Benefits Administration Technology Helps Improve Data Analytics
Data analytics are being used in innovative ways that can make your job as a trusted benefits adviser and insurance broker easier, helping you uncover insights to improve plan design, extend your reach, and save costs for you and your clients.
If you are serious about strengthening your role as a trusted adviser, then investing in a benefits administration technology is no longer a luxury, but rather a necessity. When assisting in benefits planning for your clients, digging into data from your benefits administration tool is a vital step in the process.
Data is king.
"Without data, you're just another person with an opinion."
— W. Edwards Deming, Data Scientist
Here are six benefits to using data analytics:
1) Increase client interactions
Sharing new insights from available data can enable you to have more frequent interactions with your clients. Consider annual or quarterly reporting. Over time, your client interactions will naturally increase as they consult on changes to benefits, plan design options, and enrollment percentages.
2) Re-purpose your consultative model
Today's benefits administration tools can help you build better benefits packages that can serve as an “out-of-the-box” solution capable of being re-purposed to meet the needs of most businesses. Meanwhile, this frees you to customize plans for those employers whose needs are more complex.
3) Predict results
Being able to slice and analyze data doesn't take an advanced degree. Using benefits enrollment and de-identified historical employee benefits data, you are better equipped to predict results and can more easily explain the rationale behind your recommended plan designs.
4) Refine offerings
With personalized information that you can find only within a benefits administration software equipped with decision support tools, you can create tailored plans for your clients based on the combination of options that employees need.
5) Help employees make smart decisions
For employers, providing a range of benefit options and helping employees understand the implications of their selections is critical to increasing enrollment. With that, data analytics can be used to help employers strengthen their communication strategies and enrollment campaigns to raise awareness and provide education to employees.
6) Prioritize time and resources
Insight from plan usage and cost factors can help you know where to efficiently prioritize your time and resources – showing which plans and plan designs work well and which ones are less effective.
Access these insights and more, when you download our Ultimate Analytics Playbook for Insurance Brokers. Learn how to grow your broker business by serving as a trusted adviser to your clients — creating a cost-effective, robust benefits strategy that enables them to retain employees.