Actuarial Intern

Description

The NY/NJ Life office of Milliman provides consulting services to a broad array of clients in the life insurance and financial services industries. We are looking for a self-motivated actuarial student to work closely with consulting actuaries on a variety of projects, such as actuarial due diligence, actuarial modeling in MG-ALFA, and analysis of life insurance blocks. This position provides excellent opportunities for professional development and on-the-job learning. While the job location is remote, a remote candidate will be expected to work in the NYC office from time to time.

Who We Are

Independent for over 75 years, Milliman delivers market-leading services and solutions to clients worldwide. Today, we are helping companies take on some of the world’s most critical and complex issues, including retirement funding and healthcare financing, risk management and regulatory compliance, data analytics and business transformation.

Milliman invests in skills training and career development, and gives all employees access to a variety of learning and mentoring opportunities. Our growing number of Milliman Employee Resource Groups (ERG’s) are employee-led communities that influence policy decisions, develop future leaders, and amplify the voices of their constituents. We encourage our employees to give back to their varied professions, including leadership in professional organizations. Please visit our web site (https://www.milliman.com/en/social-impact) to learn more about Milliman’s commitments to our people, diversity and inclusion, social impact and sustainability.

Through a team of professionals ranging from actuaries to clinicians, technology specialists to plan administrators, we offer unparalleled expertise in employee benefits, investment consulting, healthcare, life insurance and financial services, and property and casualty insurance.

What You Will Do

In this role, you will assist in some or all the following:

• Develop actuarial projections for life insurance and annuity blocks in MG-ALFA,
• Review, organize and analyze data (e.g., liability in-force data, mortality and/or lapse experience data),
• Assist in developing deal models in Microsoft Excel for transaction (i.e., merger, acquisition, financing) assignments,
• Perform static and dynamic model validations,
• Assist in preparation of written actuarial reports and opinions,
• Assist with research projects, and
• Work independently to complete tasks.

What We Are Looking For

Professional Qualifications

• Obtaining a Bachelor’s degree in actuarial science, mathematics/statistics, or another related field.
• Prior experience in an actuarial role (particularly if related to onshore/offshore reinsurance).
• Prior experience with deal modeling (e.g., spreadsheet modeling of potential reinsurance transactions).
• Introductory knowledge of non-U.S. insurance regulations (Bermuda, Cayman Islands).
• Passed at least four actuarial exams.

Personal Qualifications

• Desire and ability to interact and communicate effectively (written and oral) with colleagues and clients.
• Ability to analyze and apply creative problem solving both independently and within a team.

Preferred Qualifications

• Demonstrated experience/interest in programming or data science, including advanced experience with Microsoft Excel and experience with Microsoft Access / AQL, VBA or other database languages such as Python, SAS, or R.
• Familiarity with life/health/annuity products, especially variable annuities, indexed annuities, or indexed universal life.
• Experience working at life/health/annuity insurer, actuarial consulting practice, or investment firm or investment bank servicing the life insurance industry.
• Familiarity with fixed income assets, equity derivatives, and interest rate derivatives.
• Familiarity with statutory and US GAAP reporting.

The Team

The NY/NJ Life practice is comprised of approximately 15 full-time staff who support clients in a wide range of actuarial-related services. We are looking for a candidate who will be able to balance multiple projects with multiple members of the team.

Location

The expected application deadline for this job is April 15, 2024.

This is a remote position. Candidates hired into this role may work onsite in select Milliman office locations, if they prefer.

Compensation

The hourly salary range, including locations in NY state but outside of New York City, is $19 to $36, and the New York City salary range is $25 to $43.