Senior Benefit Analyst

Company: Lockton Companies
Location: Los Angeles
Posted on: October 27, 2024

Job Description:

At Lockton, we're passionate about helping our people achieve their ultimate potential. Our people are curious, action-oriented and always striving to make ourselves and those around us better. We're active listeners working to ensure understanding and problem solvers developing innovative solutions. If you can see yourself delivering excellent service to clients, giving back to our communities and being a part of our caring culture, you belong here.Business unitWest Series$78,750-$105,000ScheduleFull-timeJob typeExperienced ProfessionalWorkplaceHybridYour ResponsibilitiesPOSITION OBJECTIVEIn collaboration with a client service team, prepare and deliver comprehensive financial reports for client health benefit plans. Analyze and leverage data to help clients manage health benefit plans with optimal financial efficiency.ESSENTIAL DUTIES

• Prepare routine financial reports for self-funded clients; review financial reports with clients.
• Calculate loss projections, calculate and negotiate renewals, and set funding rates for self-funded clients.
• Develop or use industry formulas to create basic and complex models to analyze, illustrate, or project loss trends; complete feasibility studies, financial models, and pricing models; evaluate benefits utilization and claims data to assist clients in developing cost management and health risk management strategies.
• Prepare spreadsheets, graphs, charts, diagrams, and other illustrative tools for presentations and reports.
• Use financial modeler and other tools to predict financial impact of health reform on client plans.
• Calculate IBNR reserve estimates for self-funded clients.
• Participate with other department associates in program presentations to clients and prospects.
• Understand and evaluate retiree medical and Medicare Part D liabilities.
• Assist client team as required in evaluating stop loss RFP responses; negotiate contract terms and pricing with selected vendors.
• Analyze and interpret client data warehouse information; identify cost or case management opportunities, and present recommendations to clients.
• Prepare custom reports and analysis for specific client needs.
• Maintain benchmarking data and leverage use of benchmarks across clients.
• Serve as a Subject Matter Expert on underwriting and financial reporting, as well as stop loss contracts and vendors.
• Leverage internal systems knowledge and utilization within the department and among clients.
• Create new financial reporting templates; update computer databases to improve standard models used in analysis.
• Calculate the allocation of insurance program costs to clients' individual operating units.
• Participate in the negotiation of insurance program terms and costs.
• Keep informed of insurance industry developments and products available in the marketplace.
• Make a
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Keywords: Lockton Companies, Palmdale , Senior Benefit Analyst, Professions , Los Angeles, California