Financial Consultant, Employee Benefits
This position independently analyzes information to create financial deliverables for current and prospective large clients with complex, primarily self-funded benefit programs. Financial deliverables include financial and contractual analysis, claims utilization analysis and modeling, renewal projection and premium rate analysis and modeling, frequently customized according to client need. Required to perform essential functions and meet service standards and Best Practices developed by USI.
- Set priorities for analytical work in order to meet deadlines.
- Responsible for the financial analytics for clients that are self funded. Typical client size is larger than 1,000 lives.
- Prepare analyses, based on templates that are often customized, in accordance with client service calendar financial meetings (e.g. post renewal, mid-year, pre-renewal, renewal). Analyses may include but are not limited to:
- Market review analysis
- Renewal rate and funding projections and modeling
- Analysis of claims utilization
- Rate and Contribution analysis
- Financial funding analysis; e.g. fully insured versus self funded
- IBNR and lag analyses
- Multi-year technical claims review with utilization metrics, gap in care, cost modeling and benchmarking
- Utilize USI standard analytical tools and templates to develop alternative strategies, plan modeling and cost reduction opportunities. When necessary, develops custom illustrations to present financial metrics according to client preferences.
- Perform technical analysis of group insurance contracts and financial arrangements.
- Serve as primary contact with insurance carriers for negotiating and marketing coverage for new business quotes and renewals, including: requesting quotes, evaluating options.
- Develop and maintain excellent carrier relationships.
- Review and validate carrier renewal rating illustration to explain to producer and account manager and also negotiate with carriers.
- Independently analyze experience financial and utilization data for financial and plan usage conclusions. Independently identify and articulate trends and relationship of experience to renewal rating. Suggest renewal activities based on findings from experience data.
- Provide guidance and support to analysts on financial and utilization data analysis.
- Independently write client facing Executive Summaries that provide observations, conclusions, and recommendations. Executive summary also articulates USI strategic objectives.
- Prepare carrier and client written correspondence such as carrier renewal confirmation letters and client renewal letters.
- Regularly conduct analysis using USI internal and 3rd party external tools such as USI 3D, USI Clear Options Rx, and actuarial tools.
- Collaborate with Service Team Members to ensure strategic objectives of client are clearly articulated and that all client deliverables deliver proactive solutions in line with client strategic objectives. Make recommendation for client actions based on analysis of customer data.
- Act as a resource for Sales Executives to develop strategic plans and solutions for prospects and clients and prospects.
- Have occasional client contact pertaining to financial deliverables and may attend client meetings.
- Assist with team development as directed by Team Lead including but not limited to:
- Train new analysts when on-boarding.
- Occasionally participate in case assignments, workflow management, and escalation issues.
- Development of team standards and processes.
- Regularly develop and deliver analyst team trainings.
- Maintain analytical skill set and knowledge to act as a resource for the team
- Act as a mentor for Level I, II, and III analysts.
- Occasionally participate in interviewing analyst candidates.
- Participate in the peer review process, primarily as a reviewer of all levels of analysts' work. Serve as a mentor to analysts via their reviewed work.
- Other miscellaneous duties as assigned.
Knowledge, Skills and Abilities:
- Ability to work in a fast paced environment fully independently with a high degree of accuracy and attention to detail.
- Sets priorities and manages work flow to ensure efficient, timely and accurate deliverables.
- Ability to manage and negotiate 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.
- 5+ years experience in Employee Benefits related field. 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.
- Advanced problem solving and critical thinking skills.
- Ability to carry out complex tasks with many concrete and abstract variables.
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