Introducing Claims Performance Insights
Introducing claims performance insights, a whole new ballgame for managing a data-driven benefits program.
What is it?
Claims analytics provides an on-demand dashboard for benefits managers to see their claims performance in a single, consolidated interface.
- Claims performance – see how performance trends over time with your expected loss ratio.
- Large claims – see a breakdown of the largest claims and their proportional make-up to your total claims expense.
Who is it for?
If your company gets medical claims (from your broker or carrier), you should have visibility into how your claims are performing. Typically, this happens around 250 or 300 FT employees.
Why is it important?
The claims performance is indicative of whether your company is running well or running ‘hot’. If the claims performance is running over the expected trend, your team should anticipate and forecast higher per employee benefits costs for the coming plan year. If it is lower than expected, you may be able to realize significant savings and/or reallocate budget towards employee wellness initiatives.
How does it help me (and Lumity) manage renewals?
The data visibility in this dashboard provides Lumity, as your data-driven benefits broker, a level playing field to advocate with carriers to negotiate a renewal that is fair and transparent.
If your claims are running lower than expected, you may also realize the following savings:
- Level funding – you may get a rebate based on your expected loss ratio
- Self funding – you may see self-funding as a viable option given the low loss ratio
Interested in more about Lumity’s data-driven approach to renewals? Download our e-book “6 steps to modern benefits”.