Under general supervision, the Actuarial Analyst performs actuarial services in support of Health Plan operations and monitors and maintains financial solvency through the understanding of current data & environment and modeling of future events. Interacts with internal and external departments such as Rating & Underwriting, Finance, Network Management, Provider Contracting, Health Informatics, Marketing & Sales as well as BCBSA, NYSID and CMS. Establishes insurance rates, rating structures, and rating systems for groups and categories of business. Maintains reserve programs, pricing files, benefit relativity tables and appropriate documentation for work. Develops financial projections, unpaid claim liability estimates and conducts actuarial analysis for well defined projects as directed. Compiles and analyzes data to draw conclusions and make recommendations. Proposes and assists in the development of process improvements utilizing system and software applications to full potential and participates in activities and projects as directed.

Essential Responsibilities/Accountabilities

All Levels

Level I

• Develops rate or Medicare bid filings through analysis of benefit designs, claims experience, and expected future events.
• Prepares accurate and timely trend analyses for lines of business.
• Develops preliminary reserve estimates for one or more blocks of business.
• Prepares data used to analyze unpaid claim liabilities for various NAIC, NYS and internal financial statements.
• Prepares and submits financial blanks and other regulatory reports required by the NAIC, NYS or BCBSA.
• Participates in regulatory/external party audits.
• Supports analysis of regulatory changes in determination of the Health Plan impact.
• Assists in the preparation of risk adjustment analyses.
• Supports higher level analysts on special projects involving other areas of the company.
• Supports analyses for other departments on various initiatives.
• Assists in performing analyses used in the development of financial plans, re-forecasts, and other financial projections.
• Assists in efforts to continually improve data capabilities and quality of department analysis and reporting.
• Assists in the development of rates, rating factors, rate filings and other rating related responsibilities.
• Assists in the implementation of regional or product line initiatives.
• Identifies, participates in and/or implements process improvement initiatives.
• Prepares and/or maintains appropriate documentation of work.
• Completes and/or supports ad hoc analyses and projects and assists others in the department as needed.
• Supports risk sharing analyses, capitation development, and associated settlements.
• Consistently demonstrates high standards of integrity by supporting the Lifetime Healthcare Companies' mission and values, adhering to the Corporate Code of Conduct, and leading to the Lifetime Way values and beliefs.
• Maintains high regard for member privacy in accordance with the corporate privacy policies and procedures.
• Regular and reliable attendance is expected and required.
• Performs other functions as assigned by management.

Level II (in addition to Level I essential responsibilities/accountabilities):

• Shares knowledge with newer department employees.
• Conducts analyses for other departments on various initiatives.
• Assists the development of actuarial analyses concerning complex issues & trends, coordinates with staff.
• Analyzes and recommends reserves for one or more blocks of business.
• Identifies and develops corrective action with regards to Data Warehouse integrity issues.
• Reconciles Data Warehouse data with corporate financials.
• Initiates and leads efforts to continually improve data capabilities and quality of department analysis and reporting.
• Draws together facts and input from a variety of sources.
• Develops analyses as assigned.

Level III (in addition to Level II essential responsibilities/accountabilities):

• Ensures pricing is consistent with established profitability targets for business segments priced in Actuarial.
• Develops rates, rating factors and rate filings. Maintain rating methods and models or formulas for Commercial and Medicare lines of business.
• Recommends reserves for several blocks of business. Provide and explain analysis supporting recommendation.
• Develops actuarial analyses concerning complex issues and trends, coordinating with several different disciplines and staff.
• Provides effective technical advice and support to assist management in meeting corporate goals and identifying strategy. Involves other departmental areas as needed.
• May prepare actuarial statements of opinion.

Level IV (in addition to Level III essential responsibilities/accountabilities):

• Recommends departmental annual performance goals.
• Represents the Actuarial Department on special projects involving other areas of the company or external constituents.
• Leads actuarial analyses concerning complex issues and trends, coordinating with several different disciplines and staff.
• Interprets how regulatory changes affect Health Plan and develops impact analyses.
• Provides support to assist management in meeting corporate goals and strategic decision making.

Minimum Qualifications:

NOTE

We include multiple levels of classification differentiated by demonstrated knowledge, skills, and the ability to manage increasingly independent and/or complex assignments, broader responsibility, additional decision making, and in some cases, becoming a resource to others. In addition to using this differentiated approach to place new hires, it also provides guideposts for employee development and promotional opportunities.

All Levels

Level I

• BS in Math, Economics, Actuarial Science or allied field with a minimum one year of actuarial experience required or in lieu of experience, at least one actuarial exam is required.
• Continued professional growth in Actuarial field as evidenced by participation in the Actuarial Study Program.
• Strong analytical skills, verbal and written communication skills.
• Strong interpersonal skills, including negotiation skills.
• Strong organizational skills and ability to prioritize, multitask, and work in fast paced environment.
• A strong understanding of health insurance & health insurance products, managed care, accounting principles, the competitive market, the legislative environment, and any regulatory issue affecting the Health Plan is expected to be acquired.
• Strong PC skills including proficiency in Microsoft Excel, Word, SAS, Cognos, and Power Point required.
• Proficiency using Milliman USA Health Cost Guidelines may be required; if so, training will be provided where necessary.

Level II (in addition to Level I minimum qualifications):

A minimum of:

• Three years actuarial or related insurance industry experience required or
• Two years actuarial or related insurance industry experience and two actuarial exams required.
• Highly proficient computer skills including Excel, Word, SAS, Cognos, PowerPoint
• High level understanding of non-Actuarial functions such as Rating, Underwriting, Accounting, Provider Contracting, Network Management, Product Development, Medical Management, etc., and how they impact Health Plan operations and financials.

Level III (in addition to Level II minimum qualifications):

A minimum of:

• Six years actuarial or related insurance industry experience required or
• Three years actuarial or related insurance industry experience and four actuarial exams is required.
• Strong ability to recognize and automate repetitive tasks
• Ability to perform complex modeling independently

Level IV (in addition to Level III minimum qualifications):

A minimum of:

• Ten years actuarial or related insurance industry experience required or
• Four years actuarial or related insurance industry experience and ASA & MAAA credentials.
• A strong understanding of non-Actuarial functions such as Rating, Underwriting, Accounting, Provider Contracting, Network Management, Product Development, Medical Management, etc., and how they impact Health Plan operations and financials.

Physical Requirements

The Lifetime Healthcare Companies aims to attract the best talent from diverse socioeconomic, cultural and experiential backgrounds, to diversify our workforce and best reflect the communities we serve.

Our mission is to foster an environment where diversity and inclusion are explicitly recognized as fundamental parts of our organizational culture. We believe that diversity of thought and background drives innovation which enables us to provide leading-edge healthcare insurance and services. With that mission in mind, we recruit the best candidates from all communities, to diversify and strengthen our workforce.

OUR COMPANY CULTURE:

Employees are united by our Lifetime Way Values & Behaviors that include compassion, pride, excellence, innovation and having fun! We aim to be an employer of choice by valuing workforce diversity, innovative thinking, employee development, and by offering competitive compensation and benefits.

In support of the Americans with Disabilities Act, this job description lists only those responsibilities and qualifications deemed essential to the position.

Equal Opportunity Employer

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)