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Claims data can give corporations valuable insights to tailor offerings that meet employees' needs, as well as assess the effectiveness and areas of improvement areas of existing wellness programmes.
This article is brought to you by AIA Hong Kong
Gone are the days when companies could engage and retain talent purely by relying on salary and rewards. Employees’ expectations have changed, and so have their values and motivators. More than four-fifths (85%) of employees cited health and wellbeing as important factors when thinking about their future career prospects1.
So, in order to win their hearts, companies must show genuine care for employees’ physical as well as mental health.
Fortunately, other surveys have showed the increasing willingness of employers to differentiate their benefits to address employees' needs to attract and retain talent. Of the employers polled2, close to three in four (72%) want to differentiate their employee benefits, 84% have introduced new wellbeing benefits, and 60% are investing more in employee wellbeing.
These developments beg the question: How can employers better understand their employees’ wants and fit their wellness while managing budgets? Communication is definitely the most direct way, but let’s dive into a more unexplored aspect of this conversation, and that is, claims data.
Let claims data be your mastermind
Claims data essentially comprises all information collected from health, dental, disability, and other types of claims submitted by employees. This data can provide insights into the health patterns, usage rates, and potential issues within a corporation’s workforce.
Such information enables corporations to derive actionable insight and make informed decisions to tailor offerings that meet employees' needs.
In addition, claims data can be a quantifiable tool for employers to assess the effectiveness of their wellness programmes, as well as to identify areas of improvement for existing programme, or at the end of a programme’s cycle.
Five ways to utilise claims data to generate insights
To get value from employee claims records, employers & benefits professionals can apply it in the following areas:
Benchmarking
Putting the company’s data in comparison with industry benchmarks and best practices enables corporations to identify areas for improvement and prioritisation.
Measurement
Corporations can gauge ROI to justify ongoing investment by prioritising measurable outcomes related to health, employee satisfaction, absence reduction, and productivity improvement. Every dollar spent on a comprehensive health & wellness programme can yield $3 - $6 in return3.
Personalisation
Personalised programmes are more likely to resonate with employees and yield better results. Corporations can customise wellness programmes using data analytics to suit individual employee needs.
Evaluation
Analytics allow corporations to evaluate the impact of wellness programmes by tracking key metrics such as participation rates, health improvements, and cost savings. This data helps corporations refine their programmes for maximum benefit, identify areas where the programme can have the greatest impact, and prioritise resources accordingly.
Prediction
Predictive analytics can identify high-risk individuals who may require targeted interventions. By addressing health issues proactively, corporations can reduce future healthcare costs and improve employee wellbeing.
Finding the right partner
While diving deep into data, finding the right wellness partner, who can provide insightful data analytics and help with vendor recommendations, is also essential.
Data is fundamental as it brings insights to design and optimise wellness programmes, which eventually will benefit both employees and employers.
Pioneering health solutions to empower employees to achieve greater wellness and productivity, AIA is one of the few providers in the market offering total solutions – from group insurance, MPF, and employee voluntary solutions, together with holistic wellness services tailored to meet the evolving health and financial needs of employees and their families.
Drawing on its expertise, AIA has curated a wide variety of data- and science-backed health and wellness programmes to support both employers and employees.
A readily available rewarding wellness programme, ‘AIA Vitality’ is an example. The programme allows employees to earn points by eating healthy and by exercising. They can then use the earned points to redeem movie tickets, enjoy shopping, or even get flight ticket discounts.
On the other hand, the ground-breaking ‘AIAnergetic Programme’ helps corporations provide support to their employees and empowers them to achieve wellness through activities in three categories: Fitness Series, Mindfulness Series, and Health Assessment Series. Activities are customised to take place at the office, enabling employees to enjoy wellness activities in the workplace.
To find out more about the wellness programmes, please contact AIA Corporate Solutions at hk.cs-wellness@aia.com.
1Vitality & RSA Healthy Hybrid Study
22021/2022 WTW Benefit Trends Survey – Asia Pacific, Mercer Marsh Benefits 2022 Global Benefits and Technology Survey
3Pelletier KA. Am J Health Promotion, 2001:16:107-116: referring to a 2-5 year period
Image / AIA Hong Kong
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