Data Analytics and the Future of Benefits
By Dan Iskra, MBA
AVP Disability Product, Group Benefits
As companies strive for competitive advantage, information is king. The sheer volume of available data, however, can be overwhelming without the right tools to interpret it in meaningful ways. Data analytics and artificial intelligence (AI) are designed to do just that, using historical facts, trends, and predictive modeling to help companies make informed decisions and grow for the future.
In employee benefits, machine-learning and data mining give employers powerful insights1 about employee concerns and needs on every level of health, including physical, mental, financial, and social. Such knowledge can shape benefits programs that improve employee well-being and productivity while reducing the impact of absenteeism, fraud, waste, and abuse.
At the same time, data mining can flag issues that demand immediate attention, such as a looming mental health crisis. One-third of employees say their mental health is not good, and two-thirds feel more stressed in the wake of the pandemic.2 Despite that, nine in 10 employers do not feel ready to handle the crisis, but recognize something must be done.
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