Senior Analyst, Underwriting

7505 Caremark, L.L.C.; Arizona; Hybrid; USD 47,000 - 122,000; Full time

Job summary

CVS Health is seeking an Underwriting Sr. Analyst to lead financial analysis and underwriting for PBM pricing strategies.

You will influence pricing deployment across the Caremark enterprise and provide advisory support to the Aetna Underwriting team, driving profitability and accurate implementation. The role requires deep PBM industry knowledge, strong analytical skills, and the ability to work independently in a fast-paced environment.

Qualifications

• 3 years in a health plan actuarial role, PBM financial analysis or underwriting role, or comparable industry experience.
• Actuarial certifications a plus.
• Prior PBM/Health Plan experience preferred.
• Strong Excel skills.
• Bachelor's degree in mathematics, finance, statistics, actuarial science or other risk management or data related fields or equivalent experience.

Responsibilities

• Assess pricing and underwriting strategies to maximize client value while retaining margin.
• Develop pricing recommendations for multiple lines of business based on competitive analysis.
• Support underwriting leadership with segment-specific data for downstream pricing.
• Complete tasks in Caremark Underwriting models and modify FAFs.
• Provide ad hoc analyses to support internal and client requests.
• Maintain relationships with Sales, Account Management and Finance partners to aid margin budgeting.

Skills

Analytical thinking

Excel proficiency

Education

Bachelor's degree in math/finance

Tools

Excel

Job description

We're building a world of health around every individual - shaping a more connected, convenient and compassionate health experience. At CVS Health®, you'll be surrounded by passionate colleagues who care deeply, innovate with purpose, hold ourselves accountable and prioritize safety and quality in everything we do. Join us and be part of something bigger - helping to simplify health care one person, one family and one community at a time.

Position Summary

Do you want to make a large impact in your next role? Join CVS Health as an Underwriting Sr. Analyst, where you will be responsible for Financial Analysis and Underwriting within the team. Here, you will work on key pricing activities to retain and grow pharmacy lives and support CVS Health and Finance leadership to drive value through network and formulary pricing strategies on multiple levels. In this high impact position, you will support key underwriting and financial analysis activities. This role will manage vast, complex Pharmacy Benefit Management (PBM) pricing strategies and pricing deployment designed to meet the business needs of the CVS Health Enterprise (PBM and Aetna as the client), and acts in an advisory capacity to the Aetna Underwriting team responsible for its downstream customers' pricing. This position will report into the Sr. Manager of PBM Underwriting. The successful candidate will prioritize developing expert knowledge of the PBM and Health Plan Insurance industry economics and will have proven their ability to work on a high-performing team of knowledge-based employees with the necessary business acumen and technical skills to contribute to the goals of their team. The successful candidate will also have a track record of demonstrating the skill sets necessary to build a deep understanding of the client's business and goals in order to successfully execute on strategies targeted at improving financial outcomes with supporting data. The successful candidate will also demonstrate a high level of consistency and expertise in using logic and analytic skills independently to direct client analysis in response to specific business questions and be able to communicate the findings, including methodology and estimated outcomes. Additionally, the successful candidate will have proven experience driving process improvement and executing support capabilities to meet existing and future client needs and will work with internal teams to enhance analytic support for clients. This will require an understanding of levers of PBM and enterprise profitability as well as utilizing, improving, or developing new tools and processes for pricing current and prospective clients. It would be particularly beneficial to have experience in the Caremark underwriting models and EOS, as well as the Fee Authorization Form (FAF) systems.

Responsibilities

• Assessing risk and developing recommendations to maximize client value while retaining margin first in the PBM and second in the Enterprise
• Developing pricing recommendations for multiple lines of business based on in-depth competitive analysis
• Assisting Aetna's Underwriting leadership to develop pricing for downstream pricing by providing segment-specific data
• Completing tasks in the Caremark Underwriting models
• Modifying FAFs appropriately
• Ad-hoc analysis to support a variety of internal and client requests
• Developing and maintaining relationships with Sales and Account Management
• Developing relationships with Caremark and Aetna Finance partners to assist in margin budget development and validation
• Creating and updating multiple complex Pricing Commitment Documents to reflect Caremark's pricing and contract terms offer for each business segment
• Advise Caremark Legal as the Underwriting subject matter expert during contract negotiations
• Provide ad hoc analysis and advise on implementation scenarios related to regulatory changes
• Work with internal partners to understand downstream implications of proposed pricing strategy and facilitate seamless, accurate, and on-time implementation
• Ability to analyze and make recommendations on questions or issues when not all the information is available; ability to self-direct to find solutions with minimal guidance
• Acquire and maintain leading-edge knowledge of PBM plan management strategies and solutions
• Ability to work both independently and part of a group in a fast-paced environment and manage tight deadlines

Required Qualifications

• 3 years in a health plan actuarial role, PBM financial analysis or underwriting role, or comparable industry experience.

Preferred Qualifications

• Prior PBM/Health Plan or PBM/Employer experience
• Actuarial experience and Actuarial certifications a plus
• Strong Technical skills - particularly in Excel
• Education Bachelor's degree in mathematics, finance, statistics, actuarial science or other risk management or data related fields or equivalent experience

Anticipated Weekly Hours

40

Pay Range

Time Type Full time
The typical pay range for this role is: $46,988.00 - $122,400.00 This pay range represents the base hourly rate or base annual full-time salary for all positions in the job grade within which this position falls. The actual base salary offer will depend on a variety of factors including experience, education, geography and other relevant factors. This position is eligible for a CVS Health bonus, commission or short-term incentive program in addition to the base pay range listed above.

Benefits

Our people fuel our future. Our teams reflect the customers, patients, members and communities we serve and we are committed to fostering a workplace where every colleague feels valued and that they belong. Great benefits for great people We take pride in offering a comprehensive and competitive mix of pay and benefits that reflects our commitment to our colleagues and their families. This full-time position is eligible for a comprehensive benefits package designed to support the physical, emotional, and financial well-being of colleagues and their families. The benefits for this position include medical, dental, and vision coverage, paid time off, retirement savings options, wellness programs, and other resources, based on eligibility. Additional details about available benefits are provided during the application process and on Benefits Moments.

Application Deadline

We anticipate the application window for this opening will close on: 10/30/2026 Qualified applicants with arrest or conviction records will be considered for employment in accordance with all federal, state and local laws.

Our Work Experience is the combination of everything that's unique about us: our culture, our core values, our company meetings, our commitment to sustainability, our recognition programs, but most importantly, it's our people. Our employees are self-disciplined, hard working, curious, trustworthy, humble, and truthful. They make choices according to what is best for the team, they live for opportunities to collaborate and make a difference, and they make us the #1 Top Workplace in the area.