What are the responsibilities and job description for the Assistant Actuary I (ASA Designation Required ) position at Independence Blue Cross Careers?
Bring your drive for excellence, team orientation and customer commitment to Independence; help us renew and reimagine our business and shape the future of health care. Our organization is looking to diversify, grow, innovate and serve, and we are looking for committed, empowered learning-oriented people to join our team. If this describes you, we want to speak with you.
Description
The Assistant Actuary I performs both routine and ad hoc actuarial and statistical analyses to estimate financial outcomes. Applies knowledge of mathematics, probability, statistics, and principles of business to complete health calculations.
Duties – duties will vary depending on unit (Pricing, Medical Cost Analysis, Reserving/Planning)
Pricing (Commercial & Medicare)
1. Works on pricing research projects, including experience and trend analyses, book of business studies, CMS revenue and risk score analysis, etc.
2. Works with team to develop rating information packages to be delivered to underwriting and other internal customers.
3. Works on rate filings for State Insurance Departments, CMS and other regulatory agencies.
4. Assists in developing processes and methods used in performing analysis on special projects such as demographic factors, competitive analysis and other as required.
5. Performs other duties and special projects as required.
Medical Cost Analysis
1. Prepares analysis and monitors claims trends for each line of business. Segregates cost, utilization, mix of services, coverage types and effects of benefit and demographic changes.
2. Designs and prepares reports of medical cost results, both historical and projected.
3. Completes valuations of medical cost initiatives and tracks performance against goals.
4. Assists in development of trend projections.
5. Performs other duties and special projects as required.
Reserving/Planning
1. Works on the development, calculations and monitoring of accruals, liabilities and reserves for various lines of business and groups.
2. Assists in the development of reserving methods and calculates reserves for products and the development of financial liability models for various lines of business.
3. Oversees or compiles data, develops and calculates expected loss ratios for financial settlements.
4. May assist with preparing the actuarial portions of financial statements and federal income tax returns and compiles, evaluates and certifies statistical data.
5. Performs other duties and special projects as required.
- Bachelors degree in Mathematics, Statistics, Economics, Actuarial Services, or related field or equivalent work experience. Two to five years of experience is required.
- Completion of ASA designation required for Assistant Actuary I and a minimum of three years of experience.
- Solid mathematical background including experience working with risk models, actuarial or mathematical analysis, and using automated or statistical analysis tools. Proficiency in Excel required. Demonstrated experience using SQL server a plus. Excellent organizational, analytical, and communication skills are required