Actuarial Internship

Company:

Oliver Wyman

Description:

Company Overview

Oliver Wyman is a global leader in management consulting, with offices in 60 cities across 29 countries. We combine deep industry knowledge with specialized expertise in strategy, operations, risk management, and organizational transformation. Our 7,000+ professionals help clients optimize performance, improve operations and risk profiles, and capture the most attractive opportunities.

Within Oliver Wyman, the Actuarial Practice provides customized actuarial services and strategic insight to insurers, provider systems, regulators, and private equity firms. We bring together actuarial expertise, advanced analytics, and technology to solve complex problems and enable forward-looking decisions.

Our team includes 600+ professionals (including ~300 credentialed actuaries) across 41 global locations. We work closely with Marsh, Mercer, and Guy Carpenter to support clients on strategy, operations, capital efficiency, and large-scale transformation.

Summer Internship Roles

Candidates applying for this role will be asked to rank their preferred role/practice:

• Actuarial & Strategy Intern – Integrated Consulting Group (ICG)
• Actuarial Intern – Health, Life or Property & Casualty (P&C)

Each practice offers a distinct focus area within actuarial and consulting work. Office availability varies by practice, and candidates will be aligned accordingly during the interview process.

In addition, all interns participate in our actuarial bootcamp which consists of a series of presentations, case studies, and mentorship sessions over a six-week period during the summer and aims to give participants a valuable and directly applicable skillset for future employment opportunities within the actuarial industry.

Actuarial & Strategy Intern

Practice: Integrated Consulting Group
 

ICG Overview
ICG combines actuarial expertise with strategy consulting to help insurers and asset managers solve complex challenges across finance, operations, product strategy, and M&A. Through its rotational model, ICG works across management consulting, Life, Health, and P&C practices; while interns will typically gain hands-on experience in one or two of these areas during the summer, full-time team members rotate across all four groups. This unique structure provides broader and more diverse exposure than traditional actuarial firms, accelerating development in both consulting and actuarial disciplines.

ICG Locations: Chicago, New York

What You’ll Do as an ICG Intern

• Support consultants and actuaries in analyzing business problems using data, research, and structured problem-solving approaches
• Conduct industry and market research to help inform client recommendations
• Assist in developing presentations, financial analyses, and other client deliverables
• Collaborate with project teams to support engagement execution and learn consulting best practices

Example ICG Projects

• Designing target operating models for finance and actuarial functions
• Supporting the launch of new or “greenfield” insurance businesses
• Developing corporate strategies across product, distribution, and operations
• Driving large-scale transformation across actuarial, finance, and technology

Qualifications and Skills: Actuarial and Strategy Consulting Intern (ICG)

• Class of 2028 or 2029
• Currently pursuing a degree in Actuarial Science, Mathematics, Statistics, or another STEM or business-related field
• Minimum GPA of 3.5
• Interest in the CAS, SOA, or CFA track
• Strong interest in both strategy consulting and actuarial applications
• Strong analytical and problem-solving skills, including the ability to navigate ambiguous or strategic business challenges
• Excellent written and verbal communication
• Ability to manage multiple priorities in a fast-paced environment
• Collaborative mindset with the ability to work independently
• Technical skills (preferred): Excel; familiarity with R, Python, SQL, SAS, or VBA

*If interested in the ICG, feel free to check out our ICG job simulation here, Oliver Wyman Integrated Consulting Group - Forage, for an immersive experience designed to introduce you to the high-impact work of the strategy, risk, and transformation work we do.*

Actuarial Intern

Practices: Health, Life, Property & Casualty (P&C)
 

Health

Health Overview: Advises health plans, providers, and regulators on pricing, risk management, and value-based care using actuarial analysis and advanced analytics.

Health Locations: Atlanta, Chicago, Milwaukee, Philadelphia, New York, San Francisco, Washington, D.C.

What You’ll Do as a Health Intern

• Support actuarial analyses related to pricing, forecasting, and financial performance
• Work with healthcare datasets to identify trends, summarize findings, and develop insights
• Assist in preparing client-ready presentations, exhibits, and analytical summaries
• Collaborate with consultants and actuaries to support project delivery and client service

Example Health Projects

• Medical and pharmacy claims analysis and benchmarking
• Market and regulatory impact assessments
• Medicare and commercial rate development and reviews
• Medicare advantage bid development and commercial pricing

Life

Life Overview: Focuses on life, annuity, and long-term care work, including pricing, valuation, and actuarial model transformation.

Life Locations: Atlanta, Boston, Charlotte, Chicago, Hartford, New York, Seattle

What You’ll Do as a Life Intern

• Support actuarial modeling and analysis related to valuation, pricing, and financial projections
• Assist with data analysis, assumption reviews, and sensitivity testing exercises
• Research industry trends and emerging topics to support client engagements
• Prepare analyses, exhibits, and presentation materials for internal and client-facing discussions

Example Life Projects

• Life and annuity product development, pricing, and valuation
• Assumption setting and model methodology review
• M&A due diligence and financial projections
• Model transformation, conversions, and long-term care analytics
• Cloud implementation, software development, and data engineering projects for actuarial teams

Property and Casualty (P&C)

P&C Overview: Advises insurance companies, corporations, captive insurers, healthcare systems, and regulators on risk financing,  reserving, pricing, and financial forecasting through actuarial analysis and data-driven insights.

P&C Locations: Atlanta, Charlotte, Chicago, Houston, Los Angeles, New York, San Francisco

What You'll Doas a P&C Intern

• Support actuarial analyses related to reserving, pricing, loss forecasting, and risk financing programs
• Compile, organize, and analyze data to develop exhibits and summarize key findings
• Assist with industry research, benchmarking studies, and business intelligence initiatives
• Collaborate with consultants and actuaries to develop client-ready analyses and deliverables

Example P&C Projects

• Reserve analyses and loss forecasting for self-insured organizations and captive insurance companies
• Cash flow projections and financial modeling to support risk financing decisions
• Benchmarking studies and actuarial assessments across industries and risk programs
• M&A due diligence and transaction support for insurance-related acquisitions
• Development and enhancement of business intelligence tools and actuarial applications

Qualifications and Skills: Actuarial Intern (Health, Life, and P&C)

• Class of 2028 or 2029
• Pursuing a degree in Actuarial Science, Mathematics, Statistics, or a related field
• Interest in corresponding SOA or CAS track
• Strong analytical and quantitative skills
• Excellent written and verbal communication
• Ability to manage multiple priorities in a fast-paced environment
• Collaborative mindset with the ability to work independently
• Technical skills: Excel; familiarity with R, Python, SQL, SAS, or VBA

Internship Compensation & Benefits

Intern weekly pay (U.S.): $1,350 – 1,600 USD, depending on role, practice and location.

Application Process

When applying, please:

• Rank your preferred internship role/practice (ICG, Health, Life, P&C)
• Indicate your preferred office location (please note, office location varies by practice)

Work Authorization

Candidates must have permanent, unrestricted U.S. work authorization. Visa sponsorship is not available for this role. (Please note, CPT and OPT are considered restricted forms of work authorization)

Why join us?

• Come aboard if you are excited by challenges and want to work across different cultures.
• We want you to step out of your comfort zone and embrace your curiosity.
• Our consultants learn on the job and receive formal training to develop their communication, presentation, analytical, and client management skills.
• You’ll find genuine colleagues who stand by their beliefs and measure success by the lasting impact you create together.
• We believe in flexibility, including the opportunity of hybrid working. You are also invited to join our colleague resource groups and social activities.

We hire you to be you

• Our open, inclusive, and down-to-earth culture will enable you to bring your best self to work.
• You’ll work alongside authentic colleagues who do serious work, but don’t take themselves too seriously.
• There’s no corporate mold to fit and hierarchy doesn’t get in the way.

Oliver Wyman is a business of Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of over $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit oliverwyman.com, or follow us on LinkedIn and X. The Actuarial Practice of Oliver Wyman, a Marsh business, advises clients across a broad spectrum of risk management issues. We are a rapidly growing group with offices expanding across the globe. Our actuaries hold the highest professional qualifications and are nationally recognized as experts in their field(s). We use mathematical and statistical modeling skills and our qualitative assessment methodologies to assist clients in evaluating and addressing risk. Our solutions help clients manage and prepare for the potential financial consequences of uncertain future events. We bring a combination of broad-based expertise with specialized knowledge of specific risks, allowing us to provide independent, objective advice in the three primary areas of risk: healthcare, life and annuity, and property and casualty.Marsh is committed to embracing a diverse, inclusive and flexible work environment. We aim to attract and retain the best people and embrace diversity of age background, disability, ethnic origin, family duties, gender orientation or expression, marital status, nationality, parental status, personal or social status, political affiliation, race, religion and beliefs, sex/gender, sexual orientation or expression, skin color, veteran status (including protected veterans), or any other characteristic protected by applicable law. If you have a need that requires accommodation, please let us know by contacting [email protected] is committed to hybrid work, which includes the flexibility of working remotely and the collaboration, connections and professional development benefits of working together in the office. All Marsh colleagues are expected to be in their local office or working onsite with clients at least three days per week. Office-based teams will identify at least one “anchor day” per week on which their full team will be together in person.