by Emma Tupa
Have you ever wanted detailed analytics that empower you to make educated decisions about how to grow and manage your benefit offerings? Or help you know where you stand against similar companies?
Thanks to benefit analytics from WEX, you can.
We’re dedicated to giving our partners, and their employers, comprehensive analysis across core health products that provide the insights they need to make data-driven, strategic benefits decisions.
With benefit analytics, WEX partners can:
- Evaluate account and plan performance to optimize benefit offerings.
- Assess operational efficiency to drive client satisfaction and retention.
- Measure consumer engagement to maximize account growth.
- Benchmark performance to gain powerful insight about market position.
And that’s just the half of it! WEX partners can also offer employers their own set of analytics, which allow them to:
- Track employee engagement to improve future benefit offerings.
- View how employees interact with their benefits to identify education gaps and promote utilization.
- Compare benefit offerings to similar companies in their market.
With this level of information, it’s even easier for WEX partners and their employers to make strategic, competitive benefits decisions.
Want to get granular? Keep reading! (Or, contact your PAE to have a conversation about how benefit analytics can transform and simplify the way you do benefits.)
Benefit analytics for partners
Evaluate account and plan performance to optimize your benefit offerings.
Have you ever wondered if you’re offering the right options to your clients? Supporting your employers and their participants (and driving revenue) with strategic offerings shouldn’t be a guessing game.
And with our analytics, it’s not. You can correctly identify what offerings work best for your clients (and your bottom line) and use that data to drive your decisions.
Assess operational efficiency to drive client satisfaction and retention.
Efficient operations reduce wasted time and wasted money on processes that frustrate clients. Benefit analytics enables you to assess operational efficiency and identify opportunities to improve client satisfaction and retention.
Boosted efficiency is a win-win for your business and your clients.
Measure consumer engagement to maximize account growth.
With our analytics, you can view how often your employers’ participants are interacting with their accounts and how financially ready they are to pay for out-of-pocket expenses. Using this information, you can deploy tactics to help employees understand their benefits, engage with their account, and increase contributions. This helps prepare them for health care expenses AND drives revenue for your business.
When serving your clients and their participants is the goal of everything you do, this data is invaluable.
Benchmark performance to gain powerful insight about your market position.
Knowing how you compare to the marketplace is key to understanding how your business is performing.
Using our analytics, you can easily compare your performance with the rest of the WEX ecosystem (which includes hundreds of thousands of employers and tens of millions of consumers) and use that to inform decisions about how to boost performance or differentiate yourself from the market.
If your employers have ever asked to see the data for themselves, keep reading!
Benefit analytics for employers
Without access to data, it’s incredibly difficult for employers to make educated decisions about what benefits to offer their employees. Here’s how you can leverage benefit analytics to help employers feel confident in their benefits offering.
Track employee engagement to improve future benefit offerings.
With our analytics, you can empower your employers to see for themselves how employees are using their accounts — and how financially ready they are to pay for out-of-pocket healthcare expenses.
This lets them see what works (and what doesn’t) for their team, and when it’s time to renew, they can confidently optimize their benefits package to fit the needs of their employees.
View how employees interact with their benefits to identify education gaps and promote utilization.
Using our analytics, your clients can see how often their participants are interacting with their accounts, how much they contribute, and where they are spending their benefits dollars.
This helps employers identify what benefit design and education decisions are needed to help their employees use and take advantage of their accounts.
Compare benefit offerings to similar companies in their market.
Your employers can use this information to make strategic decisions about how to boost performance or differentiate their offerings from similar companies.
Contact your Partner Account Executive (PAE) for more details about how you can start taking advantage of benefit analytics from WEX.
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel.