Why Should I Request Customized Results?
To develop a strategy…
Professional benchmarking empowers decision-makers to identify best practices, new innovations and illuminate the most cost-effective choices. Customizing the results helps owners think strategically about the level of benefits to offer while ensuring they remain competitive for the journey ahead.
To manage costs….
Benefits benchmarking can help you maximize your spend on employee benefits and develop an actionable plan that fits your budget. Insight® data shows how your benefit plans compare to other companies in your marketplace. Being able to understand and implement what is working for competitors will help businesses reduce costs, simplify decision making and stay competitive in their offerings.
To showcase value…
Customized benchmark data provides the Insight® you need to be able to position your employee communications to effectively illustrate the value delivered by the benefits you offer. Maintaining and properly educating your employees on your competitive benefits offering helps to attract top talent, and attracting the right people can make a world of difference in sales, revenue, and profits.
When should I benchmark?
Benchmarking regularly allows you see the in-depth impact of plan changes (or lack thereof) over time, making it crucial to do each year. By benchmarking your benefit plan annually, you receive data that demonstrates where you are spending too much or areas you may be able to better control costs.
Companies should evaluate the competitiveness of their benefits at least once a year to see where there is room to expand or improve plan offerings. Annual benchmarking can also uncover possible overlooked areas of non-compliance.
Our actuarial relationship allows us to drill deeper into your results for the most accurate insights. The database is built on one of the largest healthcare industry normative data sets in the country, it includes contributors such as national payor, large employers and the Centers for Medicare and Medicaid Services 5% data sample, among others. The database contains millions of lives and billions of records of medical claims, pharmaceutical claims and eligibility information. We employ rigorous data collection methods, along with actuarial adjustment factors, to create the most credible database for benchmarking.
Our actuarial research team applies the highest standards of data integrity to the empirical data in order to create advanced adjustment factors, such as the following:
The Insight® research team applies the highest standards of data integrity to the empirical Analyze® data in order to create advanced adjustment factors, such as the following:
- Geography and industry
- Age and gender
- Benefit design
- Group size (Individual, Small and Large Groups)
- Calculations from a continuum of loosely managed to well-managed, constantly striving to meet national best practices, regardless of regional variation.
- Custom parameters that leverage the Insight® empirical database to create personalized adjustment factors.
The Insight® Mid-Market Benchmark Survey offers the ability to generate custom benchmarks with deep drill-downs of Insight® for almost all benefit plans. The vast database lets you effectively benchmark your data by:
- Region (city, state, etc.)
- Industry
- Group Size
- Employer Type