Associate Medical Stop Loss Underwriter

Highmark Health; Colorado; On-site; USD 50,000 - 70,000; Full time

Job summary

An established industry player is seeking an entry-level Underwriting Analyst to join their dynamic team. In this role, you will analyze contracts and assess risks associated with group insurance, ensuring alignment with company strategies. You will manage a book of business, calculate rates, and support internal stakeholders with your findings. This position offers a unique opportunity to develop your skills in a collaborative environment, with guidance from experienced professionals. If you are passionate about finance and risk management, this role is perfect for you to kickstart your career.

Qualifications

• Entry-level position with oversight from senior underwriters.
• Requires strong analytical skills and a quantitative background.

Responsibilities

• Manage a book of business, including renewals and new accounts.
• Calculate rates and analyze risk factors for group insurance contracts.
• Support fraud detection and compliance initiatives.

Skills

Analytical Skills

Financial Analysis

Risk Management

Mathematics

Communication Skills

Education

Bachelor's Degree in Mathematics

Bachelor's Degree in Actuarial Science

Bachelor's Degree in Finance

Bachelor's Degree in Business

Bachelor's Degree in Computer Science

Tools

Underwriting Software

Data Analysis Tools

Job description

This job prices quotes and analyzes the structure of a contract for a group based on claims experience, characteristics of the employee groups, etc. The incumbent develops and uses discretion within Underwriting authority, following HMIG policies, to ensure profitability and growth. It involves identifying when to decline quotes that do not align with HMIG's strategy and risk structure. The role includes analyzing risk factors for new enrollments, renewals, and amendments of group insurance contracts or self-funded plans, in accordance with underwriting policies and standards. The analyst also reviews policies, guidelines, market data, and other information to improve risk management and optimize enrollment or manage existing membership. Data such as financial conditions, participation rates, industry type, employee group characteristics, and past claims are analyzed to determine benefits and rates. The role involves preparing reports, providing rationale, and supporting internal and external stakeholders regarding underwriting results, rate calculations, and financial activities. Expense estimation and financial analysis are also key components. This is an entry-level position, with oversight from Senior Underwriters or Management until familiar with company procedures and policies.

ESSENTIAL RESPONSIBILITIES

1. Manage a book of business, including renewing accounts and writing new business profitably to meet HMIG targets or volume goals. Use various systems and tools to gather data and track work, with guidance from senior staff.
2. Review and complete rating and analysis tasks under supervision.
3. Calculate rates, employ different financial arrangements, interpret pricing policies, and adapt to unusual situations.
4. Identify questionable claim patterns and issues with competitor claims experience, developing recommendations accordingly.
5. Apply risk management policies and adjust for situations not covered by standard pricing formulas.
6. Identify non-compliance with risk management policies, disclosure rules, or enrollment criteria.
7. Recommend policy adaptations to accommodate client-specific situations.
8. Analyze member risk and coordinate with internal departments to manage it.
9. Support initiatives like fraud detection, compliance, wellness programs, and product development.
10. Complete renewals and prospect quotes timely and accurately.
11. Adapt to changing priorities and market conditions.
12. Communicate policy recommendations clearly, supporting them with rationale.
13. Influence sales and external audiences on risk solutions and pricing structures.
14. Perform other duties as assigned.

EDUCATION

Required: Bachelor's Degree in Mathematics, Actuarial Science, Finance, Business, Computer Science, or related quantitative field.

Substitutions: 6 years of relevant progressive experience in the field.

Preferred: None

EXPERIENCE

Minimum: 0-2 years in insurance, underwriting of self-funded or fully insured prospects preferred.

Preferred: None