Employee Benefit Analyst III

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

• Perform financial analytics for fully insured and self-funded clients (typical client size: 100–1,000 lives)
• Prepare standard analyses with occasional customization, including: 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 (requesting quotes, evaluating options, negotiating rates and benefit features, 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, including 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, including carrier renewal confirmation letters and client renewal letters
• Conduct analysis using USI internal and third-party external tools (USI 3D, USI Clear Options Rx, actuarial tools)
• Participate in peer review process as a participant and reviewer
• Occasionally participate in new Analyst onboarding training
• Keep current on industry and new product information, legislation, technology, and trends

Qualifications

• 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

Benefits

• Medical, wellness, dental, and vision coverage
• 401(k) plan
• Flexible spending and health savings accounts
• Short and long-term disability insurance
• Life insurance and other unique employer-sponsored and voluntary programs
• Generous paid time off policy
• Paid family leave benefit
• Paid holiday time