Mercer Marsh Benefits has introduced Benefits Forecaster in Singapore, a tool for companies to predict their benefits costs with greater accuracy, uncover possible savings opportunities, and assess the sustainability of benefits programs, while providing the data-driven metrics which companies need to track their benefits ROI successfully.
The launch of Benefits Forecaster in Hong Kong, China and the Philippines, will follow in 2017.
The cost of medical benefits are rapidly escalating, as much as 10-20% year-on-year1, and human resources (HR) is being held accountable for this increased spend. This is compelling organizations to find a simpler way of understanding where the gaps and risks exist in their current employee benefits programs. Having this information is critical and will allow them to predict their benefits costs and plan savings in the future.
"Employers in Asia typically collect medical claims history data, absence data and physical check-up data from their employees,” says Liana Attard, Mercer's Consulting Leader for Asia, Middle East & Africa. “But less than 10% of HR professionals use a data driven approach to determine if their benefits program is truly meeting their employees' needs and their bottom line.”
Attard adds that “tapping into the power of employees' data is critical in successfully managing a sustainable and meaningful benefits program."
Michel Faucher, Mercer's Growth Markets Region Employee Health & Benefits Leader adds, "Based on our experience in understanding the difficulties faced by clients in defining and measuring benefits ROI, we are quite certain that leveraging a data diagnostics tool such as Benefits Forecaster can assist in profiling employee health risks and predict future benefit costs, offering innovative interventions that are measurable.
“By coming to the table with data-driven recommendations, HR can influence key decision-makers and be a strategic partner in finding benefits solutions that make sense for their employees and business."