Bachelor's degree in Mathematics, Applied Mathematics, or a related quantitative field.
One year of experience in benefits consulting.
Experience in health & welfare benefit strategy, design, and vendor management.
Knowledge of healthcare financials, including pricing theory and claim reserves.
Experience in client communication and handling ad hoc reporting requests.
Project management experience with a focus on timelines and quality standards.
Understanding of regulatory impacts on employee benefits.
Responsibilities
Collaborate with a team on complex projects related to Pharmacy Benefit Manager contracts.
Conduct financial analyses and create pricing models with consultants.
Manipulate and interpret data for future cost projections and client explanations.
Negotiate vendor products and pricing guarantees through analysis.
Support project planning and ensure adherence to objectives and quality standards.
Develop client analyses and presentations regarding pharmacy contracts.
Present complex financial strategies to clients and internal partners.
Benefits
Opportunities for professional development and growth.
Collaborative team environment.
Exposure to a variety of complex projects.
Engagement with industry-leading consultants and clients.
Involvement in innovative financial modeling initiatives.
Full Job Description
Job Description
The Role
DUTIES:
Associate within Health & Benefits Line of Business with Willis Towers Watson US LLC in New York, NY,
Work as part of a team on a wide variety of complex projects, focusing on valuing Pharmacy Benefit Manager (PBM) contracts and developing cost projections using complex data sets as well as other variables (trend, utilization, underlying definitions, and other terms).
Partner with consultants and team members to review and perform financial analyses including cost savings and data analysis projections, create, review and update of pricing and other analytical models.
Work with, manipulate and interpret data and use data to project future cost estimates and explain financials to clients.
Analyze, compare and negotiate vendor products, services, contracts and pricing guarantees,
Work with data files for ad hoc requests as well as to input into complex modeling tools.
Make custom adjustments using data.
Contribute to project plan creation and delivery; ensure progress against established objectives, budgets, timelines, deliverables and quality standards.
Support the pharmacy practice on intellectual capital initiatives such as development of new financial models or tools as applicable
Develop client analyses and other related documents for WTW clients and prospects including presentations and review of pharmacy contracts.
Present and explain complex pharmacy benefit financial strategies such as PBM pricing models, adjudication and reconciliation logic, financial guarantee exclusion strategies and the impacts to financial results to internal partners and clients.
Participate in financial strategy meetings with external partners.
Salary range = $88,000.00 to $111,100.00 per annum.
Qualifications
The Requirements
REQUIREMENTS:
Bachelor's degree (U.S. or foreign equivalent) in Mathematics, Applied Mathematics or a related quantitative field.
One (1) year of experience in a related benefits consulting role.
Prior experience conducting health & welfare benefit strategy and design, benefit benchmarking, vendor management, and employee communications.
Prior experience applying working knowledge of healthcare financials, including pricing/contribution theory, risk identification and Incurred but Not Reported (IBNR) claim reserves.
Prior experience fielding client questions from client finance team and handling ad hoc reporting requests
Prior experience conducting design/management of health and welfare plans gained in a consulting or brokerage environment or similar experience in a consultative role gained at a carrier or vendor.
Prior project management experience, including developing project plans and ensuring progress against established goals, timelines and quality standards.
Prior experience assessing the impact of regulatory changes on employee benefits and educating clients on local, state and federal compliance requirements.
About Willis Towers Watson
Willis Towers Watson is a global insurance and risk management company that provides a range of services to clients in more than 140 countries. The company was formed in 2016 through the merger of Willis Group Holdings and Towers Watson & Co. Willis Towers Watson offers a range of insurance products, including property and casualty insurance, life insurance, and health insurance. The company also provides risk management and consulting services, including actuarial services, investment consulting, and human capital consulting. Willis Towers Watson is known for its expertise in risk management and its ability to help clients navigate complex insurance and regulatory environments.
