Stephens Insurance Introduces STAT, An Advanced Data Analytics Platform For Employee Benefits Planning
- October 28, 2018
Stephens Insurance, LLC today announced the release of STAT, a best in class data analytics platform designed to enhance risk management of employee benefits portfolios. The product was developed in partnership with Benefit Science Technologies, a leader in healthcare analytics. STAT is an exclusive offering of Stephens Insurance.
Data analytics increasingly drive how employers make strategic decisions about employee benefits plans. According to the National Alliance of Healthcare Purchasers Coalition, 83 percent of HR practitioners believe that using advanced analytics to understand how employees use healthcare services, identify high-risk employees and how to intervene effectively is the only way to lower costs and improve financial results. However, many companies lack the tools to do discovery on their own. Stephens’ STAT closes the information gap by providing decision makers with accurate and timely insights that can help make healthcare plans more agile and reduce the need to decrease benefits or shift costs to participants.
STAT employs a three pronged research methodology:
1. Descriptive Analytics – Stratifies risk down to the member level and what each member is likely to cost the plan over the next 12 months.
2. Predictive Analytics – Focuses on what is likely to happen next through advanced data analytics, predictive modeling, and plan design optimization.
3. Prescriptive Analytics – Models billions of scenarios, removing unforeseen inefficiencies and eliminating less favorable options.
“We believe that big data has the potential to transform and elevate how plan sponsors address participant needs. Companies that put this into practice better align their healthcare plans with their corporate cultures and business goals – this is a clear competitive advantage when it comes to employee recruiting and retention. STAT along with the practical knowledge of our account teams and medical and pharmacy directors are integral to how we help organizations manage plan risks and promote a positive health and wellness culture in the workplace,” said Tom Kane, Executive Vice President, Director of Life & Health, at Stephens Insurance.
About Stephens Insurance, LLC.
Stephens Insurance is headquartered in Little Rock, Arkansas and is one of the largest privatelyowned insurance brokerages in the MidSouth. There are currently more than 170 associates throughout Stephens Insurance’s network of offices in Fayetteville, Dallas, Austin, Jackson, Houston, and Birmingham. Stephens Insurance National Producer #8844362
About Stephens Inc.
Stephens Inc. is a fullservice investment banking firm headquartered in Little Rock, Arkansas. Since its inception in 1933, privately held Stephens Inc. has served a broad client base which includes corporations, state and local governments, financial institutions, institutional investors and individual investors throughout the United States and overseas. For more information, visit www.stephens.com.
About Benefits Science Technologies
BST provides data analytics software/analysis to employers and consultants to help manage the risk of self-funded health plans. The firm improves connection to data, empowers optimal decisions to control costs, and improves quality of care for plan members.
Founded in 2012, BST is recognized as a world-leading research and applied science team, applying advanced analytics and Robust Optimization to complex health insurance decisions. The MIT-trained team is led by a 30-year MIT professor and Co-Director of the Operations Research Center. BST combines world-class technical knowledge and practical financial experience.
A powerful and unique feature of the platform lies in its ability to provide prescriptive recommendations. BST’s Health Plan Optimizer designs optimal health plan configurations while obeying overall premium, business quality, and other plan owner-specified criteria.
BST enables consultants/brokers and employers to model “what if” scenarios for plan configuration, including stop loss and supplemental plan design. BST delivers timely, customized business intelligence, tailored to the specific healthcare needs of the group. This empowers decision-makers to maximize every healthcare dollar. BST is headquartered in Boston, MA, with offices in Atlanta, GA, and Houston, TX.
Media Contacts
Chenoa Taitt, Stephens Inc.
2128911742 / chenoa.taitt@stephens.com
Holly Lenderman, Stephens Inc.
5013778279 / holly.lenderman@stephens.com
Media Contacts
Benefits Science Technologies
Mark Hufham mhufham@benefitsscience.com