Senior Vice President Chief Actuary

The Senior Vice President and Chief Actuary is the senior leader responsible for managing all actuarial services for Medica. This leadership role oversees all product pricing, product performance, and corporate functions such as estimations, reinsurance, and FP&A support. The Chief Actuary is responsible for developing the strategy and explaining qualitative and quantitative data points to Medica's pricing committee so that appropriate investment guidelines and strategies can be developed.

This role is integral to Medica's profitability, pricing strategies, and overall financial health. The Chief Actuary will drive the actuarial transformation effort to redefine strategic pricing in conjunction with the business leaders, finance, and data organizations. This role will develop and execute strategies to drive sustainable growth, ensure regulatory compliance, and support data-driven decision-making that aligns with the health plan's goals and values.

Key Accountabilities:

• Strategic Leadership & Vision




• Create a collaborative environment within the business to give proactive advice to the various stakeholders and leaders.
• Maintain strong relationships with senior executives to identify their needs and seek full range of business solutions.
• Manage relationships with critical service providers for reinsurance, external audit, legal and tax counsel, among others. Ensure that competitively priced and high-quality service is obtained when necessary.
• Communicate technical and complex actuarial matters with clarity to enable various audiences to receive information in a simple and effective manner that garners trust.




• Financial Performance & Risk Management




• Develop and maintain the strategy to deliver appropriate management metrics for pricing, and claims management decision-making that enhance understanding of the underlying business drivers (expense, investments, mortality, productivity, persistency, etc.).
• Establish and maintain effective risk management practices that align with the company's financial goals and risk tolerance.
• Partner with executive leaders to create effective reinsurance strategies, negotiating favorable terms to protect the company's financial stability.
• Monitor key performance metrics, including loss ratios, pricing adequacy, and risk selection, making adjustments as necessary to maintain financial stability and competitive edge.
• Implement advanced data analytics and predictive modeling to enhance pricing accuracy, assess risk exposure more effectively, and improve decision-making.




• Actuarial Leadership




• Drive improvements in actuarial techniques and technology to measure and improve free cash flow to the enterprise.
• Partner with CFO and other financial professionals to provide management information to stakeholders.
• Lead the development of pricing strategies, ensuring they are data-driven, aligned with market conditions, and supportive of overall financial targets.
• Oversee actuarial valuations, reserves, and financial projections, working closely with finance to maintain accurate forecasting and risk assessment.
• Ensure regulatory compliance within actuarial functions, coordinating with internal and external auditors to meet reporting requirements.




• Team Development & Culture




• Lead, develop and build a team of motivated and highly engaged actuaries to value the Medica business accurately across all segments and markets.
• Instill a culture of excellence, innovation, and accountability amongst the Actuary team.
• Promote a culture of data-driven decision-making, fostering a collaborative environment that encourages innovation and cross-functional teamwork.

Qualifications:

• Bachelor's degree in actuarial science, mathematics, statistics, finance, or related field. Advanced degree (e.g. MBA, MS) preferred.
• 15+ years relevant actuarial experience focused on health insurance environment, with at least 8 years in leadership positions.
• FSA (Fellow of the Society of Actuaries) or ASA (Associate of the Society of Actuaries) strongly preferred. Other relevant certifications (e.g. MAAA) are a plus.
• Deep familiarity with government healthcare programs and policies, particularly Medicare, Medicare Advantage, Medicaid, and the Affordable Care Act.

Skills and Abilities:

• Exceptional ability to communicate (oral, written) complex actuarial concepts and engage with various stakeholders.
• A strong record of collaboration at the executive level with other leaders, including working with colleagues on complicated, multi-group initiatives.
• Strong quantitative skills, including experience with statistical analysis and predictive modeling in healthcare contexts. Deep experience with Excel, Tableau, and other similar tools.
• Fellowship-Level Certification from the Society of Actuaries, or other similar credential.
• Experience leading actuarial or similar function at an organization that is "at risk" for the cost of medical care, such as an "at risk" provider system, payer, or contractor.
• Relevant experience leading teams performing some or all of the key duties, listed above (forecasting, reserving, contracting, benchmarking, and creating the medical economics unit).

This position is an Office role, which requires an employee to work from the designated office, Minnetonka MN, on average, 2+ times per week.

The full base pay salary range for this position is $296,000 - $444,000. Annual base pay salary range placement will depend on a variety of factors including, but not limited to, education, work experience, applicable certifications and or licensures, the position's scope and responsibility, internal pay equity and external market salary data.

In addition to base compensation, this position is eligible for Medica's Short Term Incentive plan, Long Term Incentive plan and our Supplemental Executive Retirement Plan.

Medica offers a generous total rewards package that includes competitive medical, dental, vision, executive life insurance, Self-Managed Time Off, 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.

Medica's commitment to diversity, equity and inclusion (DEI) includes unifying our workforce through learning and development, recruitment and retention. We consistently communicate the importance of DEI, celebrate achievements, and seek out community partnerships and diverse suppliers that are representative of everyone in our community. We are developing sustainable programs and investing time, talent and resources to ensure that we are living our values. We are an Equal Opportunity/Affirmative Action 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.