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Securian Financial

Snapshot

April 2021 Edition

In just the past few years, data analytics have become an essential tool for savvy benefits managers who want to follow how employees are using their benefits. Armed with real-time data insights, managers can use this information to help reveal coverage gaps.

And once leaders find gaps, they can use personalized marketing campaigns to offer affected employees specific benefits to close those gaps — which can help increase engagement and participation. At the same time, managers must ensure employees are financially prepared for a long-term health crisis or catastrophic event. Employees who aren’t protected with adequate benefits are likely to be less productive, which affects the bottom line.

Studying utilization trends and correlating them with employee churn data can also help provide insights into what benefits employees want the most — and allows employers to adjust offerings to improve employee recruitment and retention.1

Identifying chronic conditions among employees

For example, if analysis reveals that chronic conditions such as heart disease and diabetes are contributing to higher costs, adding a chronic care component to the wellness program can help employees access the resources they need to improve their health and manage their care.2

Additionally, using real-time benefits and health data instead of waiting for reports also helps managers to quickly uncover chronic conditions and care gaps, along with spending data. After all, 80 percent of benefits professionals say their ability to provide data-driven insights is essential for demonstrating the plan’s value to the C-suite.3

Use data to spot demographic trends, close coverage gaps

In a study conducted by Health Advocate, it identified employees who were at risk for certain health problems based on claims data. Those people received personalized communications in the form of letters, emails and phone calls, encouraging them to participate in nurse-led coaching sessions.

By examining their claims data, employers have the ability to ensure benefits programs are used effectively, which may help reduce company costs. The study above yielded millions of dollars in savings — including a 10.3 percent reduction in medical costs among the highest risk employees and a 5-to-1 return on investment.2

Additionally, better understanding groups among their employee population who are more at risk can help HR (or benefit) administrators tailor coverage plans for those certain conditions, such as offering voluntary supplemental health insurance or disability coverage. 

Secure Insights™ — Securian Financial’s data analytics solution

Secure Insights is a data analytics solution Securian Financial developed in partnership with LIMRA. It provides data- driven insights and recommendations to companies for both life insurance and supplemental health products (accident, critical illness and hospital indemnity insurance).

Leveraging LIMRA industry data, third-party data and client census data, Secure Insights provides employers with a deeper understanding of their employee populations’ insurance coverage needs.

And using national industry claims data, the tool examines the needs, including both the medical and non-medical costs — which often are overlooked but can create a financial burden for a family during a medical event. It also takes into account existing resources, like Health Savings Account (HSA) dollars and other insurance coverages, to reveal potential gaps in care.

The bottom line is, Secure Insights is a powerful tool that can recommend specific products and services to help employers fill coverage gaps — and give employees the financial wellness support and coverage they need.

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Want to learn more about Secure Insights and how this robust data analytics tool can help employers uncover gaps and improve plan health?

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1. Expert Panel, Forbes Human Resources Council. “11 Benefits of Workforce Analytics for HR Teams,” Forbes, April 3, 2020.

2. Legorreta, Antonio, M.D., MPH. “Harnessing the Power of Data Analytics to Maximize Employee Benefits,” Health Advocate, January 6, 2020.

3. Artemis Health. “Get Insights, Get Ahead.” Benefit News, e-book sponsored content, v01.12.19.

Insurance products are underwritten by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not a New York authorized insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its affiliates. Minnesota Life Insurance Company and Securian Life Insurance Company are affiliates of Securian Financial Group, Inc.

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