If you’re like most employers, your benefits data sit in separate databases at different vendors. You really don’t think much about the data itself, relying instead on vendor reports to see how much your plan is costing you and the most prevalent conditions in your population.
This might have seemed like a good idea once, but times have changed.
You need control of your benefits data because:
Employers providing group benefit plans are subject to the terms of ERISA. The regulations apply to private-sector, for-profit and non-profit entities, and to both fully insured plans and those that are self-funded directly by the employer or union. Fiduciary responsibility is important, but not the focus of this blog.
Today’s technology presents a lot of options for you to store your data, but not all storage platforms are equal. Here are some critical items to consider when evaluating a data storage strategy for your employee benefit data:
Computer hacks, malicious malware, and phishing scams are dominating the news. You need to make sure your data is protected.
This is an important question. You may not realize the various data elements you and your advisor/broker could have stored. The more elements you warehouse, the more insight you can generate if you decide to analyze the data. It’s critical that you partner with a vendor that embraces best practices in data storage.
Your benefits data is waiting to reveal critical insight about trends, cost drivers, and the health of your employees, so the vendor you choose should do more than store your data. The vendor should also integrate and analyze your data so you can improve benefits plan performance across all your programs.
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