For those of you who don’t know me, I have twin sons who are seniors in high school. As we move through this year of “lasts,” I often find myself wondering: Are they ready to be on their own? Will they be ready for the college experience? Do they even know how to iron a shirt?
Each time those thoughts creep in, they’re usually followed by a family dinner conversation where I get to hear about their excitement for what’s ahead and all the amazing moments they’re experiencing during their senior year.
Recently, one of my sons shared how much he’s looking forward to college courses that allow students to learn about and address real-world problems—courses that push him out of his comfort zone and help him understand what businesses and professionals navigate every day. I sat there in awe of his mature outlook and eagerness to learn and experience all that college life has to offer.
I was reminded just how integral this type of learning is when I recently had the opportunity to participate in the University of Iowa’s Tippie College of Business Insurtech Innovation class. This experience reinforced how deeply colleges and universities are committed to helping students understand real business challenges.
Real-World Challenges Fuel Career Readiness
What makes the Insurtech Innovation course unique is its immersive, hands-on approach. Students work in teams through three-week innovation sprints, developing real-world solutions for actual industry challenges.
They collaborate across four insurance sectors and engage with real clients, learning how to align innovative ideas with organizational pain points and broader societal trends. The students leverage AI and proven methodologies to de-risk recommendations, deliver executive-level briefings, and build on insights from prior classes.
Two colleagues and I had the chance to virtually join the class in March and present an overview of Holmes Murphy, along with the issues we believe are most pressing for our clients when it comes to employee benefits program costs:
- Employer health care costs are accelerating rapidly, driven by rising drug prices, greater utilization, higher service costs, and an increase in chronic and complex conditions. Total costs have grown more than 50% since 2017, with high-cost claims continuing to increase and conditions such as cancer, circulatory, musculoskeletal, and emerging digestive issues adding significant risk for employers.
- Employee understanding of benefits is low, with over half of employees struggling to grasp key details, driving cost and care challenges. Diverse, multi-generational workforces and AI-driven expectations are pushing employers to adopt more personalized engagement strategies and measure impact through employee feedback.
With these two core challenges in mind, we tasked the class with identifying AI-powered solutions that could support our clients and their employees while helping employers continue to offer high-quality, cost-effective employee benefits programs.
Student Solutions Infuse AI, Insurtech, and Innovation
Over the next three weeks, two student teams assigned to the Holmes Murphy challenge conducted in-depth research to identify potential solutions. Once they selected the options, they felt strongest about, they dove deep, learning the ins and outs of the programs and anticipating every question Holmes Murphy might ask.
In late March, both teams presented not only their understanding of the problem but also real-world solutions they believed Holmes Murphy should consider engaging clients in, along with compelling support for why those solutions would deliver value.
Team One: Simplifying Benefits Through Personalized Guidance
The first team focused on employer frustration with rising benefit costs and low employee utilization driven by confusion and the need for improved benefits communication and guidance. Their solution centered on personalized, interactive guidance designed to help employees understand, select, and use benefits more effectively.
By improving employee comprehension and decision-making, the solution increases utilization, reduces wasted spending, and delivers measurable ROI for employers. Proven results included improved understanding among 85% of users, significant HR time savings, and strong adoption across millions of employees, with endorsements from leading insurance brokers.
The solution stood out for its tailored recommendations based on individual employee needs, while also providing employers with actionable data to optimize benefits strategies. Risks were mitigated through a phased pilot approach, with executive approval largely dependent on data privacy compliance and clearly quantified financial returns.
Team Two: Optimizing Care With Explainable AI
The second team addressed rising healthcare costs and the challenge of guiding employees while maintaining privacy. Their proposed solution involved a partnership with an Insurtech firm leveraging evidence-based, explainable AI to improve prior authorization and utilization management. The HIPAA-compliant platform guides members and providers in real time, answers coverage questions, and explains care decisions without exposing sensitive data.
By reducing overutilization and unnecessary interventions, the solution helps lower costs while improving trust and transparency. Successful implementation would depend on a phased rollout, clear communication, and employee training to ensure confidence in and adoption of the technology.
Both teams did a fantastic job not only understanding the challenges but also identifying AI-powered solutions and clearly articulating why they would benefit employers. My colleagues and I were extremely impressed. In fact, we currently work with one of the proposed solutions for some of our clients and plan to explore the other option further. A big kudos to all the students on both teams for their thoughtful work!
The Freedom to Learn and Grow
The next couple of months will be filled with many more “lasts” as my sons wrap up high school and prepare for college. In my ongoing efforts to ensure they’re ready for this next chapter and perhaps know how to iron a shirt, I am comforted with the excitement of what is to come.
While the real world continues to move fast and furious and technology continues to evolve, I am confident they will gain the knowledge and experience to learn to adapt and accelerate well into any career. The future is bright for all—and after a couple of attempts to instruct on the art of ironing, I am certain my sons have a greater appreciation of the dry-cleaning professionals!
Navigating your employee benefits doesn’t always feel as optimistic as my sons getting ready for college, but that’s why Holmes Murphy is here to help you. As an independent and privately owned insurance brokerage, we have the freedom to put our clients first and design intentional solutions tailored to your unique needs. If you’re ready to dive into the future of benefits strategy, let’s connect!
