Sun Life Financial has introduced a new data analytics decision-support tool, Benefit Profile, designed to provide demographic benefits analysis customized to each workplace.
Benefit Profile has been developed to help brokers and employers design and deliver customised employee benefits plans as per the requirements of the workforce in US.
The tool develops insights leveraging employer-specific demographics and industry benchmark data, which in turn is used by brokers to design and recommend optimal benefits plans and enrollment strategies to employers.
Sun Life US Distribution Operations vice-president Tom Gilligan said: "Rising health care costs are forcing employers to find new ways to maintain an attractive benefits package without breaking the bank.
"The Benefit Profile provides brokers a new level of analytical sophistication to help employers adopt the best benefits plan design given the various demographic profiles within their workforce."
Features of the tool include analyzing the demographic composition of a workplace in terms of gender, age, and income as well as correlate the data to incidence rates for medical issues.
It also displays demographic buying patterns of relevant insurance solutions and illustrates benefits offerings of rival employers in the same industry and region.
Sun Life Analytics and Innovations Marketing assistant vice-president Bilal Kazmi said: "It’s a way for employers to assess demographic risks and provide employees with a customized range of protection options. This innovation helps employers fine tune what’s working, adapt to changes in their industry and region, protect their employees, and stay competitive year after year."
The company is a stop-loss provider in the US. Currently, it is also developing a stop-loss analytical tool to help brokers support self-funded employers, and those who are in the process of turning self-funded.
Image: Sun Life Building, Montreal, QC, Canada. Photo: courtesy of Atilin.