Actuarial Analyst

Medica; Madison (WI); On-site; USD 63,000 - 108,000; Full time

Job summary

Medica is a nonprofit health plan serving multiple states, including Wisconsin. The Actuary I performs foundational actuarial analyses to support risk evaluation, pricing, forecasting, and valuation under guidance. The role emphasizes accuracy, documentation, and learning established methodologies, contributing to team objectives.

Office-based role in Madison, WI with onsite work 3 days per week. The salary range and total rewards reflect comprehensive benefits and internal pay equity

Qualifications

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, Economics, Finance, or related field.
• Successful completion of 1 Society of Actuaries (SOA) exams

Responsibilities

• Conduct Actuarial Analyses & Forecasting using established tools and assumptions.
• Support pricing analyses by preparing data and calculations.
• Build and maintain actuarial models and tools with routine maintenance and quality checks.
• Assist with probabilistic analyses and scenario testing for risk evaluation.
• Collaborate with team members to complete projects and maintain organized workpapers.

Skills

Analytical thinking

Problem-solving

Critical thinking

Communication skills

Team collaboration

Education

Bachelor's degree in Actuarial Science, Mathematics, Statistics, Economics, Finance, or related field

Tools

Microsoft Excel

SQL

SAS

R

Python

Job description

Medica is a nonprofit health plan with more than a million members that serves communities in Minnesota, Nebraska, Wisconsin, Missouri, and beyond. We deliver personalized health care experiences and partner closely with providers to ensure members are genuinely cared for.

We're a team that owns our work with accountability, makes data-driven decisions, embraces continuous learning, and celebrates collaboration - because success is a team sport. It's our mission to be there in the moments that matter most for our members and employees. Join us in creating a community of connected care, where coordinated, quality service is the norm and every member feels valued.

The Actuary I performs foundational actuarial analyses that support risk evaluation, pricing, forecasting and valuation. This role applies introductory actuarial and statistical concepts to analyze data, prepare basic models, and produce standard reports under close guidance. Operating with limited decisionmaking authority, the Actuary I focuses on accuracy, documentation, and learning established methodologies. The position contributes to team objectives by delivering reliable data and analyses and building actuarial and business knowledge.

Key Accountabilities

• Conduct Actuarial Analyses & Forecasting
  • Perform basic actuarial analyses using established tools, templates, and assumptions
  • Compile and review historical experience data for completeness and consistency
  • Support actuarial financial evaluations by preparing inputs and preliminary results
  • Document methodologies and work steps to ensure transparency and reviewability
• Support Pricing, Rate Development, & Product Monitoring
  • Assist with pricing analyses by preparing data and performing calculations
  • Produce standard monitoring reports to track experience and financial outcomes
  • Compare actual results to expectations and flag variances for further review
  • Support rate development activities under supervision of senior staff
• Build & Maintain Actuarial Models & Tools
  • Update and run existing actuarial models following defined instructions
  • Validate data inputs and outputs to ensure accuracy and internal consistency
  • Perform routine model maintenance and quality checks
  • Document model processes and assumptions in accordance with actuarial standards
• Support Risk Assessment & Future Event Evaluation
  • Assist with probability analyses and scenario testing using predefined parameters
  • Compile results that illustrate potential cost and utilization impacts
  • Prepare charts and summaries that explain analytical findings
  • Incorporate feedback to refine assumptions and outputs
• Collaborate & Develop Actuarial Capability
  • Respond to basic questions about data and analyses
  • Partner with team members to complete projects and meet deadlines
  • Maintain organized workpapers and version control
  • Build actuarial knowledge through feedback and on-the-job learning

Required Qualifications

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, Economics, Finance, or related field
• Successful completion of 1 Society of Actuaries (SOA) exams

Preferred Qualifications

• Strong analytical, problem-solving, and critical-thinking skills
• Proficiency with Microsoft Excel; experience with SQL, SAS, R, or Python is a plus
• Excellent written and verbal communication skills
• Ability to work independently and as part of a collaborative team

This position is an Office role, which requires an employee to work onsite, on average, 3 days per week. We are open to candidates located near one of the following office locations: Madison, WI.

The full salary grade for this position is $62,700-$107,500. While the full salary grade is provided, the typical hiring salary range for this role is expected to be between $62,700 - $94,080. Annual salary range placement will depend on a variety of factors including, but not limited to, education, work experience, applicable certifications and/or licensure, the position's scope and responsibility, internal pay equity and external market salary data.

In addition to compensation, Medica offers a generous total rewards package that includes competitive medical, dental, vision, PTO, Holidays, paid volunteer time off, 401K contributions, caregiver services and many other benefits to support our employees.

The compensation and benefits information is provided as of the date of this posting. Medica's compensation and benefits are subject to change at any time, with or without notice, subject to applicable law.

Eligibility to work in the US: Medica does not offer work visa sponsorship for this role. All candidates must be legally authorized to work in the United States at the time of application. Employment is contingent on verification of identity and eligibility to work in the United States.

We are an Equal Opportunity employer, where all qualified candidates receive consideration for employment indiscriminate of race, religion, ethnicity, national origin, citizenship, gender, gender identity, sexual orientation, age, veteran status, disability, genetic information, or any other protected characteristic.

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

This employer is required to notify all applicants of their rights pursuant to federal employment laws.

For further information, please review the Know Your Rights notice from the Department of Labor.