At Eagan Insurance, we are dedicated to delivering innovative insurance solutions that cater to the diverse needs of our clients. Our team is focused on building reliable, customized health insurance products that bring value to our policyholders. We are seeking an experienced Health Actuary to play a key role in our health insurance division, contributing to accurate pricing, risk assessment, and long-term financial stability.
Position Summary:
The Health Actuary will be responsible for developing and implementing actuarial models for health insurance products, assessing risk, and providing insights into cost trends and regulatory impacts. This role demands analytical expertise, thorough knowledge of healthcare data, and the ability to communicate complex information effectively.
Key Responsibilities:
- Product Pricing and Cost Analysis:
* Develop pricing models for health insurance products based on actuarial principles and market analysis.
* Conduct in-depth cost analysis of claims data, healthcare usage, and trends to guide pricing strategies.
* Collaborate with underwriting and finance teams to ensure health products are priced competitively while meeting profitability targets.
- Risk Assessment and Forecasting:
* Use actuarial models to assess risks associated with various health insurance offerings.
* Project future claims costs, reserving needs, and financial outcomes under different scenarios to support strategic decision-making.
* Identify emerging trends in healthcare utilization and cost drivers, incorporating these into predictive models.
- Regulatory Compliance and Reporting:
* Ensure all pricing and actuarial work is compliant with relevant regulations, including ACA, HIPAA, and state-specific mandates.
* Prepare required actuarial certifications, reports, and filings for regulatory bodies.
* Maintain thorough documentation of methodologies, assumptions, and actuarial practices used in analyses.
- Data Analysis and Model Development:
* Develop and refine actuarial models using software tools (e.g., SAS, R, Excel) to improve accuracy and efficiency in pricing and reserving.
* Conduct scenario testing and sensitivity analysis to account for changes in regulatory policy or healthcare costs.
* Research and implement advancements in actuarial methodologies and data analytics specific to health insurance.
- Collaboration and Stakeholder Engagement:
* Partner with teams across underwriting, claims, and product development to integrate actuarial insights into product design and pricing.
* Communicate actuarial findings and recommendations to both technical and non-technical stakeholders.
* Provide insights and recommendations on plan design, cost-sharing structures, and market positioning.
- Continuous Improvement and Industry Research:
* Stay informed about industry trends, regulatory updates, and best practices in health insurance and actuarial science.
* Proactively recommend changes in pricing or actuarial practices in response to market and regulatory conditions.
Qualifications:
- Bachelor's degree in Actuarial Science, Mathematics, Statistics, or a related field.
- Actuarial certification (ASA or FSA) is preferred.
- Minimum of 5 years of experience in health insurance actuarial work, with expertise in pricing, reserving, and financial forecasting.
- Proficiency in actuarial software and data analysis tools (e.g., R, SAS, or similar).
- Strong understanding of healthcare regulations, cost trends, and actuarial principles related to health insurance.
- Excellent analytical, communication, and presentation skills.
- Ability to work effectively in a cross-functional team environment.
Why Join Eagan Insurance?
- Competitive salary and benefits with opportunities for professional growth.
- Collaborative and supportive work culture focused on innovation.
- Opportunity to impact health insurance solutions and contribute to industry-leading practices.
- Commitment to employee development and continuous learning.