Senior Health & Benefits Actuarial Consultant
The Senior Health & Benefits Actuarial Consultant will manage and advise clients on broad-based Health & Benefits consulting projects across the scope of our business, including strategy, design, health management, financial best practices and any other Health & Benefits specific topics. In addition, this position will manage the accurate and timely data and financial analysis on various actuarial/financial projects for pricing of medical, dental, life and disability programs and advise the clients of potential financial risks accordingly. At this level, the senior actuarial consultant will oversee large, complex projects and may serve as the overall client H&B lead consultant. A part of this role is also to act as a mentor to junior and mid-level actuarial staff and oversee their development of actuarial and consulting skills. To fulfill this role, the Senior Health & Benefits Actuarial Consultant will:
- Lead complex client engagements, including managing overall service delivery, strategy, financial evaluations, plan design, renewal, business placement, benchmarking and other studies.
- Develop sophisticated benefits design and renewal strategies and drive the development of tools and solutions to address complex client issues
- Determine the full scope of services provided to the client and set roles/responsibilities within the client team
- Communicate Mercer's position on latest industry trends to clients
- Be accountable for revenue/profitability for client accounts and projects
- Monitor success of projects in terms of scope, budget, timeliness and client satisfaction
- Use appropriate Mercer tools in the development and execution of client strategy
- Incorporate compliance and professional standards into all work processes, including transparency, AFG, peer review and maintaining required licensure
- Manage projects from start to finish including: managing the quality and timeliness of client deliverables, developing budgets and billing reports, acting as the senior client contact for financial work, preparing and delivering clear and concise client-friendly communications, and participating in the development and expansion of client relationships
- Generate sales by expanding revenues from existing clients and by leading prospecting efforts with new clients
- Set strategic direction and create demand for new products/services in the marketplace
- Lead and participate in new business opportunities with sales channel partners
- Cross-sell other Mercer and MMC products and services to clients.
- Build market presence by leading and presenting at industry seminars and conferences
- Lead successful regional or national marketing initiatives
- Contribute to Mercer's development of intellectual capital and leading edge analysis
- Participate in national AFG and product development efforts and lead market based initiatives
- Act as a technical leader and resource within the office and market and provide triage for technical client issues within their office and market
- Provide management of the financial analysis for clients, including the most complex and/or largest clients, including more in-depth analysis for complex situations that require additional research or discussion with Mercer subject matter experts. This includes overseeing the analysis of mid-level and senior staff
- Independently manage a team of mid-level and more senior resources to complete the following:
- Identifying strategic opportunities to reduce short-term and long-term costs and cost volatility for clients and prospects
- Pricing, evaluation and deployment of non-standard and complex financial solutions, e.g. consumer centric plan designs, population health risk assessments, program wide risk pooling, etc.
- Analyzing cost drivers and developing health program performance metrics and process support tools, including: health program dashboards, benchmark and baseline cost metrics, innovative vendor management processes, etc.
- Projecting retiree medical claims costs and other short-term valuation assumptions, including Medicare part D Actuarial Equivalence testing and certification, and SFAS 112 liabilities
- Conducting routine financial projections
- Analyzing and negotiating vendor renewals
- Developing and modeling employee contribution strategies
- Communicating and evaluating vendor network claims cost structures and administrative fees
- Establish effective carrier/vendor relationships to serve clients in benefits procurement and administration (eligibility, claims, billing, plan implementation, contracts, plan changes and necessary amendments
- Leverage Mercer's size and reputation to negotiate highly competitive rates and coverage options from carriers and vendors
- Manage a client team of actuarial colleagues by: leveraging work to the most appropriate career level/grade; delegating effectively to provide developmental opportunities to team members; providing mentoring and coaching to direct reports and project team members; coordinating actuarial resources for national projects related to actuarial Investment Consulting.
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