Actuarial analyst Jobs in Chicago, IL

Individual(s) must be legally authorized to work in the United States without the need for immigration support or sponsorship from Milliman now or in the future.

Milliman’s Health Research Team (HRT) is seeking a highly skilled and motivated Fellow of the Society of Actuaries (FSA) to join our team in a senior actuarial role. The ideal candidate brings 7+ years of actuarial experience, including 3 or more years of direct people management experience, and possesses a strong blend of technical expertise, analytical curiosity, and proven leadership skills.

In this role, the candidate will directly manage a team responsible for primary actuarial deliverables while providing subject matter expertise and support to key healthcare actuarial products and Data Quality Analytics functions. Additionally, this role will contribute to research support and ad hoc analytical initiatives across the organization.

This role is based out of the Milliman office in Chicago, IL, but candidates hired into this role may work remotely anywhere in the US or in the office on a weekly basis with flexible work arrangements. Travel to Milliman’s Chicago office for three consecutive days each quarter is required.

Who We Are:

The HRT supports Milliman products and practices in a variety of capacities. These include but are not limited to financial functions, client support, project management, data engineering, and data analytics services. As a shared service team, we pride ourselves on delivering high quality, timely support to Milliman's clients, consultants, and leadership teams.

Job Responsibilities

People Management & Leadership

• Directly manage a team of actuaries and analysts, including responsibility for hiring, onboarding, performance management, and career development
• Set clear goals and expectations for direct reports, providing regular feedback, coaching, and performance evaluations
• Foster a high-performing, inclusive team culture built on collaboration, accountability, and continuous learning
• Support direct reports in their actuarial exam progress and professional development planning
• Manage team workload and capacity, prioritizing assignments and ensuring timely delivery of commitments
• Serve as a people advocate, escalating team needs and removing barriers to success
• Contribute to broader organizational talent initiatives, including recruiting, succession planning, and skills development

Healthcare Actuarial Product Development - Support Role

• Serve as an actuarial subject matter resource to the teams responsible for the development and methodology of health discipline products
• Provide analytical input, actuarial review, and technical guidance to support healthcare actuarial product framework updates and enhancements
• Assist in validating product logic and methodologies, offering feedback grounded in actuarial expertise and healthcare cost experience
• Collaborate with the teams working on the products, to ensure alignment with industry standards, emerging coding practices, and cost trend developments, and other emerging trends
• Review and provide feedback on methodology documentation, assumptions, and model change summaries as needed

Data Quality Analytics - Support Role

• Act as an actuarial resource and advisor to the data quality analytics function, supporting efforts to assess and improve the integrity of actuarial and claims datasets
• Assist in reviewing data validation frameworks, quality scorecards, and anomaly findings from an actuarial perspective
• Partner with data quality leads to identify the downstream actuarial impact of data integrity issues and help prioritize remediation efforts
• Provide guidance on data standards and best practices relevant to actuarial applications and healthcare cost analysis

Research Support

• Provide actuarial research support on healthcare cost trends, utilization patterns, population health, and related topics
• Design and conduct quantitative analyses to support internal research initiatives, white papers, and publications
• Synthesize complex findings into clear, actionable insights for both technical and non-technical audiences
• Stay current with industry research, regulatory developments, and actuarial literature relevant to health cost analysis

Ad Hoc Analytics

• Respond to ad hoc analytical requests from leadership, clients, or cross-functional teams with timely and accurate actuarial analysis
• Build and maintain reusable analytical tools, models, and templates to improve team efficiency

Minimum requirements

• Bachelor's or Master's degree in a quantitative field (Bachelor's degree is required)
• Fellow of the Society of Actuaries (FSA) designation from the Society of Actuaries
• 7+ years of actuarial experience, preferably in health insurance, managed care, or a related field
• 3+ years of direct people management experience, including performance reviews, goal setting, and employee development
• Deep expertise in healthcare cost analysis, claims data, and actuarial modeling
• Proficiency in analytical tools such as SQL, R, Python, SAS, or similar
• Strong understanding of medical coding systems (ICD-10, CPT, DRG) and claims data structures
• Demonstrated ability to lead, motivate, and develop teams in a fast-paced, analytical environment
• Ability to work effectively in a cross-functional support capacity, influencing outcomes without direct ownership
• Excellent written and verbal communication skills with the ability to present complex findings clearly to diverse audiences
• Travel to Milliman’s Chicago office for three consecutive days each quarter is required

Competencies and Behaviors that Support Success in this Role

• In-depth experience with healthcare actuarial, underwriting, and rating products, healthcare grouper logic, or clinical classification systems
• Familiarity with data governance frameworks and data quality management practices
• Experience working in a research or consulting environment
• Knowledge of the healthcare regulatory and compliance landscape
• Experience with data visualization tools such as Tableau, Power BI, or similar

The Team

Milliman is one of the leading experts in healthcare financing and delivery. We advise clients on a wide range of issues—from assessing the impact of healthcare reform on organizations or populations to streamlining operations while advancing the quality of patient care. Our consulting work is supported by a powerful toolkit of data analytics solutions and informed by the most trusted, comprehensive set of cost guidelines in the industry.

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.

Location:

This role is based out of the Milliman office in Chicago, IL, but candidates hired into this role may work remotely anywhere in the US or in the office on a weekly basis with flexible work arrangements. The expected application deadline for this job is August 19, 2026.

Compensation:

The overall salary range for this role is $103,500 - $242,650. For candidates residing in:

Alaska, California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, New York City, Newark, San Jose, San Francisco, Pennsylvania, Virginia, Washington, or the District of Columbia:

• $119,025 - $214,820 if overall experience is less than 10 years; and
• $134,435 - $242,650 for experience greater than 10 years.

All other states:

• $103,500 - $186,800 if overall experience is less than 10 years; and
• $116,900 - $211,000 for experience greater than 10 years

A combination of factors will be considered, including, but not limited to, education, relevant work experience, qualifications, skills, certifications, etc.

Benefits

We offer a comprehensive benefits package designed to support employees’ health, financial security, and well-being. Benefits include:

• Medical, Dental and Vision – Coverage for employees, dependents, and domestic partners
• Employee Assistance Program (EAP) – Confidential support for personal and work-related challenges
• 401(k) Plan – Includes a company matching program and profit-sharing contributions.
• Discretionary Bonus Program – Recognizing employee contributions
• Flexible Spending Accounts (FSA) – Pre-tax savings for dependent care, transportation, and eligible medical expenses
• Paid Time Off (PTO) – Begins accruing on the first day of work. Full-time employees accrue 15 days per year, and employees working less than full-time accrue PTO on a prorated basis
• Holidays – A minimum of 10 paid holidays per year
• Family Building Benefits – Includes adoption and fertility assistance
• Paid Parental Leave – Up to 12 weeks of paid leave for employees who meet eligibility criteria
• Life Insurance & AD&D – 100% of premiums covered by Milliman
• Short-Term and Long-Term Disability – Fully paid by Milliman

Equal Opportunity

All qualified applicants will receive consideration for employment, without regard to race, color, religion, sex, sexual orientation, national origin, disability, or status as a protected veteran.

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