What are the responsibilities and job description for the EB Benefit Analyst III position at 199 - 199-West Regional?
General Description: Responsible for analyzing information and creating financial deliverables for clients with standard to complex benefit programs. Includes fully insured and self-funded clients.
Responsibilities:
- Responsible for financial analytics for clients that are fully insured and self-funded. Typical client size is 100 to 1,000 lives.
- Prepare standard analyses with occasional customization. Analyses may include:
- Market review analysis
- Renewal rate and funding projections and modeling
- Analysis of claims utilization
- Rate and Contribution analysis
- Claims experience reports
- Benchmarking
- Financial funding analysis
- IBNR and lag analyses
- Develop alternative strategies, plan modeling, and cost reduction opportunities.
- Perform technical analysis of group insurance contracts and financial arrangements.
- Serve as primary contact with insurance carriers. Negotiate and market coverage for new business quotes and renewals. Includes requesting quotes, evaluating options, negotiating rates and benefit features, and preparing renewal/new plan options with executive summary.
- Develop and maintain excellent carrier relationships.
- Review and validate carrier renewal rating illustration.
- Analyze experience and claims utilization data for financial and plan usage conclusions. Includes identifying trends and relationship of experience to renewal rating. With guidance suggest action items.
- Write client facing Executive Summaries that provide observations, conclusions, recommendations, and next steps. With guidance articulate USI strategic objectives.
- Prepare carrier and client written correspondence. Includes carrier renewal confirmation letters and client renewal letters.
- Occasionally conduct analysis using USI internal and third-party external tools. Includes USI 3D, USI Clear Options Rx, and actuarial tools.
- Participate in peer review process as a participant and a reviewer.
- Occasionally participate in new Analyst onboarding training.
- Keep current on industry and new product information, legislation, technology, and trends.
Knowledge, Skills and Abilities:
- 3 years of experience in employee benefits or related field.
- High School Graduate. College degree preferred.
- Must hold or be willing to obtain a state Life & Disability insurance license.
- Ability to work in a fast-paced, team environment with minimal instruction.
- Ability to manage and negotiate multiple priorities and deadlines.
- Strong written, verbal, and interpersonal communication skills.
- Working knowledge of Microsoft Office products, including Excel and Word.
- Ability to become proficient in internal analytic systems and carrier online reporting tools.
- Strong problem solving and critical thinking skills.
- Ability to carry out complex tasks with many concrete and abstract variables.
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