Senior Benefit Analyst

$78,750 - $105,000/Yr

Lockton Companies - Los Angeles, CA

Full-time - Mid Level

Los Angeles, CA

Insurance Carriers and Related Activities

About the position

The position at Lockton involves collaborating with a client service team to prepare and deliver comprehensive financial reports for client health benefit plans. The role focuses on analyzing data to help clients manage their health benefit plans efficiently, ensuring optimal financial outcomes.

Responsibilities

• Prepare routine financial reports for self-funded clients and review them with clients.
• Calculate loss projections, negotiate renewals, and set funding rates for self-funded clients.
• Develop and use industry formulas to create models for analyzing loss trends and financial projections.
• Complete feasibility studies, financial models, and pricing models to assist clients in cost management and health risk strategies.
• Prepare spreadsheets, graphs, charts, and diagrams for presentations and reports.
• Use financial modeling tools to predict the financial impact of health reform on client plans.
• Calculate IBNR reserve estimates for self-funded clients.
• Participate in program presentations to clients and prospects with other department associates.
• Evaluate retiree medical and Medicare Part D liabilities.
• Assist in evaluating stop loss RFP responses and negotiate contract terms with selected vendors.
• Analyze client data warehouse information to identify cost management opportunities and present recommendations.
• Prepare custom reports and analyses tailored to specific client needs.
• Maintain and leverage benchmarking data across clients.
• Serve as a Subject Matter Expert on underwriting, financial reporting, and stop loss contracts.
• Create new financial reporting templates and update databases to improve analysis models.
• Calculate allocation of insurance program costs to clients' operating units.
• Participate in negotiations of insurance program terms and costs.
• Stay informed of insurance industry developments and available products.

Requirements

• Experience in financial reporting and analysis, particularly in health benefit plans.
• Strong analytical skills with the ability to leverage data for decision-making.
• Proficiency in financial modeling and the use of industry formulas.
• Excellent communication skills for client presentations and negotiations.
• Ability to work collaboratively within a client service team.

Nice-to-haves

• Experience with self-funded health plans and stop loss contracts.
• Familiarity with Medicare Part D and retiree medical liabilities.
• Knowledge of insurance industry developments and products.

Benefits

• Competitive salary range of $78,750-$105,000.
• Hybrid work schedule allowing flexibility between remote and in-office work.