Delta Dental of Minnesota

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Actuary

at Delta Dental of Minnesota

Posted: 9/26/2019
Job Reference #: 314
Keywords:

Job Description

Location:
Minneapolis, MN

Employment duration:
Full-time (40 hrs)

FLSA Status:
Exempt

GENERAL SUMMARY

This position is responsible for collaborating with Senior Executives to develop the overarching pricing strategy.  This position has primary responsibility for calculations for determining the pricing strategy including administrative fee levels, retention levels, community-rated pricing and individual product pricing. This position is responsible for perform ing complex calculations to determine the likelihood of various outcomes related to dental insurance .

This position presents statistical information to executives, sales and account management, underwriters and others to support their decisions about the pricing of insurance policies and product development initiatives.  This position acts as liaison by communicating and collaborating with cross-functional teams across Stratacor and with vendor teams, as applicable, regarding actuarial and product development needs. This position reviews the reserve liability for claims incurred but not reported on a monthly basis. The Actuary works collaboratively with the Underwriting Manager, Underwriting team members, CFO and others within the organization.

ESSENTIAL FUNCTIONS

  1. Reviews profitability analysis and works with Underwriting Manager to ensure we are focused on targets avoiding both overly aggressive pricing and overly conservative pricing.
  2. Participate in the development of new products and provide input related to pricing impacts for benefit changes based on actuarial research and data.
  3. Perform any analysis needed to ensure accuracy and adequacy of the reserve estimates.
  4. Reviews and analyzes changes in provider reimbursements working closely with the CFO, Professional Relations team and the Underwriting team.
  5. Provide pricing recommendations for the Individual and Family products as well as the Small Group products based on analysis of the claims and administrative costs as well as the products and benefits.
  6. Prepare Actuarial Rate Filing Memorandums as needed for the business for filing with the Department of Commerce or Department of Insurance.
  7. Implements new or improves current processes through automation to ensure most effective service delivery
  8. Participates in internal and external audits
  9. Works collaboratively with Outside Actuaries to improve underwriting effectiveness.
  10. Assist the CFO and the Budgeting/Planning team in preparing financial projections for claims based on the subscriber/member projections
  11. Provide analysis to ensure compliance with Delta Dental Plan Association mandates and product regulatory requirements.
  12. Prepare renewal and other required analytical information for Public Programs.
  13. Develop premium rates and other financial data in response to very large RFP's in support of the Underwriting team. Attend meetings and explain results as required.
  14. Provide actuarial assistance on special projects as assigned.

REQUIRED KNOWLEDGE, SKILLS AND ABILITIES

This job requires candidates to be able to perform duties that include the following:

  1. Collect and compile statistical data for additional analysis
  2. Estimate probability and likely cost of events such as an accident, death, natural disaster or sickness
  3. Design, test, and administer policies to minimize risk and maximize the profitability of insurance policies, pension plans, and to Produce charts and other exhibits to explain proposals and calculations
  4. Explain proposals and findings to various parties, from company executives to clients, shareholders, and government officials.
  5. This position requires a high level of knowledge of dental insurance including premium rate development, provider reimbursement, determining IBNR claim reserves, and financial forecasting. A high level of analytical skills is required since the position involves managing and/or developing the design or maintenance of highly complex computer systems or programs such as the provider reimbursement system.  
  6. Strong knowledge and expertise regarding the larger health care environment including financial trend, utilization trend, dental procedure advancements and benefit designs.
  7. Ability to negotiate with tact and diplomacy and deal with adversarial situations
  8. Self-motivated and able to work independently
  9. Understanding the insurance (and specifically dental) competitive marketplace
  10. Ability to communicate complex concepts or polices verbally or in writing
  11. Organizational skills to keep multiple projects meeting deadlines and requirements
  12. Ability to understand and analyze policies and their implications regardless of whether specific to the corporation or the public at large
  13. Well-developed analytical skills to evaluate and determine appropriate courses of action
  14. Excellent communication skills are also required in this position. The position often requires the incumbent to explain complex issues such as details of provider reimbursement to other people in the organization including senior executives.
  15. Strong knowledge and expertise regarding the larger health care environment including financial trend, utilization trend, dental procedure advancements and benefit designs Excellent problem solving, analytical, oral and written communication skills.
  16. Interpersonal skills to deal with a variety of people and the professional demeanor to represent the company to external contacts.

REQUIRED EDUCATION AND EXPERIENCE

  1. Bachelor (4 year) degree in business, mathematics or a related field.
  2. Membership in the American Academy of Actuaries is required as well as Fellowship in the Society of Actuaries. Seven to ten years of actuarial experience is required for this position.
  3. Extensive work experience in the health insurance industry with 10 years of actuarial experience.
  4. Proven ability to exercise good judgment and make independent decisions.

RELATIONSHIPS

  1. Reports To :  Chief Financial Officer
  2. Internal Relationships :  Underwriting Management and team members, Sales and Account Management Leadership and team members, Other Finance Management and team members and all levels of personnel from other corporate divisions.
  3. External Relationships :  Customers, Brokers, Vendors and Outside Actuaries

GENERAL SUMMARY


This position is responsible for collaborating with Senior Executives to develop the overarching pricing strategy.  This position has primary responsibility for calculations for determining the pricing strategy including administrative fee levels, retention levels, community-rated pricing and individual product pricing. This position is responsible for perform ing complex calculations to determine the likelihood of various outcomes related to dental insurance .

This position presents statistical information to executives, sales and account management, underwriters and others to support their decisions about the pricing of insurance policies and product development initiatives.  This position acts as liaison by communicating and collaborating with cross-functional teams across Stratacor and with vendor teams, as applicable, regarding actuarial and product development needs. This position reviews the reserve liability for claims incurred but not reported on a monthly basis. The Actuary works collaboratively with the Underwriting Manager, Underwriting team members, CFO and others within the organization.


ESSENTIAL FUNCTIONS


  1. Reviews profitability analysis and works with Underwriting Manager to ensure we are focused on targets avoiding both overly aggressive pricing and overly conservative pricing.
  2. Participate in the development of new products and provide input related to pricing impacts for benefit changes based on actuarial research and data.
  3. Perform any analysis needed to ensure accuracy and adequacy of the reserve estimates.
  4. Reviews and analyzes changes in provider reimbursements working closely with the CFO, Professional Relations team and the Underwriting team.
  5. Provide pricing recommendations for the Individual and Family products as well as the Small Group products based on analysis of the claims and administrative costs as well as the products and benefits.
  6. Prepare Actuarial Rate Filing Memorandums as needed for the business for filing with the Department of Commerce or Department of Insurance.
  7. Implements new or improves current processes through automation to ensure most effective service delivery
  8. Participates in internal and external audits
  9. Works collaboratively with Outside Actuaries to improve underwriting effectiveness.
  10. Assist the CFO and the Budgeting/Planning team in preparing financial projections for claims based on the subscriber/member projections
  11. Provide analysis to ensure compliance with Delta Dental Plan Association mandates and product regulatory requirements.
  12. Prepare renewal and other required analytical information for Public Programs.
  13. Develop premium rates and other financial data in response to very large RFP's in support of the Underwriting team. Attend meetings and explain results as required.
  14. Provide actuarial assistance on special projects as assigned.

REQUIRED KNOWLEDGE, SKILLS AND ABILITIES


This job requires candidates to be able to perform duties that include the following:

  1. Collect and compile statistical data for additional analysis
  2. Estimate probability and likely cost of events such as an accident, death, natural disaster or sickness
  3. Design, test, and administer policies to minimize risk and maximize the profitability of insurance policies, pension plans, and to Produce charts and other exhibits to explain proposals and calculations
  4. Explain proposals and findings to various parties, from company executives to clients, shareholders, and government officials.
  5. This position requires a high level of knowledge of dental insurance including premium rate development, provider reimbursement, determining IBNR claim reserves, and financial forecasting. A high level of analytical skills is required since the position involves managing and/or developing the design or maintenance of highly complex computer systems or programs such as the provider reimbursement system.  
  6. Strong knowledge and expertise regarding the larger health care environment including financial trend, utilization trend, dental procedure advancements and benefit designs.
  7. Ability to negotiate with tact and diplomacy and deal with adversarial situations
  8. Self-motivated and able to work independently
  9. Understanding the insurance (and specifically dental) competitive marketplace
  10. Ability to communicate complex concepts or polices verbally or in writing
  11. Organizational skills to keep multiple projects meeting deadlines and requirements
  12. Ability to understand and analyze policies and their implications regardless of whether specific to the corporation or the public at large
  13. Well-developed analytical skills to evaluate and determine appropriate courses of action
  14. Excellent communication skills are also required in this position. The position often requires the incumbent to explain complex issues such as details of provider reimbursement to other people in the organization including senior executives.
  15. Strong knowledge and expertise regarding the larger health care environment including financial trend, utilization trend, dental procedure advancements and benefit designs Excellent problem solving, analytical, oral and written communication skills.
  16. Interpersonal skills to deal with a variety of people and the professional demeanor to represent the company to external contacts.

REQUIRED EDUCATION AND EXPERIENCE


  1. Bachelor (4 year) degree in business, mathematics or a related field.
  2. Membership in the American Academy of Actuaries is required as well as Fellowship in the Society of Actuaries. Seven to ten years of actuarial experience is required for this position.
  3. Extensive work experience in the health insurance industry with 10 years of actuarial experience.
  4. Proven ability to exercise good judgment and make independent decisions.

RELATIONSHIPS


  1. Reports To :  Chief Financial Officer
  2. Internal Relationships :  Underwriting Management and team members, Sales and Account Management Leadership and team members, Other Finance Management and team members and all levels of personnel from other corporate divisions.
  3. External Relationships :  Customers, Brokers, Vendors and Outside Actuaries


GENERAL SUMMARY

This position is responsible for collaborating with Senior Executives to develop the overarching pricing strategy.  This position has primary responsibility for calculations for determining the pricing strategy including administrative fee levels, retention levels, community-rated pricing and individual product pricing. This position is responsible for perform ing complex calculations to determine the likelihood of various outcomes related to dental insurance .

This position presents statistical information to executives, sales and account management, underwriters and others to support their decisions about the pricing of insurance policies and product development initiatives.  This position acts as liaison by communicating and collaborating with cross-functional teams across Stratacor and with vendor teams, as applicable, regarding actuarial and product development needs. This position reviews the reserve liability for claims incurred but not reported on a monthly basis. The Actuary works collaboratively with the Underwriting Manager, Underwriting team members, CFO and others within the organization.

ESSENTIAL FUNCTIONS

  1. Reviews profitability analysis and works with Underwriting Manager to ensure we are focused on targets avoiding both overly aggressive pricing and overly conservative pricing.
  2. Participate in the development of new products and provide input related to pricing impacts for benefit changes based on actuarial research and data.
  3. Perform any analysis needed to ensure accuracy and adequacy of the reserve estimates.
  4. Reviews and analyzes changes in provider reimbursements working closely with the CFO, Professional Relations team and the Underwriting team.
  5. Provide pricing recommendations for the Individual and Family products as well as the Small Group products based on analysis of the claims and administrative costs as well as the products and benefits.
  6. Prepare Actuarial Rate Filing Memorandums as needed for the business for filing with the Department of Commerce or Department of Insurance.
  7. Implements new or improves current processes through automation to ensure most effective service delivery
  8. Participates in internal and external audits
  9. Works collaboratively with Outside Actuaries to improve underwriting effectiveness.
  10. Assist the CFO and the Budgeting/Planning team in preparing financial projections for claims based on the subscriber/member projections
  11. Provide analysis to ensure compliance with Delta Dental Plan Association mandates and product regulatory requirements.
  12. Prepare renewal and other required analytical information for Public Programs.
  13. Develop premium rates and other financial data in response to very large RFP's in support of the Underwriting team. Attend meetings and explain results as required.
  14. Provide actuarial assistance on special projects as assigned.

REQUIRED KNOWLEDGE, SKILLS AND ABILITIES

This job requires candidates to be able to perform duties that include the following:

  1. Collect and compile statistical data for additional analysis
  2. Estimate probability and likely cost of events such as an accident, death, natural disaster or sickness
  3. Design, test, and administer policies to minimize risk and maximize the profitability of insurance policies, pension plans, and to Produce charts and other exhibits to explain proposals and calculations
  4. Explain proposals and findings to various parties, from company executives to clients, shareholders, and government officials.
  5. This position requires a high level of knowledge of dental insurance including premium rate development, provider reimbursement, determining IBNR claim reserves, and financial forecasting. A high level of analytical skills is required since the position involves managing and/or developing the design or maintenance of highly complex computer systems or programs such as the provider reimbursement system.  
  6. Strong knowledge and expertise regarding the larger health care environment including financial trend, utilization trend, dental procedure advancements and benefit designs.
  7. Ability to negotiate with tact and diplomacy and deal with adversarial situations
  8. Self-motivated and able to work independently
  9. Understanding the insurance (and specifically dental) competitive marketplace
  10. Ability to communicate complex concepts or polices verbally or in writing
  11. Organizational skills to keep multiple projects meeting deadlines and requirements
  12. Ability to understand and analyze policies and their implications regardless of whether specific to the corporation or the public at large
  13. Well-developed analytical skills to evaluate and determine appropriate courses of action
  14. Excellent communication skills are also required in this position. The position often requires the incumbent to explain complex issues such as details of provider reimbursement to other people in the organization including senior executives.
  15. Strong knowledge and expertise regarding the larger health care environment including financial trend, utilization trend, dental procedure advancements and benefit designs Excellent problem solving, analytical, oral and written communication skills.
  16. Interpersonal skills to deal with a variety of people and the professional demeanor to represent the company to external contacts.

REQUIRED EDUCATION AND EXPERIENCE

  1. Bachelor (4 year) degree in business, mathematics or a related field.
  2. Membership in the American Academy of Actuaries is required as well as Fellowship in the Society of Actuaries. Seven to ten years of actuarial experience is required for this position.
  3. Extensive work experience in the health insurance industry with 10 years of actuarial experience.
  4. Proven ability to exercise good judgment and make independent decisions.

RELATIONSHIPS

  1. Reports To :  Chief Financial Officer
  2. Internal Relationships :  Underwriting Management and team members, Sales and Account Management Leadership and team members, Other Finance Management and team members and all levels of personnel from other corporate divisions.
  3. External Relationships :  Customers, Brokers, Vendors and Outside Actuaries