Benefit Analyst
Company: Brown & Brown, Inc.
Location: Grand Rapids
Posted on: January 26, 2023
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Job Description:
Built on meritocracy, our unique company culture rewards
self-starters and those who are committed to doing what is best for
our customers.WHAT YOU'LL DO:Track all renewals, schedule potential
marketing activity, and coordinate with Account Manager and
ProducerPrepare analyses in accordance with client service calendar
financial meetings (e.g., post renewal, mid-year review,
pre-renewal, renewal). Analyses may include but are not limited
to:Market review analysisRenewal rate and funding projections and
modelingAnalysis of claims utilizationRate and contribution
analysisBenchmarkingFinancial funding analysis (e.g., fully insured
vs self-funded)IBNR and claims lag analysisReview and interpret
data to develop alternative strategies, plan modeling and cost
reduction opportunities.Technical analysis of group insurance
contracts and financial arrangements.Request applicable claims
reports.Consult with Account Manager and Producer on a quoting or
negotiation strategy. If quoting is appropriate - contribute to
decisions on benefit designs and which carriers to quote.Agree on a
timeline with Account Manager and Producer for everything involving
the marketing process and monitor closely. Maintain constant
communication with the Account Manager and Producer regarding
progress and keep them informed if the process is off track.Prepare
a census template and a complete list of other information needed
from client for the quoting process.The assigned Account Manager or
Account Coordinator is responsible to collect all of the
information needed to complete quote requests, but the Benefit
Analyst is responsible to recast or reformat the information to
accommodate carrier requirements.Assemble and distribute RFQ to
carriers.Negotiate with incumbent and other carriers to achieve
maximum value for client.Review renewal offers and quotes with
Producer, agree what will be shown to client and prepare
presentation.Responsible for the financial analytics for clients
that are over 100 lives, as well as those that are self-funded and
level funded.Act as a resource for Producer to develop strategic
plans and solutions for clients and prospects. Have occasional
client facing contact pertaining to financial deliverables. May
attend client meetings and present reports.Develop and maintain
good working relationships with our core carrier partners.WHAT
YOU'LL NEED:REQUIRED:High school graduate or GED. Must hold state
insurance license or be willing to obtain one within 6-months of
hireAbility to work in a fast paced environment independently and
with a high degree of accuracy and attention to detail Strong
written, oral and interpersonal communication skills 2 years of
experience or equivalent education in mathematics, analytics,
medical, or insurancePreferred:College degree in mathematics or
financial-related field, or related business experience
preferred.2-4 years of experience in health care analytics with an
insurer or broker2-4 years of experience with self-funded medical
plansWHAT WE OFFER:Excellent growth and advancement
opportunitiesCompetitive pay based on experiencePaid Time
OffGenerous benefits package: health, dental, vision, 401(k),
etc.Employee Stock Purchase PlanWe are an Equal Opportunity
Employer. We take pride in the diversity of our team and seek
diversity in our applicants.
Keywords: Brown & Brown, Inc., Grand Rapids , Benefit Analyst, Professions , Grand Rapids, Michigan
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