Employee Benefits Benefit Analyst

Job Summary: The Benefit Analyst will be responsible for day-to-day management of their assigned book of business.  You will support the marketing of new and renewal business across all Employee Benefit health and welfare product lines (medical, dental, vision, life, disability, FSA, HSA, etc.) and funding types.  You will gather and interpret health data, assist in financial projection analysis, assist with processing renewals, conducting the marketing process and analyzing results, preparing financial summaries and providing technical support for assigned accounts. Stay abreast of the latest trends, pricing strategies, and emerging themes. The Benefit Analyst will work closely with the Producers and Account Managers on the Employee Benefits team to ensure service deliverables meet and to exceed client expectations.  The location of this position is in the office with one telecommute day per week (after 6 months).  

• Manages and maintains assigned book of business. Has a good understanding of relevant compliance regulations and stays up to date on changes and new legislation. Works within the guidelines, ensures compliance.
• Develop and maintain key relationships critical to the sales process and negotiate with carrier contacts to seek competitive options for clients.
• Coordinates with account team to understand client’s strategy, and to define roles and responsibilities including deadlines.
• Prepares requests for proposals (RFP’s) for all submissions to market. Responds to all carrier and client requests.
• Responsible for ensuring timely target renewal delivery. Collaborates with insurance carriers and vendors to obtain preliminary and/or firm renewals.
• Analyze current benefits, evaluating coverage, effectiveness, cost, plan utilization and trends.
• Analyze all marketing and plan option responses, evaluates for accuracy and completeness, and requests clarifications and revisions, as needed. Develops plan options to best meet client’s strategy.
• Presents all final results to account team. Determines content and structure of renewal presentation and identifies what to include (i.e; marketing results, utilization review, contribution strategy, benchmarking, financial reporting, etc.). Prepares renewal presentation.
• Gather, review and validate all information related to assigned clients for renewal analysis and marketing purposes to include cost and contract terms
• Provide analysis of benchmarking, contributions, data analytics, network disruption, as applicable
• Applies underwriting as needed for trend analysis, high-cost claim analysis, contribution strategy, etc.
• Monitor administrative costs of benefit plans and programs. Recommend cost containment strategies, including alternative methods for administration and funding.
• Work with internal team regarding negotiations with carriers
• Manage outsourcing of vendors and ensure reporting and other service needs are met
• Build custom financial/utilization reports as needed and update monthly or as needed. Provide written and oral summary of findings.
• Stays abreast of market competitiveness, carrier products and services, rate trends as well as State and Federal laws and regulations.
• Supports data audits.
• Updates financial summary and benefit highlight comparisons with all final renewal negotiation results
• Complies with agency management system CRM standards. Saves and documents work product.
• Will work primarily with medium to large clients who are fully insured and self-funded. Will also assist with the small group book of business on an as needed basis.

·        Bachelor’s Degree is preferred. Will consider as strong candidate with equivalent combination of education and insurance industry experience.

·        Working knowledge of group health and welfare plans and regulations, including but not limited to ERISA, Cobra, HIPAA, ACA, HSA, ICHRA, Section 125, etc.

·        Proven experience as an Analyst or similar role in the employee benefits industry for 3 years required

·        Exposure to underwriting and health and welfare financial analysis preferred

·        Basic to intermediate knowledge of underwriting and statistical concepts and benefit plan design.

·        Acquire and maintain current Life and Health license from the State of Colorado

·        Prior experience in broker agency, carrier, vendor or administering employee benefits in HR

·        Intermediate level proficiency in using Microsoft applications required as well as advanced Microsoft Excel skills.

·        Demonstrate a genuine passion for acquiring new knowledge and skills, staying abreast of industry advancements and best practices

·        Capable of prioritizing tasks effectively and managing multiple client and responsibilities concurrently.

·        Able to work collaboratively with colleagues, supervisors, and external partners to set goals, exchange ideas, and drive results

·        Willingness to embrace change, adjust goals as needed, and learn from setbacks to continually improve performance

·        Thorough knowledge of health and ancillary products

·        Familiarity and practical knowledge of quoting process and tools preferred

·        Excellent problem solving and time management skills. 

·        Excellent verbal, written communication and listening skills. Communicate effectively in a clear concise manner with internal and external customers, managers and leadership, vendors.

·        Strong analytical skills with the ability to interpret data, analyze trends, and make recommendations.

·        Organizational and project management skills, with the ability to manage multiple priorities and meet deadlines

·        Demonstrated ability to work independently as well as collaboratively within a team environment.

·        Must provide attention to detail and maintain a high level of accuracy

·        Ability to thrive in fast-paced environment with minimal instruction

·        Partner with multiple departments, stakeholders within Design Partners and with clients.

·        Must maintain a high degree of discretion and sensitivity to highly confidential information.  

Essential Job Functions: Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

Physical Requirements: The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job.

·        This is largely a sedentary role

·        Ability to lift files of about 20 lbs.

·        Anticipated salary between $58,000 - $80,000, depending on experience and expertise of candidate. The position level will be determined based on the successful candidate’s skills and qualifications.

·        Benefit package included as well as a 401(k)-retirement plan with company contribution, discretionary bonus and PTO.