WPA is launching a new data analytics service for employee benefits consultants and employers to be able to model future cost projections for different benefit structures.
Called Precision Analytics, the service delivers real-time data on the minutiae of their corporate PMI information from medical conditions to demographic factors, helping identify trends and benchmark data.
Users can create what-if scenarios by adding or removing different elements of cover, such as cancer, dependents, cardiac or outpatient, to model how such changes are likely to impact future costs. WPA says this functionality makes the service an essential tool in helping employers cope with soaring medical inflation.
A scalable trial version has been created for prospective customers and WPA says further ‘disruptive product and service advances’ will be introduced during the months ahead.
WPA chief executive Julian Stainton says: “Incredibly detailed analysis to all claims expenditure for large companies. We have deployed the ‘smart electricity meter’ for the corporate healthcare market. Precision Analytics is only possible because we have invested significantly over the last 3 years in our underlying technology. DELOS, our autonomous operating system, is now fully operational and has successfully automated the majority of our business. Precision Analytics is the first chance for our customers to put our enhanced processing power through its paces”.
WPA commercial director for global brands Rachel Riley says: “Precision Analytics is a dramatic advance in transparency, something for which our industry has a poor reputation. We are absolutely determined to cast this aside for the benefit of our customers”.
Sue Knowles, Marketing and Admin Director of Costco UK, who has been testing the beta version of Precision Analytics says: “It enables us to understand how our employees are utilising our benefits, the real cost to the business and allows for accurate forecasting. We consider this introduction by WPA to show once again their forward thinking and their understanding of their client needs. I would expect nothing less from such a great company.”