SAN MATEO, Calif., April 5, 2016 /PRNewswire/ -- Lumity, a data-driven benefits technology consultancy, today announced the release of an anonymized health expense feature called Health Spending Analytics for their benefits customers. The insights allow employers and employees to monitor and analyze health expenses throughout the year, and see how they're tracking against Lumity's recommended health coverage.
Along with Lumity's health plan recommendation engine, which analyzes employee health needs by previous expenses and matches them with the highest value health plan, Health Spending Analytics provides a real-time look at employee benefit and health spending for a more holistic, ongoing understanding of health benefits usage. The dashboard shows expense metrics such as how many employees have joined each type of health plan offered, how close employees are to meeting deductibles, how employees are using health savings accounts, and more.
"Our entire company exists to provide insights that give our customers a chance to save money without sacrificing the quality of their benefits," says Lumity CEO Tariq Hilaly. "Health Spending Analytics provides much-needed but largely unprecedented transparency into health plan usage. This feature signals what people can continue to expect from Lumity in the future – data driving better benefits."
Employers will be able to track their group's collective usage via an administrator portal, allowing the company to make future health plan decisions based on the current health profile of the group. In addition to the employer advantages, employees will be able to access detailed information about their health plan coverage from Lumity's employee dashboard and monitor their own health expenses.
Wealthfront, an early customer of Lumity, optimized their employee plan design and contribution incentives with the help of the health plan recommendation engine, leading to a six-figure savings on premiums, increased contributions to their employees, and a tenfold increase in health savings account usage. Wealthfront is now poised to use Health Spending Analytics to maintain a high-value, attractive benefits package for their employees.
"What Lumity accomplished is hard to describe. Typically, employees look at choosing benefits with ambivalence at best, and frustration at worst. It's kind of amazing to have multiple employees come up to you and say that open enrollment was awesome," says Wealthfront CFO Ashley Johnson. "The personalized data-driven recommendations for each employee took a huge burden off of us. In addition, our dedicated account team at Lumity handled our entire transition soup-to-nuts, making the transition to new benefits easy. Finally, their real-time expense reporting is continuing to help us more accurately budget and forecast this major expense line throughout the year."
For more information on Health Spending Analytics and how your company can maximize health plan value through Lumity, visit www.lumity.com.
Lumity, Inc. is a data-driven benefits technology company that enables growing businesses to make smart health plan and benefits decisions. With customized insights and powerful tools, Lumity optimizes value and savings for both employers and employees. With Lumity, data drives better benefits. Learn more at www.lumity.com.
Wealthfront is the largest and fastest growing automated investment service. It combines world-class financial expertise and leading edge technology to provide sophisticated investment management at prices affordable for everyone.
Media Contact: Elizabeth Lloyd
Resound Marketing for Lumity
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