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Insurance Actuary Jobs in Minnesota (NOW HIRING)

Medica

Actuary

Minnetonka, MN · On-site

$100K - $172K/yr

Health insurance actuarial experience with familiarity across multiple products * Experience in reserving methodologies and processes, including IBNR development, variance analysis, and reserve ...

Imedica

Actuary

Minnetonka, MN

$100K - $172K/yr

Health insurance actuarial experience with familiarity across multiple products * Experience in reserving methodologies and processes, including IBNR development, variance analysis, and reserve ...

Medica Services Company LLC

Actuary

Minnetonka, MN · On-site

$100K - $172K/yr

Health insurance actuarial experience with familiarity across multiple products * Experience in reserving methodologies and processes, including IBNR development, variance analysis, and reserve ...

CSAA

Our mission is to reinvent commercial insurance in the mobility space to offer our partners ... As a Commercial Pricing Actuarial Consultant, you will prepare and coordinate analyses for ...

ProAg

Associate Actuary

Maple Grove, MN · On-site

Conduct rate adequacy analysis and develop insurance product pricing using actuarial and predictive modeling methodologies, driving the business to achieve profitability objectives * Using actuarial ...

Deloitte

Life Actuary Consultant

Minneapolis, MN

Work you'll do As an Actuarial Consultant on the Insights, Innovation & Operate team, you will be ... Monitor life insurance and annuity product, market, and regulatory developments to anticipate ...

ProAg

Associate Actuary

Maple Grove, MN

Conduct rate adequacy analysis and develop insurance product pricing using actuarial and predictive modeling methodologies, driving the business to achieve profitability objectives * Using actuarial ...

Deloitte

Health Actuary Consultant

Minneapolis, MN · On-site

You will contribute to actuarial modeling, financial analysis, and project delivery efforts that ... Use strategic thinking to shape the direction of health insurers, including pricing, market entry ...

Archgroup

Director, Actuary (Hybrid)

Saint Paul, MN · Hybrid

$130K - $180K/yr

You will provide actuarial support to the P&C Programs Insurance Business Unit. This division highly values actuarial support, in both quantitative & qualitative capacities. The Director Actuary will ...

Archgroup

Director, Actuary (Hybrid)

Saint Paul, MN · Hybrid

$130K - $180K/yr

You will provide actuarial support to the P&C Programs Insurance Business Unit. This division highly values actuarial support, in both quantitative & qualitative capacities. The Director Actuary will ...

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All JobsInsurance Actuary JobsInsurance Actuary Jobs in Minnesota

Insurance Actuary information

See Minnesota salary details

$110.7K

$129.1K

$134.7K

How much do insurance actuary jobs pay per year?

As of Aug 31, 2026, the average yearly pay for insurance actuary in Minnesota is $129,127.00, according to ZipRecruiter salary data. Most workers in this role earn between $114,100.00 and $134,200.00 per year, depending on experience, location, and employer.

What is an insurance actuary?

Insurance actuaries are professionals who use mathematics, statistics, and financial theory to analyze the financial costs of risk and uncertainty for insurance companies. They help design insurance policies and set premium rates by assessing the likelihood of future events such as accidents, illnesses, or natural disasters. Actuaries play a critical role in ensuring the financial stability of insurance companies by predicting potential payouts and making data-driven recommendations. Their work helps insurers balance competitive pricing with profitability and solvency. Many actuaries work in areas such as life, health, property, and casualty insurance.

What are the key skills and qualifications needed to thrive as an insurance actuary, and why are they important?

To thrive as an Insurance Actuary, you need strong analytical skills, advanced mathematical knowledge, and a bachelor's degree in actuarial science, mathematics, or a related field, often alongside progress toward actuarial certifications like those from the SOA or CAS. Proficiency in statistical analysis software, spreadsheet tools like Excel, and specialized actuarial modeling systems is typically required. Exceptional problem-solving abilities, attention to detail, and effective communication are valuable soft skills for explaining complex findings to non-experts and collaborating with teams. These skills and qualifications are crucial for accurately assessing risk, informing business decisions, and ensuring the financial stability of insurance organizations.

What are the typical challenges an insurance actuary faces when working with large and complex data sets?

Insurance actuaries frequently work with extensive and complex data sets to assess risk and develop pricing models. One common challenge is ensuring data quality and accuracy, as errors or inconsistencies can significantly affect outcomes. Actuaries must also choose appropriate statistical methods and software tools to analyze the data efficiently. Additionally, they often collaborate with data analysts, underwriters, and IT specialists to interpret results and communicate findings clearly to non-technical stakeholders.

What is the difference between Insurance Actuary vs Underwriter?

AspectInsurance ActuaryUnderwriter
CredentialsActuarial certifications (e.g., ASA, FSA), math/statistics backgroundInsurance licenses, underwriting training
Work EnvironmentOffice-based, analytical, model-drivenOffice or remote, decision-making focused
Industry UsageRisk assessment, pricing, reservingPolicy approval, risk evaluation

Insurance actuaries and underwriters both work in insurance, but actuaries focus on statistical analysis and pricing models, while underwriters evaluate individual risks for policy approval. Understanding their roles helps clarify career paths and employer expectations in the insurance industry.

Do insurance actuaries make good money?

Insurance actuaries typically earn high salaries due to their specialized skills in risk assessment and statistical analysis. Entry-level salaries often start around $60,000 to $80,000 annually, with experienced professionals earning over $150,000, especially those with professional certifications like the ASA or FSA. The profession offers strong earning potential and job stability in the insurance and finance industries.

Is it hard to get hired as an insurance actuary?

Getting hired as an insurance actuary can be competitive due to the specialized skills and certifications required, such as passing actuarial exams. Candidates with strong analytical abilities, relevant internships, and professional credentials like ASA or FSA have better prospects, but the hiring process often involves multiple exam passes and experience evaluations. Overall, it can be challenging but achievable with dedicated preparation and relevant qualifications.

What are popular job titles related to Insurance Actuary jobs in Minnesota?

For Insurance Actuary jobs in Minnesota, the most frequently searched job titles are:

What job categories do people searching Insurance Actuary jobs in Minnesota look for?

The top searched job categories for Insurance Actuary jobs in Minnesota are:

What cities in Minnesota are hiring for Insurance Actuary jobs?

Cities in Minnesota with the most Insurance Actuary job openings:

Insurance Actuary jobs near you
Infographic showing various Insurance Actuary job openings in Minnesota as of August 2026, with employment types broken down into 1% As Needed, 74% Full Time, 16% Part Time, and 9% Contract. Highlights an 85% Physical, 1% Hybrid, and 14% Remote job distribution, with an average salary of $129,127 per year, or $62.1 per hour.

Actuary

Medica

Minnetonka, MN • On-site

$100K - $172K/yr

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted 20 days ago

Medica rating

8.4

Company rating: 8.4 out of 10

Based on 22 frontline employees who took The Breakroom Quiz

124th of 315 rated insurance

Job description

Medica is a nonprofit health plan with more than a million members that serves communities in Minnesota, Nebraska, Wisconsin, Missouri, and beyond. We deliver personalized health care experiences and partner closely with providers to ensure members are genuinely cared for.
We're a team that owns our work with accountability, makes data-driven decisions, embraces continuous learning, and celebrates collaboration - because success is a team sport. It's our mission to be there in the moments that matter most for our members and employees. Join us in creating a community of connected care, where coordinated, quality service is the norm and every member feels valued.
Analyze and evaluate the likelihood of future events in order to reduce and manage future risks. Complete and interpret actuarial analysis, valuations, cost estimates, and modeling using statistical programming and database tools. Perform rate level pricing functions and prepare monitoring reports on program or product pricing. Measure historical relationships to develop forecasts and identify trends. Performs other duties as assigned.
Key Accountabilities
  • Develop and monitor monthly fee-for-service claims projections
  • Produce monthly variance reporting against budget and forecast, including key drivers
  • Support the preparation of annual statement actuarial opinions and memoranda
  • Provide actuarial support for financial audits
  • Maintain a strong working knowledge of actuarial data and available technology tools
  • Produce accurate, timely actuarial reports and exhibits

Required Qualifications
  • Bachelor's degree or equivalent experience in related field
  • 7 years of work experience beyond degree

Required Certifications/Licensure
  • FSA achieved or demonstrated performance over multiple years under the supervision of a qualified actuary

Preferred Qualifications
  • Health insurance actuarial experience with familiarity across multiple products
  • Experience in reserving methodologies and processes, including IBNR development, variance analysis, and reserve adequacy assessments
  • Experience supporting statutory reporting, actuarial opinions, and financial audits
  • Strong understanding of drivers of medical cost trends and financial performance
  • Proficiency in Excel and experience in SAS or SQL is also preferred
  • Strong problem-solving skills and attention to detail
  • Ability to balance several projects and deadlines at once

This position is an Office role, which requires an employee to work onsite, on average, 3 days per week. We are open to candidates located near one of the following office locations: Minnetonka, MN, Madison, WI, Omaha, NE, or St. Louis, MO.
The full salary grade for this position is $100,300 - $172,000. While the full salary grade is provided, the typical hiring salary range for this role is expected to be between $100,300 - $150,465. Annual salary range placement will depend on a variety of factors including, but not limited to, education, work experience, applicable certifications and/or licensure, the position's scope and responsibility, internal pay equity and external market salary data. In addition to base compensation, this position may be eligible for incentive plan compensation in addition to base salary. Medica offers a generous total rewards package that includes competitive medical, dental, vision, PTO, 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
Eligibility to work in the US: Medica does not offer work visa sponsorship for this role. All candidates must be legally authorized to work in the United States at the time of application. Employment is contingent on verification of identity and eligibility to work in the United States.
We are an Equal Opportunity 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.
Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities
This employer is required to notify all applicants of their rights pursuant to federal employment laws.
For further information, please review the Know Your Rights notice from the Department of Labor.

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