With revolutionary technology, Finance and HR Directors will be able to access, in real-time, data on their policy, bringing new levels of transparency that ensures their spend best addresses their workforce’s needs.
Precision Analytics, resolves the demand for real-time data, allowing customers, potential customers and Employee Benefit Consultants the ability to ‘deep dive’ into their data‘, as far and as detailed as they require – analysing the minutiae of their company information from medical conditions to demographic factors, helping identify trends and benchmark data.
With healthcare spend routinely growing at 10% per annum, customers want to quantify the value of all that they spend through the ability to forensically assess and interrogate the trends within their businesses. The growing demand for transparency and collaboration with their health insurance providers and the arrival of pioneering technology, makes the power of Precision Analytics irresistible.
Aside from enabling ‘real time reporting’ of claims spend, the platform allows customers to look at various ‘what if’ scenarios to assess the impact of benefit design changes on scheme expenditure. Precision Analytics is designed to inform decision making and will stimulate debate around a whole range of subjects in relation to a company’s strategic healthcare needs.
Traditionally, management reporting for large corporate schemes has been in the form of a one dimensional ‘hard copy’ standardised report – the only innovation seemingly was upping the quality and feel of the report, but the information remained the same: static, generic and (the moment it was printed) out of date. The problem with this traditional approach is that the reports are backward looking and prompt more questions than answers, hardly making the most of those all-important review meetings with your insurer/provider.
Precision Analytics helps Finance and Human Resource Directors and their teams do their job better, quicker and more accurately. It helps report on performance, monitor results and make better, more informed and more timely decisions. All faster, more easily and more accurately than ever before.
Julian Stainton, the Chief Executive of WPA, says "Precision Analytics gives incredibly detailed analysis to all claims expenditure for large companies. Indeed, we have invented the smart electricity meter for the Corporate Healthcare market. Precision Analytics is only possible because we have invested significantly over the last 3 years in our underlying technology. DELOS, ‘our autonomous operating system’ is now fully operational and has successfully automated the majority of our business. Precision Analytics is the first chance for our customers to put our renewed processing power through its paces”.
Rachel Riley, WPA’s Commercial Director for WPA’s Global Brands adds: “Precision Analytics is a dramatic advance in transparency, something which our industry has a poor reputation for. We, at WPA, are determined to cast this aside”.
Sue Knowles, Marketing / Admin Director of Costco UK who has been testing the beta version of Precision Analytics observed that it “enables us to understand how our employees are utilising our benefits, the real cost to the business and allows for accurate forecasting. We consider this introduction by WPA to show once again their forward thinking and their understanding of their client needs. I would expect nothing less from such a great company.”
Precision Analytics is being provided to customers and Employee Benefit Consultants by WPA as a ‘no cost’ added-value service to their market-leading Account Management services. There is also a version for prospect customers who, through a scalable trial version, can appreciate the power of Precision Analytics as well as the versatility of WPA.
This is the first service in the Precision family and further launches are anticipated during 2017.
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