Actuarial Intern - Chicago P&C - Summer 2025 (hybrid)

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, mortgage 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 (ERGs) 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.

Milliman's Chicago-based Property and Casualty practice is one of the leading experts in P&C insurance matters. We advise clients on a wide range of issues - including loss reserving and ratemaking for commercial lines of insurance, including medical professional liability and workers' compensation. The Chicago casualty practice's clients include Fortune 500 corporations, healthcare institutions, privately held companies, public entities, captive insurers and reinsurers. Our consulting work is supported by a powerful toolkit of analytics software solutions. As innovators in risk assessment, Milliman embraces technology and builds renowned data-driven tools that evaluate risk for a wide variety of applications.

The Opportunity

Our practice welcomes motivated college students pursuing a bachelor's or master's degree to partake in a summer actuarial internship, between May and September 2025. We offer competitive pay and the opportunity to work on challenging projects with practical on-the-job experience. As a summer intern, you'll work alongside Milliman consultants who are leading experts in the property and casualty insurance industry, including those in senior management. You'll be welcome at professional staff meetings, department meetings, and a variety of practice-wide and intern-specific social events.

Over 10 to 12 weeks, you'll gain exposure to a variety of actuarial functions, including model development, reserving, and forecasting, concluding with the opportunity to present to your Milliman colleagues. You'll also receive on-the-job mentorship from experienced actuaries, and actionable feedback to grow in your career.

We believe that the actuarial skillset has important applications across both our traditional actuarial work and our work supporting new and developing markets. As such, we are committed to developing a pipeline of actuarial talent and future leaders of the firm through exam support and interaction with senior colleagues.

Responsibilities will include:

• Perform data analysis using primarily Excel to assist with consulting for various property and casualty insurance work areas (Professional Liability, Workers Compensation, Commercial Auto, Commercial General Liability, and more)
• Participate in consulting activities that include loss reserving and financial projections
• Responsible for reviewing the work of peers and assisting with research projects and business development
• Coordinate with Consultants and other Analysts as a project team to deliver client reports and deliverables
• Responsible for a majority of the technical work, which may include analyzing data, completing actuarial calculations, and developing actuarial models

What We Are Looking For

Professional Qualifications

• Pursuing a bachelor's or master's degree in actuarial science, economics, mathematics, or a related major with quantitative coursework
• Experience using MS Excel, Word, PowerPoint, Outlook, and Teams
• At least one actuarial exam passed (at time of application) preferred
• Prior internship(s) or related work experience preferred

Personal Qualifications

• Strong communication skills - both in-person and written - in order to successfully collaborate with colleagues and clients
• Analytical thinking skills, considering downstream impact
• Can complete project-related tasks, meet deadlines, and comply with quality control procedures
• Demonstrates professionalism and integrity in all functions of work
• Self-starter, takes initiative, and works well independently and within a team
• Ambition and excitement for professional development in the actuarial field
• Intellectual curiosity about the topics of risk, Milliman, and the work of our practice
• Inspired to perform well by the ability to contribute to the success of a project or organization
• Strong time management skills

Milliman Benefits

• When an intern, temporary, or seasonal employee reaches 1,000 hours worked within 12 consecutive months, they become eligible for a 401(k) plan with matching program and profit-sharing contribution
• Employee Assistance Program (EAP)
• Paid Time Off (PTO) starts accruing on the first day of work and can be used for any reason. Interns, Temporary, and Seasonal Employees will earn PTO each pay period, with an accrual rate of 1 hour for every 30 hours worked.
• Commuter Program, which allows you to use pre-tax dollars to pay for your parking or public transit expenses to get to and from work. You may utilize this benefit any time throughout the year and funds will be available the first of the month following your first contribution
• Paid Time Off for the day of an actuarial exam when taken during the internship

Location
Candidates hired into this role will be required to work in-person in the Milliman office in Chicago, IL on a weekly basis, but flexible work arrangements will be considered.

Compensation
This position is expected to be full-time at 37.5 hours per week for 10 to 12 weeks, beginning in May or June 2025. The pay range for this position is $31 to $35 per hour, depending on a combination of factors, including but not limited to education (including passed actuarial exams), relevant work experience, qualifications, skills, certifications, location, etc.

Equal Opportunity

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

#LI-LS1

#LI-Hybrid

The expected application deadline for this position is October 15, 2024.