity and inclusion of staff and their members.
Qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, sexual orientation, gender identity, disability or protected veteran status. WellSense participates in the E-Verify Program to electronically verify the employment eligibility of newly hired employees.
