Associate Actuary

Associate Actuary

Begin a fulfilling career with the State of Indiana by joining one of the largest employers in the state, offering a range of opportunities across 60+ agencies. At the state, you'll find competitive compensation, a robust benefits package and a commitment to work-life balance. Most importantly, you'll have the chance to make a real and measurable impact on the lives of Hoosiers across Indiana.

Role Overview:

• Review and analyze accident and health rate filings and rating plans submitted to the Indiana Department of Insurance (IDOI).
• Make recommendations regarding the premium rates proposed by licensed entities.
• Review rating methodologies and actuarial calculations for compliance with Indiana law, commonly accepted actuarial principles, and fair insurance rating methodology.
• Contribute to the development of filing standards, thresholds, and procedures.
• Provide opinions and recommendations concerning any filed methodology that results in inadequate, excessive, or unfairly discriminatory insurance premiums.
• Evaluate reasonableness of carrier data and actuarial methods.
• Perform actuarial review and analysis of annual actuarial reports and memorandums.
• Develop and implement policies, procedures, technical interpretations, and regulations to implement and enforce statutes as they relate to actuarial concerns.
• Perform special actuarial and statistical studies and projects as assigned.
• Assist in the review of rating methodologies for compliance with Indiana law.
• For ACA submissions, perform reviews using IDOI review tools and federal Plan Management tools.
• Communicate results to carriers and IDOI management.
• Update and review all instructions to carriers that are part of the IDOI website.
• Support maintenance and improvement of the rate filing database.
• Negotiate with carriers to adjust rates requested if necessary.
• Monitor the Centers for Medicare and Medicaid Services and the National Association Insurance Commissioners subgroup, working group, and task force calls.

Salary: The salary for this position traditionally starts at $93,002.00 but may be commensurate with education and work experience.

A Day in the Life:

• Reviews and analyzes rate filings and rating plans.
• Performs actuarial review and analysis of annual actuarial reports and memorandums.
• Develops and implements policies, procedures, technical interpretations, and regulations to implement and enforce statutes as they relate to actuarial concerns.
• Performs special actuarial and statistical studies and projects as assigned.
• Assists in the review of rating methodologies for compliance with Indiana law.
• For ACA submissions, performs reviews using IDOI review tools and federal Plan Management tools.
• Communicates results to carriers and IDOI management.
• Negotiates with carriers to adjust rates requested if necessary.
• Updates and reviews all instructions to carriers that are part of the IDOI website.
• Monitors CMS and NAIC subgroup, working group, and task force calls.

What You'll Need for Success:

• The ideal candidate in this role should minimally have either a Master's Degree with 1+ years of experience, or a Bachelor's Degree with 2-3+ years of experience, and a minimum of two (2) actuarial exams passed and be taking exams toward completion of the ASA or ACAS designation.
• Related certifications and coursework may be considered for education or experience.
• Ability to handle multiple tasks simultaneously.
• Ability to communicate with consumers, companies, and agents.
• Able to perform essential functions with or without reasonable accommodation.

Benefits of Employment with the State of Indiana:

• Three (3) medical plan options (including RX coverage) as well as vision and dental plans
• Wellness Rewards Program: Complete wellness activities to earn gift card rewards
• Health savings account, which includes bi-weekly state contribution
• Deferred compensation 457(b) account (similar to 401(k) plan) with employer match
• Two (2) fully-funded pension plan options
• A robust, comprehensive program of leave policies covering a variety of employee needs, including but not limited to: 150 hours of paid New Parent Leave and up to eight weeks of paid Childbirth Recovery Leave for eligible mothers Up to 15 hours of paid community service leave Combined 180 hours of paid vacation, personal, and sick leave time off 12 paid holidays, 14 on election years
• Education Reimbursement Program
• Group life insurance
• Referral Bonus program
• Employee assistance program that allows for covered behavioral health visits
• Qualified employer for the Public Service Loan Forgiveness Program
• Free Parking for most positions
• Free LinkedIn Learning access

Equal Employment Opportunity: The State of Indiana is an Equal Opportunity Employer and is committed to recruiting, selecting, developing, and promoting employees based on individual ability and job performance. Reasonable accommodations may be available to enable individuals with disabilities to complete the application and interview process as well as perform the essential functions of a role.