WPA Health Insurance has launched an electronic analytical tool which gives HR and finance managers access to real-time data on the use and cost of their employee benefit schemes.
Called Precision Analytics the new system enables analysis of a broad range of metrics. These include claims costs, take-up of specific benefits, demographic factors and medical conditions.
Describing it as a powerful tool WPA Health Insurance said that, because it can release such a breadth and depth of data, Precision Analytics will deliver greater transparency. This in turn will allow managers to more swiftly and pro-actively manage their employee benefit schemes.
For example, they will be able to look at how employees are engaging with the individual elements which comprise an employee benefits scheme. These could include bespoke company medical insurance, NHS top-up plans and dental insurance.
Having beta-tested Precision Analytics, wholesaler Costco UK praised the new system. Marketing and administration director Sue Knowles, enthused that it “enables us to understand how our employees are utilising our benefits, the real cost to the business and allows for accurate forecasting.”
Precision Analytics is being offered by WPA at no extra cost as part of the insurer’s corporate account management service.
Claimed as an industry first, the technology replaces the traditional printed report upon which many HR managers still rely. By necessity these are based on historic information, often produced to a fixed format and, of course, do not provide the freedom to manipulate data.
“Precision Analytics gives incredibly detailed analysis to all claims expenditure for large companies,” commented Julian Stainton, chief executive of WPA Health Insurance. “Indeed, we have created the smart electricity meter for the Corporate Healthcare market.”
Designed for and offered at no extra cost to large corporate clients, it can also be used to model the financial impact of proposed changes to a scheme.
For expert advice on setting up or updating an employee benefits scheme, call; our independent experts on 01254 504910.