What is a Benefit Analyst?

As a business owner who values your employees, you want to provide them with the best benefits package you can afford. The current health insurance landscape doesn’t make that simple – which is why many companies rely on employee benefits brokers to help them navigate all of their options.

Many companies have human resource specialists on staff that understand the nuances of the organization’s employee benefits package. These specialists have many titles, depending on the size of the organization and their specific roles, but one common title that owns this responsibility is a Benefit Analyst.

What is a benefit analyst?

In most cases, a benefit analyst is a human resource specialist who acts as the company’s resident expert on their current healthcare plan. This person provides expertise in many areas, including the group’s health and dental insurance, disability insurance, retirement plans, health and flexible savings accounts, paid time off and all government policies related to employee benefits. Benefit analysts are well-versed in government legislation and policies related to employee benefits and stays up to date on any changes to policy.

A benefit analyst job title can also be referred to as Benefits Consultant, Benefits Specialist, Benefits Coordinator, or Benefits Administrator.

What does a benefit analyst do?

A benefit analyst's duties normally include administering the company’s group health plan. This includes communication about open enrollment, plan details, and how to properly use any benefits administration technology. They also act as the liaison between the insurance company or employee benefits broker.

Part of the benefit analyst's job description includes annually reviewing the company’s employee benefits program and making recommendations for the following year. They will either make recommendations upon renewal themselves or work with their company’s insurance broker to negotiate plan and rate changes and suggest ways to increase employee participation or use their plans more effectively.

We have benefit analysts here at Caravus, but their job description varies slightly.

What does a Caravus benefit analyst do?

At Caravus, it is our mission to find our clients the best plan for their needs – and that is exactly what our analysts do! With the guidance of our benefits advisors, they help other company’s analysts determine which plan works best for their unique organization.

The primary responsibility for our analysts is to work in our proprietary analytical software, Sync, to compare plan rates from a claim, clinical and financial perspective. Our analysts take all of the data provided by each carrier’s quote and plug it in to our proprietary underwriting software to create a comprehensive health insurance comparison document that summarizes the value of the plans our clients are shopping out.

All Caravus benefit analysts have direct access to insurance carriers. Over the years, our team has built strong relationships with each organization, working closely with new and veteran renewal representatives to ensure they are ahead of any changes to a carrier’s renewal team that may affect our client. These close relationships also come with potential perks, as our analysts are told firsthand when any new offers become available, giving each client a first look at plans that may be better suited for their organization.

Why should you work with a health insurance consultant analyst when you have one in house?

The work our benefit analysts do takes a lot off the plate of a company’s in house benefits analyst, and in turn allows the organization to make a data-driven decision. It also allows your analyst to focus on communicating the benefits of the plan you choose, encourage more enrollment, and plan ahead for next year.

To learn more about how our benefits analysts can help your team find the best employee benefits package for your organization, contact us.