Data analytics helps an organization understand past plan performance and have confidence in the foundation of its future health plan design strategies. By implementing data analytics, we discover previously unknown or unidentified factors that are impacting employee engagement, plan performance, and plan design decisions. The variety of data sources we explore are extensive, from our proprietary RiskScore® process to medical and prescription claims, biometrics, national benchmarks, wellness program results, and beyond. Through this exploration process, we are able to extract meaningful, actionable insights that lead directly to recommendations resulting in improved plan performance and engagement.
Along with the data, benchmarking sources are incorporated into plan design, plan funding, and plan performance results and recommendations. Benchmarking gives you the knowledge of how your plan design compares to that of your competitors. By combining data analytics and benchmarking, Insurance Office of America is able to provide its clients with the resources they need to manage costs, reduce risk, and improve the impact of their health care strategy.