Summary

World Insurance Associates is a unique insurance organization offering top products and services from major providers, combined with attentive service from local agents.

Founded in 2011, World is one of the fastest-growing insurance brokers in the U.S. with over 2,200 employees in over 260 offices across North America.  We specialize in personal and commercial insurance lines, surety and bonding, employee benefits, financial and retirement services, and human capital management solutions.

Employee Benefits Financial Analyst - Level III / Placement and Financial Analyst

This position is responsible for analyzing information and creating financial deliverables for current and prospective clients with complex benefit programs. Financial deliverables include financial and contractual marketplace analysis, renewal projections, premium rate analysis and claims utilization analysis and modeling. The position is required to perform essential functions and meet service standards and Best Practices developed by World Insurance.

 Responsibilities:

• 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 World Insurance 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 World Insurance 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.

• Prepare carrier and client written correspondence such as carrier renewal confirmation letters and client renewal letters.

• Occasionally conduct analysis using 3rd party external tools.

• Participate in peer review process as a participant and a reviewer.

• Occasionally participate in new Analyst on-boarding training.

• May provide support and administration and coordination to Senior EB Analyst, including but not limited to including requesting quotes, evaluating and spreading options.

• Other miscellaneous duties as assigned.

  Knowledge, Skills, and Abilities:

• 5+ years of experience in Employee Benefits related field. High School Graduate. College degree preferred, but not required.

• 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. Must be able to quickly learn internal World Insurance analytic systems and carrier online reporting tools.

• Advanced knowledge of traditional medical insurance and level-funding as well as ancillary and tertiary benefits

• Strong technical knowledge in Self-funding (administration, stop loss, captives and PBM)

• Preferred experience in medical underwriting.

• Strong problem solving and critical thinking skills.

• Must hold a state Life & Health insurance license or willing to obtain one within an agreed upon timeframe.

• Ability to work in a fast-paced environment with minimal instruction and a high degree of accuracy and attention to detail.

• Set priorities and manage 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.

• Keep informed regarding industry information, new product information, legislation, coverage, and technology to continuously improve knowledge and performance.

• Interact with others effectively by utilizing good communication skills, cooperating purposefully, and providing information and guidance, as needed, to achieve the business goals of the company.

• Strong written, oral, and interpersonal communication skills.

• Ability to carry out complex tasks with many concrete and abstract variables.

  Equal Employment Opportunity

  At World Insurance Associates (WIA), we celebrate and support our differences. We know employing a team rich in diverse thoughts, experiences, and opinions allows our employees, our products, and our community to flourish. WIA is honored to be an equal opportunity workplace. We are dedicated to equal employment opportunities regardless of race, color, ancestry, religion, sex, national orientation, age, citizenship, marital status, disability, gender identity, sexual orientation, or Veteran status. In addition, WIA makes reasonable accommodations to known physical or mental limitations of an otherwise qualified applicant or employee with a disability, unless the accommodation would impose an undue hardship on the operation of our business.

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