Your day-to-day responsibilities will vary, depending on your track: Retirement Consulting (SOA), Health & Benefits Consulting (SOA), and Aon Global Risk Consulting (CAS).
This role falls under Aon’s Business Internship Program, which provides a unique opportunity for rising college seniors to learn, contribute, and gain real world work experience in a collaborative environment. You will have the chance to learn more about Aon’s culture and businesses while developing practical skills necessary for future success and postgraduate opportunities. 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. The program equips you with an understanding of working in an environment dedicated to exceeding client expectations and delivering products and services distinct to unique client needs.
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 actuarial consultants at Aon Hewitt 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.
In addition to the pension valuation process, we work regularly with clients in the human resource and financial areas, and meet with them frequently to present the results of our analysis. Some of the other projects you might work on 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
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 health & benefits actuaries bring to this process are critical to our health & benefits consulting.
In addition to the strategy-setting process, you might also be involved with the following projects which support our clients' annual and ongoing health management needs:
- 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
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 AGRC, 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
You bring knowledge and expertiseSuggested Experience:
- Outstanding quantitative and analytical skills
- Strong written and verbal communication skills
- Enjoy working on complex, mathematically-oriented projects
- Like working in a team environment
- Pursuing Bachelor’s degree; rising senior
- Have passed at least one actuarial exam
Aon is committed to a diverse workforce and an Equal Opportunity/Affirmative Action employer (Minorities/Women/Veterans/Disabled)