Pricing Actuary

About the role

Physicians Mutual is seeking an experienced Pricing Actuary - Medicare Supplement Product Management to provide actuarial leadership for the design, pricing, implementation and ongoing management of Medicare Supplement insurance products.

Responsibilities

• Lead actuarial pricing work for Medicare Supplement products, including new product pricing, rate development, profitability analysis and pricing assumption review.
• Support Medicare Supplement product development initiatives by evaluating product designs, benefit structures, pricing assumptions, underwriting considerations, administrative procedures and distribution strategies.
• Analyze Medicare Supplement experience, including morbidity, persistency, claim trends, expenses, loss ratios, rate increase history and other key profitability drivers.
• Develop, maintain and enhance actuarial pricing models using Excel, ALFA, CASE or other actuarial/statistical modeling tools.
• Prepare Medicare Supplement profit studies, financial projections, margin analyses and other actuarial evaluations to support product management decisions.
• Support Medicare Supplement rate actions, including re-rating analysis, management recommendations, filing support, implementation planning and post-implementation monitoring.
• Partner with Product Management and Compliance to support state filing requirements, actuarial memorandums, exhibits and responses to regulatory questions.
• Ensure Medicare Supplement pricing, reserving, re-rating and product management activities comply with applicable state and federal regulations, Actuarial Standards of Practice and related Practice Notes.
• Monitor emerging experience and external factors impacting Medicare Supplement performance, including morbidity trends, aging patterns, persistency, expenses, competitive positioning and regulatory developments.
• Prepare and present actuarial findings, financial risks and recommended actions to management and cross-functional stakeholders.
• Collaborate with Underwriting, Claims, Finance, Marketing, distribution teams, technology partners and other areas to support accurate, timely and effective product decisions.
• Provide coaching, training and technical guidance to less experienced actuarial professionals and technicians.
• Maintain continuing education requirements as defined by the Society of Actuaries and the American Academy of Actuaries.

Qualifications

• Bachelor’s degree in Actuarial Science, Mathematics, Statistics, Economics or a related analytical field.
• Fellow of the Society of Actuaries designation.
• Experience and qualifications necessary to be a Member of the American Academy of Actuaries.
• Medicare Supplement, supplemental health, health insurance pricing or related actuarial product management experience.
• Strong knowledge of actuarial pricing concepts, rate adequacy, profitability analysis, reserves, experience studies and regulatory requirements.
• Demonstrated ability to analyze morbidity, persistency, expenses, claims experience, loss ratios and other financial drivers.
• Experience developing or maintaining actuarial models using tools such as Excel, ALFA, CASE or similar software.
• Ability to prepare and explain complex actuarial, financial and statistical reports.
• Strong communication skills with the ability to present complicated data, pricing recommendations and financial risks to multiple levels of management.
• Ability to manage multiple complex projects while meeting established deadlines.
• Demonstrated ability to meet continuing education requirements established by the Society of Actuaries and the American Academy of Actuaries.

Preferred

• Direct Medicare Supplement pricing, rate increase or state filing experience.
• Experience preparing or supporting actuarial memorandums, rate filings, exhibits and regulatory responses.
• Experience with Medicare Supplement product development, product management, profitability monitoring or re-rating actions.
• Experience presenting pricing recommendations to senior management or cross-functional leadership groups.
• Experience coaching actuarial students, analysts or less experienced actuarial professionals.