Position Overview: We are seeking a dedicated Benefit Analyst to manage the day-to-day operations of an assigned book of business. This role involves supporting the marketing of new and renewal business across various Employee Benefit health and welfare product lines, including medical, dental, vision, life, disability, FSA, HSA, and more. The Benefit Analyst will gather and interpret health data, assist in financial projection analysis, process renewals, conduct the marketing process, analyze results, prepare financial summaries, and provide technical support for assigned accounts. This position is based in the office with one telecommute day per week after six months.
Key Responsibilities:
- Manage and maintain an assigned book of business, ensuring compliance with relevant regulations.
- Develop and maintain key relationships critical to the sales process and negotiate competitive options for clients.
- Coordinate with the account team to understand client strategies and define roles and responsibilities.
- Prepare requests for proposals (RFPs) and respond to carrier and client requests.
- Ensure timely delivery of target renewals by collaborating with insurance carriers and vendors.
- Analyze current benefits, evaluating coverage, effectiveness, cost, plan utilization, and trends.
- Evaluate marketing and plan option responses for accuracy and completeness, and develop plan options to meet client strategies.
- Present final results to the account team and prepare renewal presentations.
- Gather, review, and validate information related to assigned clients for renewal analysis and marketing purposes.
- Provide analysis of benchmarking, contributions, data analytics, and network disruption.
- Apply underwriting for trend analysis, high-cost claim analysis, and contribution strategy.
- Monitor administrative costs of benefit plans and recommend cost containment strategies.
- Work with the internal team on negotiations with carriers.
- Manage outsourcing of vendors and ensure reporting and service needs are met.
- Build custom financial/utilization reports and provide summaries of findings.
- Stay abreast of market competitiveness, carrier products and services, rate trends, and relevant laws and regulations.
- Support data audits and update financial summaries and benefit highlight comparisons.
- Comply with agency management system CRM standards and document work products.
- Primarily work with medium to large clients who are fully insured and self-funded, and assist with the small group book of business as needed.
Experience and Education Qualifications:
- Bachelor’s Degree preferred, or equivalent combination of education and insurance industry experience.
- Working knowledge of group health and welfare plans and regulations, including 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.
- Current Life and Health license from the State of Colorado required.
- Prior experience in broker agency, carrier, vendor, or administering employee benefits in HR.
- Intermediate proficiency in Microsoft applications and advanced Excel skills.
- Passion for acquiring new knowledge and skills, staying abreast of industry advancements.
- Ability to prioritize tasks effectively and manage multiple client responsibilities concurrently.
- Collaborative and able to work with colleagues, supervisors, and external partners.
- Willingness to embrace change and learn from setbacks.
- Thorough knowledge of health and ancillary products.
- Familiarity with quoting process and tools preferred.
Skills and Attributes:
- Excellent problem-solving and time management skills.
- Strong verbal, written communication, and listening skills.
- Analytical skills to interpret data, analyze trends, and make recommendations.
- Organizational and project management skills to manage multiple priorities and meet deadlines.
- Ability to work independently and collaboratively within a team environment.
- Attention to detail and high level of accuracy.
- Ability to thrive in a fast-paced environment with minimal instruction.
- High degree of discretion and sensitivity to confidential information.
Physical Requirements:
- This is largely a sedentary role.
- Ability to lift files of about 20 lbs.
Compensation:
- Anticipated salary between $60,000 - $80,000, depending on experience and expertise.
- Benefit package included, along with a 401(k) retirement plan with company contribution, discretionary bonus, and PTO.
My name is Brandon Womack, and I look forward to discussing your career aspirations for a future role as a Commercial Lines Account Executive. For a fully CONFIDENTIAL conversation about this exciting opportunity, please reach out to me directly at (605) 800-4384!
Contact Information:
Brandon Womack
Search Consultant
gpac - Insurance Division
(605) 800-4384
brandon.womack@gogpac.com
All qualified applicants will receive consideration without regard to race, age, color, sex (including pregnancy), religion, national origin, disability, sexual orientation, gender identity, marital status, military status, genetic information, or any other status protected by applicable laws or regulations.
GPAC (Growing People and Companies) is an award-winning search firm specializing in placing quality professionals within multiple industries across the United States since 1990. We are extremely competitive, client-focused and realize that our value is in our ability to deliver the right solutions at the right time.
