Staying competitive in today’s job market is more crucial than ever, especially when it comes to employee benefits. As companies strive to attract and retain top talent, the effectiveness of their benefits offerings can be a game changer. One key way to ensure your benefits package remains competitive is through comprehensive benchmarking. This is where your broker’s expertise plays a vital role.

The Importance of Benchmarking
Benchmarking your benefits involves comparing your plans and offerings against industry standards and peer group data. This process not only helps identify areas for improvement but also provides insights into how your benefits stack up against competitors. Metrics such as premium costs, plan design features, employee contributions, and utilization patterns are essential to assess your competitiveness and effectiveness.

BSI and Innovu: A Powerful Partnership
At BSI, we leverage an industry-leading data analytics engine, Innovu, to enhance our benchmarking capabilities. Innovu processes all claims on a monthly basis, providing real-time analytic dashboards that allows BSI and our clients to monitor critical cost drivers and performance metrics associated with medical and Rx claims. This continuous monitoring helps us keep a pulse on claim performance, high claimants, Rx programs, and other strategic areas.

By analyzing data from over 90 million member lives, Innovu empowers us to deliver relevant claims forecasting and completion, along with robust benchmarking against regional and national cost standards. This wealth of information enables BSI to conduct thorough assessments of our clients’ benefits plans, pinpointing opportunities for improvement and enhancement.

Strategic Conversations Driven by Data
Our partnership with Innovu fosters meaningful discussions around plan design and benefit options. With access to high-level actionable insights and granular data, BSI can guide clients into developing long-term strategic plans that align with their employees’ specific needs. We analyze market trends and benchmark against industry peers, ensuring our clients stay ahead of the curve.

Through detailed reports, we dive deep into claims data, enrollment trends, and cost drivers, helping identify avenues for improvement and potential cost savings. This level of analysis not only quantifies differences in performance but also highlights opportunities that can significantly enhance the value of our client’s benefit offerings. For example, JustBorn, the iconic maker of Peeps and Mike and Ikes, recognized the need to elevate their benefits offerings to remain competitive. By leveraging BSI’s insightful benchmarking data, they undertook a comprehensive overhaul of their benefit plans. This strategic investment led to significant enhancements in their dental and vision plans, improving benefit limits and cost-sharing structures.The result? A more attractive and competitive benefits package that positions them as an employer of choice.

Similarly, Northampton Area Community College transformed their benefits strategy with BSI’s expert guidance. By aligning their dental offerings with industry benchmarks and revamping their HSA plan, NCC moved from below average to exceeding expectations across the board. Both organizations have successfully enhanced their employee benefits, demonstrating that strategic investment in benefits not only attracts top talent but also fosters a satisfied and engaged workforce.

Why Benchmarking Matters
In an era where employee benefits can make or break a company’s ability to attract and retain talent, it’s imperative to have a broker who prioritizes benchmarking. With BSI’s cutting-edge data analytic capabilities and our commitment to continuous improvement, we provide the insights needed to ensure our client’s benefits program remains competitive. If you’re not currently leveraging these tools and strategies, it might be time to reassess your approach to ensure you’re offering the best for your employees.