ORLANDO, Fla., July 08, 2021 (GLOBE NEWSWIRE) -- PlanSource, a leading provider of cloud-based benefits administration technology, has released a new prescriptive decision support tool, DecisionIQ, that uses AI and machine learning intelligence to provide personalized benefits guidance to employees. DecisionIQ leverages data and innovative technology from the PlanSource benefits platform and global healthcare consulting firm, Milliman, to help organizations empower smarter, more confident benefits decisions for their employees.
With both benefit costs and available benefit options on the rise, employees are craving a more personalized experience to help them make better benefits decisions. In fact, a recent study from The Hartford found that 58 percent of surveyed workers would like a personalized recommendation for which insurance benefits they should buy. Furthermore, research from our 2021 Benefits Benchmark Report found that employees only spend an average of 26 minutes selecting their benefits each year. By offering personalized guidance at the time of enrollment, DecisionIQ will increase employee confidence that they selected the right benefits package for themselves and their family.
Analyzing demographic, dependent, eligibility and regional cost data in real-time, DecisionIQ offers employees hyper-personalized suggestions on the best benefit plans, coverage levels and contribution amounts for their unique needs. PlanSource is able to leverage advanced AI and machine learning on the backend to surface “People Like Me” suggestions on medical plans for quick insights that continue to get smarter and more personalized over time.
For HR teams, DecisionIQ will save time by giving employees real-time benefits guidance right within the shopping experience, which means fewer questions and more time back in their day. In addition, DecisionIQ can lower plan and premium costs when employees enroll in the best plans and coverage level for their needs. Employees can also get hyper-targeted cost estimates that are based on regional cost data instead of national averages. The comprehensive dataset from Milliman’s Health Plan Assist technology comprises 100M+ local cost benchmarks, which means cost estimates are more accurate.
“We are excited to support PlanSource in their effort to empower employees to navigate the plan selection process better,” says Ron Cornwell, Health and Welfare Principal and Consulting Actuary with Milliman. “By leveraging Milliman’s Health Plan Assist technology, DecisionIQ can offer a customized approach to plan selection that can improve the benefits administration process.”
“Empowering employees to make the best benefits decision and understand what they are choosing is a huge part of our mission at PlanSource,” said Srini Venkatramani, Chief Product and Technology Officer at PlanSource. “We are thrilled to engage Milliman’s Health Plan Assist technology to power DecisionIQ and provide an innovative decision support solution to our customers and partners.”
To learn more about DecisionIQ, join the upcoming webinar How to Empower your Employees to Make Smart Decisions During OE, July 14 at 1 p.m. ET/10 a.m. PT or request a follow-up from one of our benefits technology consultants.
About PlanSource
PlanSource is a technology company that automates and simplifies every aspect of employee benefit programs, so employees and HR teams can make smarter, more confident benefits decisions. More than 7.5 million consumers receive their benefits through the PlanSource platform, which provides the best experience possible for benefits communications, shopping, enrollment, billing, compliance and ongoing administration. With an end-to-end benefits platform and suite of technology-enabled services, PlanSource helps people maximize the benefits of their benefits, so they can live happier healthier lives. Learn more at plansource.com.
PlanSource is a registered trademark of PlanSource, Inc., and PlanSource owns other registered and unregistered trademarks. Other names used herein may be trademarks of their respective owners.