Benefits Financial Consultant – Employee Health & Benefits

Marsh McLennan•Sioux Falls, SD

2d•Hybrid

About The Position

Marsh McLennan Agency (MMA) is seeking a Benefits Financial Consultant to join their team. This role involves analyzing and modeling clients' medical and pharmacy costs, developing analytical tools, and providing strategic recommendations based on data. The consultant will also interact with internal teams and clients, conduct claim projections, review benefit plan renewals, and develop predictive models for reserves. This position requires strong analytical, communication, and interpersonal skills, along with a proactive and self-directed approach.

Requirements

Bachelor's degree in mathematics, statistics, economics or a similar field.
In process of obtaining ASA designation.
Exceptional Analytical Ability demonstrated through course work and experience.
Ability to pro-actively form productive working relationships with other team members, decision markers, and insurance carrier personnel.
Energetic and self-directed with a high degree of commitment, highly motivated and strong work ethic with consistent initiative and follow through on projects and tasks to completion while meeting deadlines.
Adaptable and able to change priorities and multi-task regularly to meet deadlines.
Experience implementing new processes as required to improve company efficiency and effectiveness.
Capable of maintaining the strictest confidentiality regarding client and company data and information.
Exceptional verbal and written skills.

Nice To Haves

Successful completion of at least one actuarial exam
ASA designation
Insurance license (required within 6 months of hire)

Responsibilities

Play a lead role in all aspects of analysis and modeling of clients’ medical and pharmacy costs and their drivers.
Responsible for analytical tool development.
Providing analytical support to others in the organization.
Working with the team to develop strategic approaches for clients based on data and actuarial data.
Analysis, including drill down, into the utilization and unit cost drivers of medical and pharmacy expenses; development of recommendations related to plan designs, contributions and types of care and providers warranting attention.
Provide in person and virtual consultation with clients regarding employee benefits program strategies.
Claim projections and trend analysis for larger clients; tracking of claims and updating forecasts; comparison of funding mechanisms.
Review and/or prepare annual benefit plan renewals for clients; interact effectively with insurance carrier underwriting and actuarial personnel to ensure clients are receiving fair and equitable ratings and premiums.
Development of modeling tools and spreadsheets for use by the organization to help clients, prospective clients, and their employees to make better informed decisions on all benefit plans, including consumer directed health care such as health savings accounts and health reimbursement arrangements.
Develop models to predict the pattern of IBNR reserves with greater accuracy and reduced variance.
Assist with development and integration of data analytics with disability, life and other benefits as requested.
Act as an analytical resource for team members on a daily basis.