Benefit Analyst

Description

Summary of Position:

A Benefit Analyst plays a crucial role in managing and analyzing employee benefits programs within an organization. They are responsible for various tasks related to benefit administration, data analysis, and communication with employees.

Qualifications:

• Knowledge of employee benefits, insurance, and regulatory compliance.
• Proficiency in spreadsheet software (e.g., Excel) and data analysis tools.
• Strong communication and presentation skills.
• Attention to detail and accuracy. Ability to work independently and as part of a team.
• · Familiarity with HRIS (Human Resources Information System) software is a plus.

Competencies:

1. Multi-tasking: Able to work in a fast-paced environment by prioritizing and multi-tasking. Able to meet deadlines with a high level of credibility, integrity, professionalism, customer service, and motivation.
2. Detail-Oriented: Must pay particular attention to details in all transactions to ensure accuracy, completeness, and timeliness.
3. Communication: Speaks clearly and persuasively in positive or negative situations. Able to speak confidently in front of audiences of varying sizes. Listens and when needed, obtains clarification. Practices active listening skills to determine the nature of the problem/call. Practices excellent telephone and written communications skills, including voice, tone, and grammar.
4. Teamwork: Contributes to building positive team morale.
5. Attendance/Punctuality: Must have a demonstrated record of good attendance. Is consistently at work and on time. Ensures work responsibilities are covered when absent. 

Requirements

1. Quoting:

• Collaborate with benefit providers to obtain accurate quotes for various insurance and benefit plans.
• Analyze quotes to assess cost-effectiveness and alignment with the organization’s budget.
• Provide recommendations for selecting the most suitable benefit plans based on cost and coverage.

2. Spreadsheeting:

• Utilize spreadsheet software (e.g., Microsoft Excel or Google Sheets) to create and maintain benefit-related data.
• Develop and maintain complex spreadsheets for tracking benefit costs, enrollment, and utilization.
• Perform data analysis and generate reports to identify trends and make data-driven decisions.

3. Benefit Summaries:

• Prepare comprehensive benefit summaries for employees, including plan details, coverage options, and cost breakdowns.
• Ensure that benefit information is accurate, up-to-date, and easily understandable for employees.
• Address employee inquiries regarding benefit summaries and plan specifics.

4. Create Open Enrollment Decks:

• Design and develop open enrollment presentation materials (decks) to communicate benefit options to employees.
• Collaborate with HR and communication teams to ensure the decks are engaging and informative.
• Conduct open enrollment meetings or webinars to present benefit options using the created decks.

5. Enrollment Management:

• Oversee the enrollment process for new hires and existing employees during open enrollment periods.
• Assist employees in completing enrollment forms and ensure accuracy of enrollment data.
• Coordinate with the HR department to update employee records and ensure seamless benefits administration.

6. Compliance and Regulatory Compliance:

• Stay up to date with relevant benefit regulations, such as ERISA, ACA, and state-specific requirements.
• Ensure benefit programs are in compliance with all applicable laws and regulations.
• Assist in preparing and filing necessary compliance reports.

7. Data Analysis and Reporting:

• Analyze benefit utilization data to identify areas for cost savings and improved employee satisfaction.
• Generate regular reports on benefit program performance, costs, and trends.
• Provide insights and recommendations based on data analysis.

8. Vendor Management:

• Build and maintain relationships with benefit providers, brokers, and consultants.
• Negotiate terms and contracts with vendors to secure the best rates and services.
• Monitor vendor performance and resolve any issues or discrepancies.

9. Employee Education and Communication:

• Conduct workshops, seminars, or webinars to educate employees about their benefit options.
• Respond to employee inquiries and provide guidance on benefit-related matters.
• Assist in creating benefit-related communication materials.

10. Record Keeping and Documentation:

• Maintain accurate records of benefit plans, enrollment data, and correspondence.
• Ensure that all benefit-related documentation is organized and easily accessible.
• Support audit processes related to benefits.