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Employee Benefits Analyst

Location:

MN - Bloomington, MN - Minneapolis

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Come be a part of our success story and join our team as an Employee Benefits Analyst.

Why USI?

USI has become a premier insurance brokerage and consulting firm because of our people and our culture as a team based, problem solving environment. We invest heavily in our associates through a unique professional development platform—USI ONE™ —a proprietary platform integrating analytics, networked resources and strategic planning to deliver highly customized solutions with economic impact. Along with tools and resources for career development, USI attracts, mentors, and retains best-in-class talent with one-of-a-kind employee reward and recognition programs and a passionate commitment to our local communities. We have a passion to be different and better -for our clients, communities and team members.

Now let’s talk about the position:

This position is responsible for analyzing information and creating financial deliverables for current and prospective clients with standard to more 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.

What you’ll do:

  • Set priorities and manage analytical workflow to ensure efficient, timely and accurate creation of deliverables and other responsibilities.
  • Responsible for the financial analytics for clients that are fully insured and self-funded. Typical client size is 250 to 1,000 lives.
  • Prepare analyses, based on USI templates that may occasionally be 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
    • Benchmarking
    • Financial funding analysis; e.g. fully insured versus self-funded
    • IBNR and lag analyses
    • Utilize USI standard analytical tools 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 negotiating and marketing coverage for new business quotes and renewals, including requesting quotes, evaluating & spreadsheeting options, negotiating rates and benefit features and, preparing renewal or new plan options with executive summary.
    • Develop and maintain excellent carrier relationships.
    • Review and validate carrier renewal rating illustration to explain to producer and account manager and negotiate with carriers.
    • Independently analyze experience utilization data for financial and plan usage conclusions. Independently identify and articulate trends and relationship of experience to renewal rating.
    • Independently 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 such as carrier renewal confirmation letters and client renewal letters.
    • Occasionally conduct analysis using USI internal and 3rd party external tools such as USI 3D, USI Clear Options Rx, and actuarial tools.
    • Participate in peer review process as a participant and a reviewer.
    • Occasionally participate in new Analyst on-boarding training.
    • Other miscellaneous duties as assigned.

 

What it takes to be an Employee Benefits Analyst:

  • Ability to work in a fast-paced environment with minimal instruction and a high degree of accuracy and attention to detail.
  • Set priorities and manages workflow 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.
  • 3+ years of 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. Proficient in internal USI 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.

To discover why USI is an exceptional place to work or for consideration on this great career opportunity, please apply today!


Job ID:

21931

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Notice to Recruiters and Agencies regarding unsolicited resumes or candidate submissions without prior express written approval.
Resumes submitted or candidates referred to USI Insurance Services by any external recruiter or recruitment agency by any means (including but not limited to via Internet, e-mail, fax, U.S. mail and/or verbal communications) without a properly executed written contract for a specified position by an authorized member of the Talent Acquisition team become the property of USI Insurance Services. The Company will not be responsible for, or owe any fees associated with, referrals of those candidates and/or for submission of any information, including resumes, associated with individuals.

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