SUMMARY:
The Rating and Renewal Analyst develops new business rate proposals utilizing available claim information provided from prospect accounts through sales. Incumbent also develops renewal rates for existing group accounts utilizing claim, premium and enrollment information extracted from Excellus systems. Position prepares stop loss quotes and complex group reports to assist sales in the retention of accounts, interacts with company sales representatives, accounts and consultants regarding rate and trend explanations and rate negotiations. Additionally, incumbents propose and assist in the development of process improvements utilizing system and software applications to full potential.
ESSENTIAL RESPONSIBILITIES/ACCOUNTABILITIES:
ALL LEVELS:
- Performs extensive analysis necessary for developing competitive bid rates on new business opportunities, as well as renewing existing accounts.
-
Evaluate benefit plan variations and partner with Sales in working directly with customer accounts, their brokers and consultants, in support of rate negotiations on new or renewal business.
-
Partners with Sales in meeting persistency goals related to existing employer group business.
-
Consults and coordinates with the Sales and Marketing Departments in support of specific group requirements through preparation of complex group reports.
-
Executes financial management on an assigned book of business.
-
Consistently demonstrates high standards of integrity by supporting the Lifetime Healthcare Companies’ mission and values and adhering to the Corporate Code of Conduct.
-
Maintains high regard for member privacy in accordance with the corporate privacy policies and procedures.
-
Regular and reliable attendance is expected and required.
-
Performs other functions as assigned by management.
LEVEL II: In addition to Level I responsibilities:
- Completes new business and renewal quotes for mid-segment and large accounts for dental, stop loss, and medical lines of business in all insured and/or claims based billed financial arrangements
-
Prepares settlements for alternatively funded groups (e.g., retrospectively rated).
-
Creates and maintain Experience Rated Monitoring and Book-of-Business tracking reports
-
Develops ad hoc reports as a supplement to the group rating process through query building and data extraction.
-
May develop required premium/fees and analyze results for accuracy; makes appropriate decisions on how to proceed; analyzes inputs/outputs for reasonability.
-
Proposes and/or assists in the development of process improvements utilizing system and software applications to full potential.
-
Participates in cross training of Rating & Renewal staff and Sales staff.
LEVEL III: In addition to Level II responsibilities:
-
Serves as a mentor and resource to Rating & Renewal Analysts
-
Interacts with internal and external sales representatives, accounts and consultants regarding rate and trend explanations and rate negotiations
-
Responds to complex Requests for Proposal (RFP) questions and actively participate as part of the RFP response team.
-
Proposes and assists in development of process improvements and automation of processes within the Rating & Renewal Team.
-
Assists in ad hoc projects in support of the Sales, Marketing, and Actuarial Department initiatives.
-
Interacts with internal sales representatives and consultants regarding rate and trend explanations and rate negotiations.
LEVEL IV: In addition to Level III responsibilities:
- Responds to complex Requests for Proposal (RFP) questions and actively participate as part of the RFP response team, including bidder conferences
-
Evaluates and analyze competitor rates/benefit plans for the development of trends and other renewal factors to be used in experience rating
-
Represents R&UW team in place of R&UW management on high level, cross-functional work teams, such as Core End to End
-
Interacts with external customers regarding all Rating & Underwriting functions
-
Proposes and/or assists in the development of process improvements utilizing system and software applications
-
Coordinates daily work flow activities of Rating staff
-
Reviews rate proposals from Rating staff
MINIMUM QUALIFICATIONS:
NOTE: We include multiple levels of classification differentiated by demonstrated knowledge, skills, and the ability to manage increasingly independent and/or complex assignments, broader responsibility, additional decision making, and in some cases, becoming a resource to others. In addition to using this differentiated approach to place new hires, it also provides guideposts for employee development and promotional opportunities
ALL LEVELS:
-
BS in Math, Economics, Accounting or Actuarial Science.
-
Knowledge of State and Federal Laws and Regulations relating to health insurance.
-
PC skills required
-
Operational background with a strong ability to prioritize, plan and problem solve in a team environment
-
Good analytical skills with a focus on meeting expectations and requirements of both internal partners and external customers.
-
Excellent verbal and written communication skills.
-
Ability to perform under pressure and adapt to rapidly changing priorities.
LEVEL II: in addition to Level I qualifications:
- BS in Math, Economics, Accounting or Actuarial Science and a minimum of three years of experience in a rating or underwriting setting.
-
Knowledge of financial and risk health arrangements.
-
Intermediate level in Microsoft Excel, Word, Access.
-
Intermediate level in data extraction tools such as Impromptu or Cognos.
LEVEL III: in addition to Level II qualifications:
- BS in Math, Economics, Accounting or Actuarial Science and a minimum of five years of experience in a rating or underwriting setting.
-
Expert level in Microsoft Excel, Word, Access
-
Expert level in data extraction tools such as Impromptu or Cognos.
-
Experience using software to benchmark actuarial guidelines for health rate setting.
LEVEL IV: in addition to Level III qualifications:
- BS in Math, Economics, Accounting or Actuarial Science and a minimum of seven years of experience in a rating or underwriting setting
- Experience must include all lines of business, funding arrangements, and related tasks
-
Ability to manage process requirements and suggest improvements for Rating tasks such as Rx Rebate Reconciliation
-
Ability to interact and defend rate assignment process at the group and/or broker level.
-
Ability to assist in the work flow coordination of the team.
Physical Requirements:
Ability to travel across regions.
************
The Lifetime Healthcare Companies aims to attract the best talent from diverse socioeconomic, cultural and experiential backgrounds, to diversify our workforce and best reflect the communities we serve.
Our mission is to foster an environment where diversity and inclusion are explicitly recognized as fundamental parts of our organizational culture. We believe that diversity of thought and background drives innovation which enables us to provide leading-edge healthcare insurance and services. With that mission in mind, we recruit the best candidates from all communities, to diversify and strengthen our workforce.
OUR COMPANY CULTURE:
Employees are united by our Lifetime Way Values & Behaviors that include compassion, pride, excellence, innovation and having fun! We aim to be an employer of choice by valuing workforce diversity, innovative thinking, employee development, and by offering competitive compensation and benefits.
In support of the Americans with Disabilities Act, this job description lists only those responsibilities and qualifications deemed essential to the position.
Equal Opportunity Employer
Source: Indeed.com
Click Here To Apply
