This position is responsible for creating financial deliverables for current and prospective smaller fully insured clients with less complex benefit programs. Financial deliverables include financial and contractual analysis, claims utilization analysis and modeling, renewal projection and premium rate analysis and modeling. Required to perform essential functions and meet service standards and Best Practices developed by USI.
- Set priorities and manage analytical work flow, with guidance from Analytical Team Lead or mentor to ensure efficient, timely and accurate creation of deliverables and other responsibilities.
- Responsible for the financial analytics for clients that are primarily fully insured. Some clients may be level funded. Typical client size is 100 to 250 lives.
- Prepare standard analyses based on USI templates in accordance with client service calendar financial meetings (e.g. Post-renewal, mid-year, pre-renewal, renewal) primarily on fully insured or level funded programs with limited levels of complexity. Analyses may include but are not limited to:
- Market review analysis
- Renewal rate and funding projections and modeling
- Analysis of claims utilization
- Utilize standard analytical tools, checklists, and templates to 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 for marketing coverage for new business quotes and renewals, including requesting quotes, evaluating and spreading options, assisting in negotiation of rates and benefit features.
- Develop and maintain excellent carrier relationships.
- Review for understanding carrier renewal rating illustrations with Analytical Team Lead or mentor.
- With guidance from Analytical Team Lead or mentor, analyze experience utilization data for financial performance conclusions.
- Write client facing Executive Summaries, with guidance from Analytical Team Lead or mentor, which provides observations and findings. Outreaches to Analytical Team Lead, mentor, producer, or Account Manager for conclusions and recommendations.
- Prepare carrier and client written correspondence such as carrier renewal confirmation letters and client renewal letters.
- Participate in the peer review process as a participant. Receives assistance and guidance from Benefit Analyst Team mentors.
- Other miscellaneous duties as assigned.
Knowledge, Skills and Abilities:
- Ability to work in a fast paced environment with some oversight and a high degree of accuracy and attention to detail.
- Set priorities and manages work flow to ensure efficient, timely and accurate deliverables.
- Ability to manage multiple priorities and deadlines
- Maintain a cordial and effective relationship with clients, co-workers, carriers, vendors and other business contacts. Ability to work in a team environment.
- Keep informed regarding industry information, new product information, legislation, coverage and technology to continuously improve knowledge and performance.
- Interact with others effectively by utilizing good communication skills, cooperating purposefully and providing information and guidance, as needed, to achieve the business goals of the company.
- 6 months experience in Employee Benefits related field preferred but not required. High School Graduate. College degree preferred, but not required.
- Must hold state Life & Disability insurance license or willing to obtain one within an agreed upon timeframe.
- Strong written, oral and interpersonal communication skills.
- Strong functional knowledge of Excel specific to creating, formatting and evaluating formulas and working within templates. Must be proficient in Excel, Word and other MS Office products..
- Strong problem solving and critical thinking skills
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