Senior Employee Health & Benefits Actuarial Consultant
Marsh & McLennan Companies - Chicago, IL

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Mercer is the global leader for trusted Human Resources and related financial advice, products and services. In our work with clients, we make a positive impact on the world every day. We do this by enhancing the financial and retirement security, health, productivity and employment relationships of the global workforce. Mercer has more than 19,000 employees serving clients in over 180 cities and 40 countries and territories worldwide. If you thrive on challenge, are passionate about ideas, love solving problems and truly enjoy connecting with people, we encourage you to explore the hundreds of job opportunities available through Mercer. Our core strengths in consulting, outsourcing and investments place Mercer in a unique position to help our clients achieve the extraordinary - and extraordinary results require extraordinary people. Mercer is an operating unit of Marsh & McLennan Companies.

Marsh & McLennan Companies is a leading global professional services firm with roots dating back to 1871. We employ over 50,000 employees in more than 100 countries with annual revenue exceeding $11 billion. Marsh & McLennan Companies is the parent company of a number of the world's leading risk experts and specialty consultants, including: Marsh, our insurance broker and risk advisor; Guy Carpenter, our risk and reinsurance specialist; Mercer, our provider of HR and related financial advice and services; and Oliver Wyman, our management consultancy.

The Health & Benefits (H&B) Senior Actuarial Consultant - Pharmacy will manage the accurate and timely data and financial analysis on various actuarial/financial projects for government and corporate pharmacy programs and advise clients accordingly. This consultant will be responsible for creating, monitoring and updating Mercer's evaluation models with respect to pharmacy and establishing policy protocols around financial analysis of pharmacy benefits for Medicare eligible employees. The level of support depends on the size of client as well as complexity and revenue of the account - at this level the senior consultant is considered the client owner for larger clients. A part of this role is also to act as a mentor to more junior actuarial staff and oversee their basic actuarial work. To fulfill this role, the Senior Actuarial Consultant - Pharmacy will:

Develop firm-wide strategy with respect to pharmacy benefit design and vender evaluation techniques.

Provide management of the financial analysis for more complex and/or larger clients, including more in-depth analysis for complex situations that require additional research or discussion with Mercer subject matter experts. For less complex and involved work, will oversee the analysis of more junior staff.

Price and evaluate consumerism plan (high deductible health plans with provisions to create greater consumer awareness) using Mercer's internal pricing model to compare designs; results are typically presented to client as part of a strategy or plan design discussion

Analyze cost drivers by reviewing client's cost/utilization data and looking for year-over-year trends or comparisons to external benchmarks using data provided from client's vendor reports or raw data from external databases; key results are summarized and presented to client to help understand cost drivers and modify plan design

Project retiree medical costs by entering the client's retiree cost and enrollment data for both pre-Medicare and Post-Medicare; results are used by Retirement to develop retiree medical liabilities used by the client and their auditors for accounting purposes

Estimate the impact of Medicare part D legislation by entering retiree prescription drug data into Mercer's Part D pricing model and performing tests to determine whether a federal government subsidy is available to the client; results are included in a report to the client documenting the assumptions and results of the testing

Oversee the financial analysis work of a more junior team members, including: preparing basic cost projections, analyzing vendor renewals, pricing medical and prescription drug plan designs, and developing employee contributions scenarios

Manage actuarial projects from start to finish, including managing quality/timeliness of client deliverables, developing budgets and billing reports, acting as senior client contact for financial work and preparing/delivering concise communications and results to client.

Demonstrate an expert level of understanding of Health & Benefits products, services and technical tools offered by Mercer; vendor/carrier markets, underwriting/actuarial skills, budget-setting, rate setting and evaluation. Will also train and mentor others on these.

Assist in the sales process for new client acquisition.

Position can be based in Chicago, Norfolk, or Houston.


BA/BS degree

Actuarial credentials (ASA, FSA) preferred

Twelve or more years of H&B or relevant actuarial experience required with previous experience in pharmacy and healthcare

Previous consulting experience preferred

Comprehensive understanding of pharmacy benefits for active and retired employees required, including pharmacy plan design, utilization, evaluation of PBM contracts and ability to proactively communicate with clients in the consulting practice

Advanced knowledge of employee benefit underwriting. Thorough understanding of complex benefit concepts such as health care management, flexible benefits and alternative funding

Superior analytical and mathematical skills, strong command of Excel,

Strong strategic planning skills

Excellent interpersonal skills, strong oral and written communication skills

Excellent organizational and project management skills with the ability to prioritize and handle multiple and complex tasks in a demanding work environment

Strong critical thinking and analytical problem-solving skills

Ability to manage, motivate, and mentor more junior level staff

Ability to work independently and on a team.

Marsh & McLennan Companies offers competitive salaries and comprehensive benefits and programs including: health and welfare, tuition assistance, pension and 401K, employee assistance program, domestic partnership benefits, career mobility, employee network groups, volunteer opportunities, and other programs. For more information about our company, please visit us at:

. We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients. For more information, please visit us at:




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Marsh & McLennan Companies is a global professional services firm providing advice and solutions in the areas of risk, strategy and...