Sun Life wants its clients to benefit from the same big data sets the insurer uses itself. The company has launched an analytics tool that gives clients insight into self-insurance options, the Stop-Loss Benchmarking Tool.
The Stop-Loss Benchmark produces customized data reports that address catastrophic claim risk and risk management options, compared to the employer's peer group. It leverages more than 2 million data points that are sourced from more than 35,000 Sun Life employer plan designs, as well as third-party data in the form of Verisk Analytics first-dollar claims information.
"Employers have been seeking information and insights that can help put their health care funding strategies into perspective. Today's complex health care landscape and the increased interest in self-funding have only furthered this need," said Sun Life's Brad Nieland, Vice President, Stop-Loss. "As the number one independent stop-loss carrier, we have accumulated a vast amount of data that we can tap into to fill that void."
Earlier this year, Sun Life launched Benefit Profile, which allowed brokers to access a wealth of data on the market in order to design a better plan for companies.
"At Sun Life, we're all about turning data into insights," said Kevin Krzeminski, Sun Life's Senior Vice President of Distribution. "When we introduced the Benefit Profile Tool, our first foray into big data, our brokers realized the wealth of insights it contained and were quick to use it in designing more effective employee benefits solutions for their clients. Now brokers have another sophisticated decision-support tool that will help them guide their clients through important decisions about their underlying health plan."
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