How Critical Are Data and Technology to Employee Benefits?
To say 2022 was full of challenges would be an understatement. Everything from the Great Resignation to inflation to mass layoffs were front and center, and the issues touched nearly every sector of the business world — not to mention the insurance industry.
As an article in BenefitsPro stated, “In the face of economic uncertainty, there’s less appetite for risk. Rising health care costs, a looming recession, and a cooling labor market are just some of the factors already influencing benefits in 2023.”
In fact, in that same article, the author lays out the five trends they think will define benefits in 2023:
- Data quality will take center stage.
- Employees will prioritize choice in their benefits.
- Benefits buyers will look for proven outcomes.
- All-in-one business models will set a new standard.
- Consolidation and acquisitions will alter the landscape.
If you want to read further on any of these trends, I encourage you to click here. That being said, I agree with what the author outlined, but I want to dive a bit deeper, specifically on the data and technology trend.
The Pressure Is on for Data and Technology in Insurance
Knowledge is power, and it will be important for employees to learn more about their employee benefits options to make better decisions on what will work for them and their families. One way you can get this information is via actionable insights from the largest claims database in the country — Garner.
Here’s why I say this and point to this tool as being worth it — employers’ traditional methods of healthcare cost containment, such as increasing deductibles, have been exhausted as the average family budget is maxed out and employers strive to remain competitive in recruiting and retaining talent.
So, then, the question becomes, “what can employers do to curb ever-rising healthcare costs without shifting the burden to employees, particularly when the economy is weakening and employers look to cut costs across the board?”
This is where Garner comes in. Garner has compiled the largest claims database in the country and analyzed the care journeys of more than 310 million patients. Garner is a health technology company that helps employees find the best doctors in their community and is an innovative tool to power data-driven provider referrals. Garner can lower out-of-pocket spending for employees and save employers 10 percent or more on overall health benefits costs.
I could write a whole blog about Garner and its usefulness in the employee benefits data analysis and cost space, but instead, I encourage you to check out their website.
You can also reach out to our employee benefits experts for more information, as we’re happy to help! The key thing here is the need to eliminate barriers and connect people to the highest quality of care, and that’s what continues to fuel Holmes Murphy and our drive to create the best employee benefits experience possible.
Published on: 02.09.23