Benefit Management Analyst - Workers Compensation

$46,200 - $76,200/Yr

Travelers

Full-time - Entry Level

Insurance Carriers and Related Activities

About the position

The position involves managing Workers' Compensation Claims under moderate supervision, focusing on stable lifetime indemnity and medical benefits. The role requires effective communication, negotiation, and analytical skills to resolve claims efficiently while collaborating with various resources to ensure timely claim resolution and customer satisfaction.

Responsibilities

• Manage and resolve stable lifetime claims.
• Facilitate timely claim resolution by leveraging mitigation opportunities.
• Establish and update reserves to reflect claim exposure and document rationale.
• Collaborate with specialty resources to pursue claim resolution opportunities.
• Negotiate settlement of claims within designated authority.
• Manage cases telephonically with an emphasis on quality and cost control.
• Review, approve and issue accurate and timely indemnity, medical and expense payments.
• Complete required letters and state forms as necessary.
• Develop and execute resolution strategies for claims.
• Evaluate and document detailed settlement analysis and communicate status.
• Participate in telephonic and/or onsite file reviews and respond to inquiries.

Requirements

• High School Diploma or GED and one year of customer service experience OR Bachelor's Degree required.
• Analytical Thinking: Ability to analyze and synthesize information to understand issues and explore alternative solutions.
• Communication: Clear expression of thoughts orally and in writing.
• Negotiation: Basic ability to influence stakeholders and reach fair agreements.
• Working Insurance Contract Knowledge: Ability to interpret policies and apply loss facts to policy conditions.
• Principles of Investigation: Introductory investigative skills to reconstruct events related to the loss.
• Value Determination: Basic ability to determine liability and assign a dollar value based on damages claimed.
• Settlement Techniques: Basic ability to assess how a claim will be settled.
• Legal Knowledge: Understanding of state, federal, and regulatory laws applicable to the insurance industry.
• Medical Knowledge: Understanding of injuries, periods of disability, and treatment needed.

Nice-to-haves

• College degree highly preferred.
• WC Technical: Understanding of WC Products and jurisdictional parameters.

Benefits

• Health Insurance coverage from the first day of employment for employees and eligible family members.
• 401(k) matching contributions dollar-for-dollar up to the first 5% of eligible pay.
• Pension Plan that is 100% funded by Travelers.
• Minimum of 20 days Paid Time Off annually, plus nine paid company Holidays.
• Access to a wellness program with tools and resources for wellness goals.
• Mental health program providing access to free professional counseling services.
• Matching Gift and Volunteer Rewards program to support community involvement.