Sun Life Financial launched the Benefit Profile in 2014, a powerful data analytics decision-support tool that helps brokers and employers design and deliver competitive, appealing employee benefits plans customised to meet the diverse needs of the American workforce.
The Benefit Profile uses employer-specific demographics and robust industry benchmark data to develop insights, enabling brokers to design and recommend optimal benefits plans and enrolment strategies to employers.
To use the Benefits Profile, the broker first obtains the census data for an employer’s workforce. The Benefits Profile analyses this sample based on age, gender and income and correlates these demographics to claims incidence rates for various medical issues. It then looks at other employer’s records (those having similar workforce demographics) to show the benefits, products and features being offered by these employers and the purchasing patterns of their employees. The data displayed also facilitates year-to-year comparisons.
The visualisation helps employers fine-tune their requirements, adapt to changes in their industry and region, protect their employees and stay competitive. The data for analysis is obtained from Sun Life policy records, the company’s own thought leadership studies, and general industry sources such as Group MarketShare, LLC. Sun Life is also developing a “stop-loss” analytical tool to help insurance brokers promote coverage for employers offering health and disability benefits.
“The Benefit Profile turns a wealth of data into actionable insight that is presented in a dashboard format, empowering brokers to deliver a highly customized, versatile benefits plan designed for each employer,” said Sun Life’s Bilal Kazmi, AVP, Analytics and Innovations Marketing. “It’s a way for employers to assess demographic risks and provide employees with a customised 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,” added Kazmi.
Sun Life’s Benefit Profile demonstrates how more and more insurers are using multiple layers of data and technology to develop insights and customise products.