The Issue
Many of our larger clients have a diverse employee population, with individuals from varied walks of life, different socio-economic groups and varying degrees of health and well-being. So, it was not a surprise when a large prospect approached us and presented their objective of better designing their employee benefits portfolio to more accurately fit the needs of their specific employee population.
Our Solution
We turned to our data analytics program to better understand the utilization patterns and needs of this prospect’s insured population. By doing this, we were able to tailor this group’s benefit design, targeting benefits and services most utilized or with the most potential for use, without unnecessary and wasteful benefits. Additionally, the use of analytics enables us to proactively identify at-risk individuals and provide them with advance care and treatment services to help prevent a more significant health care crisis from developing.
The Result
Many brokers and clients pile a variety of benefits into their portfolio without understanding the utilization patterns and health needs of their insured population. This both wastes the employer’s benefit dollars and fails at achieving the company’s objective of maintaining a healthy and productive workforce. Through the use data analytics, we were able to efficiently utilize this company’s benefits budget to better promote health and longevity among its employees and their families. And by identifying and heading off major health events before they occurred, large claim utilization dropped by 15% and the company saved over $300,000 in the second year!