Early Careers, Actuarial Intern: Midwest/Central Region
Aon Is Looking for Actuarial Interns!
Central Region Includes:
Illinois: Chicago, Lincolnshire
Missouri: St. Louis
Ohio: Columbus, Cleveland, Independence
As part of an industry-leading team, you will help empower results for our clients by delivering innovative and effective solutions. Actuaries at Aon work with large, mid-sized and small clients on a variety of projects related to effectively managing Risk, Retirement Health and Reinsurance solutions. Your day-to-day responsibilities will vary, depending on your track, as we hire actuaries to work within all four of these core capabilities.
SOA Track: Retirement Consulting, Health & Benefits Consulting
CAS Track: Risk Consulting, Reinsurance Consulting
Recently voted one of the Best Employer for New Grads by Forbes, we are a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
Your Impact as An Actuarial Intern
Pension and other retirement plans have enormous financial implications for employers. Actuaries within Retirement Consulting work directly with our clients’ management teams to assess the short and long-term costs associated with these commitments.
You will have the opportunity to work on a variety of assignments during your internship. Some of the most important projects that retirement actuarial consultants work on are the annual pension “valuations.” Each year, actuaries collect census data from the clients and perform the annual valuation. With the results of these valuations, we help our clients assess the ongoing financial health of their pension plans. Additional activities include:
- Projections (both stochastic and deterministic) of long-term financial information for pension and other post-retirement benefit plans
- Coordination of asset-liability analysis and other studies with investment consultants
- Merger and acquisition “due diligence” and related activities
- Design and costing of new retirement programs
- Programming leading-edge pension administration systems
- Pension benefit calculations for participants
- Union negotiation support and analysis
- Quantitative comparison of comprehensive employee benefit programs for groups of employers
Health and Benefits Consulting (H&B)
Employer-sponsored health and welfare benefit programs form the foundation of the U.S. health care system. These programs have evolved over time as employers have attempted to manage the changing needs of employees, rising program costs, and the impact of new legislation while supporting their human resource and business strategies.
You will have the opportunity to work on a variety of assignments during your internship. Health and Benefits actuaries support consultants and work directly with our clients to develop short and longer-term health and welfare benefit strategies. This process involves strategic assessments of the health care market and key trends and the identification of new and innovative solutions to employer problems. The technical and analytical skills H&B actuaries bring to this process are critical to our H&B consulting. Additional activities include:
- Evaluate plan design and costs relative to various measures and benchmarks with reporting to clients
- Health care budget rate-setting for self-insured plans including the analysis of medical and prescription drug network changes
- Employee contribution rate development and scenario analysis
- Analyze insured plan renewals for appropriateness and carrier bid financial evaluations
- Retiree medical and disability plan valuations
Aon Global Risk Consulting (AGRC) Actuarial & Analytics Practice is the third largest North American Property and Casualty Consulting firm, providing actuarial services to clients for more than 20 years. The practice is comprised of highly skilled and experienced professionals in the risk quantification and analysis field.
As an intern within our Risk Consulting practice, you will have the opportunity to work on projects to assess exposure to P&C risk by loss forecasting for budgeting and risk management strategy evaluation, calculating actuarial reserves for financial statement support, providing actuarial opinions for regulatory support, and evaluating total cost of risk for effective financial and risk management solutions. Additional projects you might work on include:
- Support analytical work including data management, loss forecasting, accruals, self-insurance analysis and cash flow analysis
- Collect, organize and analyze data, in support of existing brokerage business and proposal development
- Prepare and maintain effective documentation of all client correspondence
- Apply existing approaches to processes to specific client assignments, alerting AGRC service team to deficiencies in data, results or processes
- Contribute to the enhancement of overall assignment results by improving specific operational procedures
- Execute routine client service tasks efficiently, delivering products and services, accurately and on time, by applying Aon protocols
Reinsurance Actuarial Consulting
Unprecedented volatility is creating new risks and opportunities for organizations across the global economy. We provide risk transfer, claims advocacy and capital management solutions to help re/insurers reduce volatility and build more resilient businesses, governments and communities.
Primary role is to support clients as requested by supervisor or brokers, across virtually any client project or internal research assignment. Analysts are expected to develop proficiencies in completing standard analyses, while also taking part in more advanced analyses as needed. You will become familiar with Aon’s tools and approach, contribute to their development and present Aon’s solutions and services to our clients. Secondary role is to assist in pricing parameter updates and market research. Additional activities include:
- Work with colleagues (brokers, analytics and others) to identify and respond to client needs and develop additional opportunities related to products and services
- Inventory and manage data related to analysis of reinsurance transactions
- Analyze the costs and benefits of risk transferred under reinsurance agreements via pricing analysis and dynamic risk modeling with limited guidance
- Understand reinsurance contracts and products (terminology, terms and conditions)
- Prepare client-ready presentations to communicate analysis results to brokers and clients
- Manage workflow proactively
- Take initiative on internal projects to improve processes, products or services
- Take ownership and responsibility for quality, accuracy and timely completion of analysis
Aon’s Internship Program
Interns within Aon will gain valuable experience assisting our teams supporting both client and internal projects. Interns will work with a cross-functional team to gain visibility and experience across a broad segment of clients. The 10-week summer program includes weekly spotlights delivered by Aon business leaders, a community outreach event and networking opportunities with fellow interns and colleagues.
- 10 Week Paid Program in Offices Throughout the U.S.
- Challenging Work on Significant Client Projects
- One on One Internship Mentoring
- Formal and Informal Feedback Throughout the Program
- Significant on the job training and firsthand experience
- Participation in formal training program taught by Aon’s Industry professionals
What are we looking for?
Collaborators, Critical Thinkers, Problem Solvers, Team Players, Effective Communicators, Relationship Builders and Future Leaders.
We aim to recruit a diverse group of professionals who offer varying experiences, backgrounds and strengths to ensure we can continue to offer the most innovative solutions to our clients. Additionally, we take into consideration the following:
- Relevant work or internship experience.
- Involvement in extracurricular activities.
- Proficiency in Microsoft office products such as Word, PowerPoint, Excel and Outlook is required.
- Outstanding quantitative and analytical skills
- Strong written and verbal communication skills
- Enjoy working on complex, mathematically-oriented projects
Applicants for this role, which is part of the Aon Summer Internship Program, should graduate between December 2022 – June 2023 and have a GPA of 3.0 or above.
Our Colleague Experience:
From helping clients gain access to capital after natural disasters, to creating access to health care and retirement for millions, Aon colleagues empower results for our clients, communities, and each other every day. They make a difference, work with the best, own their potential, and value one another. This is the Aon Colleague Experience, defining what it means to work at Aon and realizing our vision of empowering human and economic possibility. To learn more visit Aon Colleague Experience.
Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
By applying for a position with Aon, you understand that, should you be made an offer, it will be contingent on your undergoing and successfully completing a background check consistent with Aon's employment policies. Background checks may include some or all of the following based on the nature of the position: SSN/SIN validation, education verification, employment verification, and criminal check, search against global sanctions and government watch lists, fingerprint verification, credit check, and/or drug test. Pursuant to the San Francisco Fair Chance Ordinance, we will consider for employment qualified applicants with arrest and conviction records. You will be notified during the hiring process which checks are required by the position.
Aon provides equal employment opportunities (EEO) to all employees and applicants for employment without regard to race, color, religion, creed, sex, sexual orientation, gender identity, national origin, age, disability, veteran, marital, or domestic partner status. Aon is committed to a diverse workforce and is an affirmative action employer.
Nothing in this job description restricts management's right to assign or reassign duties and responsibilities to this job at any time.