Actuary Health & Benefits

Description

Leads all actuarial work efforts across the enterprise. Provides actuarial assessment, projections, and reporting to various leadership levels throughout the organization. Engages insurance carriers in performance assessments and contributes to negotiation efforts with key insurance carriers particularly in support of our PEO business.

• Health and Benefits Actuary Engages actuaries of our insurance carriers, consultants, and actuarial firms to assess the performance of Paychex insurance programs, establish appropriate reserve requirements, determine accurate unpaid claim liability, and recommend premium rate increase requirements of any risk-based insurance programs.
• Duties may also include assisting in rate negotiations with carriers for guaranteed cost insurance programs.
• Health and Benefits Actuary Collaborates with our Underwriting, Risk Management, Pricing Desk, and Finance leadership to evaluate underwriting tools, underwriting performance, carrier performance, client segment performance, loss rates by plan designs, geography, sales district, etc.
• Actuary Compiles, analyzes, and reports on insurance programs performance to the insurance governance committee.
• Health and Benefits Actuary Leads creation of a substantial data analytics/health economics capability for identifying key performance drivers
• Responsible for creating action plans to continuously improve performance and competitiveness.
• Actuary Supports actuarial efforts across the spectrum of corporate insurance programs; Paychex captives, self-funded employee health insurance, worker’s compensation, etc.
• Actuary Assists the Paychex Insurance Agency in the assessment of their performance with our primary insurance carriers and potentially supports negotiations for increased agency compensation.

Requirements

• Bachelor's Degree in Math, Finance, Accounting - Required
• Master's Degree in Math, Actuarial Science, MBA - Preferred
• 10+ years of experience in Actuarial Science, Statistics.
• Professional Actuary Certification (SOA or CAS) - Preferred
• Experience with Health and Benefits Preferred
• Travel required 20% of the time.