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Big data, data mining, data analytics — there are a lot of terms thrown around in the benefits business, which could confuse the growing importance of this strategy that some professionals say brokerages need to adopt.
When Scott Mayer, vice president of data analytics for benefits brokerage WorkforceTactix in Baltimore-Md. started in the benefits world, he was a group benefits broker. But his firm, which specializes in groups with 100 to 2,000 employee-lives, saw a need to differentiate themselves and Mayer was a key asset to that.
“My focus [as a broker] was on self-funding and our firm focuses more on risk management in addition to traditional brokering,” he explains. “They saw a need for data analytics and didn’t want to outsource that part.” So, Mayer took on a new role. Now he analyzes claims data for their clients, looking for the “smoking gun” in...