Known as ‘Benefit Profile’, the new tool assists brokers and employers to design and offer tailored employee benefits plans to suite the requirements of the workforce in the US.
Using employer-specific demographics and industry benchmark data, the tool develops insights, which in turn are used by brokers to design and recommend optimal benefits plans and enrollment strategies to employers.
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Sun Life US Distribution Operations vice-president Tom Gilligan said: "Rising health care costs are forcing employers to find new ways to maintain an attractive benefits package without breaking the bank.
"The Benefit Profile provides brokers a new level of analytical sophistication to help employers adopt the best benefits plan design given the various demographic profiles within their workforce."
Features of the tool include analyzing the demographic composition of a workplace in terms of gender, age, and income as well as correlate the data to incidence rates for medical issues.
It also exhibits demographic buying patterns of relevant insurance solutions and illustrates benefits offerings of rival employers in the same industry and region.
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By GlobalDataSun Life operates as a stop-loss provider in the US. At present, the company is also developing a stop-loss analytical tool to enable brokers support self-funded employers, and those who are in the process of turning self-funded.
