The Associate Stop Consultant role is tasked with supporting and helping to grow the Center of Excellence for Stop Loss. The primary role of is to work with the Account and Underwriting Teams, exercising discretion and independent judgment, providing financial analysis and utilizing modeling tools to evaluate benefit programs and their impact on overall business objectives, including the management and control of client risks and losses.
ESSENTIAL DUTIES AND RESPONSIBILITIES include, but are not limited, to the following:
- Partner with carriers and internal teams to build and maintain schedules for client renewal and data collection to ensure consistent and timely receipt;
- Perform underwriting, financial, and risk analysis support for internal teams and their respective consulting clients;
- Responsible for clients’ benefits marketing process, such as: data acquisition, request for proposal (RFP) preparation, vendor question resolution, proposal review and analysis, and client exhibit and presentation preparation;
- Perform the analysis and negotiation of rates and plan options with insurers on behalf of clients to secure optimal, cost-competitive benefit plans;
- Validate renewals and proposals for accuracy;
- Work closely with MMA Agency contacts to help intake Stop Loss process but to also educate Agency on self-funding, stop loss and captives as appropriate.
- Coordinate with team member to understand Stop Loss RFP status and overall panel block positions;
- Update Leadership on identified trends in stop loss market including tracking DTQ rate, overall renewal positions and contractual concerns to be addressed as part of ongoing panel management conversations;
- Support MMA stop loss captives quoting process;
- Review RFP/Renewal results as requested by MMA East or local MMA Agency;
- Help support Stop Loss claims tracking process;
- Help compile the results of the annual Request for Information process of potential Stop Loss Panel participants to determine panel selection recommendations as well as suggested changes to overall agreement to obtain optimal concessions for the Center of Excellence;
- Experience and knowledge of other lines of coverage, such as Dental, Vision, Health Savings Accounts, Flexible Spending Accounts and COBRA Administration to build out a Center of Excellence Model including creation of detailed RFIs to complete market evaluation;
- Help review and provide best practice recommendations on current MMA East models and outputs including financial analysis, qualitative and quantitative analysis, disruption and discount analysis as needed for other lines of coverage;
- Maintain quality service standards and organization to assure timely service to MMA East and MMA Agency teams;
- Remain abreast of the dynamic, competitive insurance environment, new and complex insurance initiatives, appropriate data analysis techniques and constantly changing legislation that governs business;
- Support other initiatives of the Strategic Initiatives Division and Underwriting Team as needed.
REQUIRED EDUCATION AND EXPERIENCE:
- Bachelor’s Degree in Risk Management & Insurance, Actuarial Science, Mathematics and/or other related field is preferred or equivalent experience is required;
- Minimum of two years prior work experience the Benefits Brokerage, Consulting, or Insurance industry;
- Strong background in self-funding, stop loss underwriting required.
KNOWLEDGE, SKILLS AND ABILITIES
- Strong organizational, analytical skills and strong attention to detail;
- Excellent troubleshooting, decision making and problem solving skills;
- Proven ability to support multiple projects simultaneously with attention to detail and process;
- Ability to multi-task and work in a fast-paced environment;
- Excellent verbal and written communication skills;
- Ability to prioritize projects and meet deadlines;
- Ability to follow through on and successfully execute tasks while adhering to specified quality standards;
- Must be able to effectively interact with people internal and external customers
- Intermediate knowledge of MS Office Suite (Word, Excel, Access, Outlook), working knowledge of pivot tables.
PHYSICAL DEMANDS AND WORK ENVIRONMENT
- The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
- While performing the duties of this job, the employee is:
- Frequently required to sit; speak or hear; use hands to finger, handle, feel objects, and reach with hands and arms;
- Occasionally required to stand and walk;
- Extensive use of computer and keyboard and viewing of computer screen is required;
- Specific vision abilities required by this job include vision, and ability to adjust focus.
- Other working conditions are normal for an office environment.
WORK LOCATION
- Work is typically in a hybrid environment based out of our Conshohocken, PA, office.
We embrace a culture that celebrates and promotes the many backgrounds, heritages and perspectives of our colleagues and clients. Marsh & McLennan Agency offers competitive salaries and comprehensive benefits and programs including: health and welfare, tuition assistance, 401K, employee assistance program, domestic partnership benefits, career mobility, employee network groups, volunteer opportunities, and other programs. For more information about our company, please visit us at: http://marshmma.com/careers.
