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Matt Kranovich, FSA, MAAA

Consulting Actuary
Chicago, IL, US

Tel: +1 312 5772901

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Professional Designations

  • Fellow, Society of Actuaries
  • Member, American Academy of Actuaries


  • BS, Economics / Industrial Engineering Double Major, Northwestern University

Current Responsibility

Matt is a Consulting Actuary with the Chicago-Milwaukee health practice of Milliman. He joined the firm in 2012.


Matt has fourteen years of experience as a healthcare actuary, including expertise in managed care, financial reporting, and Medicare Advantage and Part D programs. He supports clients with pricing, financial reporting, and other analyses for medical and prescription drug benefit plans in the Medicare and pharmacy markets.

In the Medicare market, Matt spent seven years leading bid desk reviews of hundreds of Medicare Advantage and Part D bids from health plans and PDP organizations on behalf of CMS. Since joining Milliman, he has assisted local Special Needs Plans, regional managed care organizations, and large national carriers in Medicare Advantage and Part D strategy and bid preparation, supporting clients in every phase from initial product strategy through bid finalization and desk review support. Matt has also performed modeling and analysis related to Medicare Star ratings, Medicare Out Of Pocket Costs (OOPC), and Total Beneficiary Cost limits.

In the pharmacy market, Matt provides support to clients spanning the entire managed pharmacy space, from manufacturers to retail pharmacy chains and public policy organizations. Matt has also performed significant modeling and analysis on risk adjusters in the commercial and Medicare markets, assessing the potential pros and cons of incorporating pharmacy data more fully into those processes.

Matt has provided a variety of services to clients of all sizes throughout his career. He began his actuarial career at Health Care Service Corporation (the parent company of Blue Cross Blue Shield of IL, TX, OK, NM, and MT), where he spent four years working in financial reporting and managed care pricing roles. He then moved to Deloitte Consulting, where he assisted in GAAP and statutory audits of managed care organizations and supplemental health insurance carriers, leading the review and testing of reserving methodologies and other financial reporting items. Matt has also provided due diligence services related to a number of mergers and acquisitions, where he has reviewed rating approaches and formulas, analyzed historical experience, and completed reserve analyses.

Matt has also presented on Medicare topics at several recent industry conferences, including the annual meeting of the Conference of Consulting Actuaries in 2014 and the CMS Bidding seminars hosted by Healthcare Education Associates in January 2015 and August 2015.

  • Work at Milliman

    • “I was offered a chance to come in, shake things up, create something."
    Work at Milliman