By: Mr. Jonathan Pugh, Executive Head Mercer Marsh Benefits South Africa
Mercer Marsh BenefitsTM launches digital solution BenefitMAPTM to help employers address rising healthcare plan costs
- Global medical costs increased on average 9.5% in 2017, nearly three times the estimated inflation rate in major economies
- While employers are increasingly impacted by complex employee health benefits challenges, they are often unable to quantify cost
- Adopting a holistic, anticipatory approach to employee benefits risk with BenefitMAP will help employers manage cost and improve outcomes
To enable organisations to better manage the increased risk and complexity associated with the costs of their employee healthcare benefit plans, Mercer Marsh BenefitsTM, Marsh & McLennan Companies’ international employee benefits business, announced the launch of BenefitMAPTM. A global digital platform, BenefitMAP uses a combination of data, analytics, and technology to provide employers with an anticipatory approach to managing the costs associated with their benefits programs.
With medical costs of private plans increasing at almost three times inflation in most major economies, companies are facing complex healthcare challenges that can materially affect their ability to grow.
Combining benchmarking data with plan design elements that are calculated based on local conditions, BenefitMAP enables organisations to identify savings tailored to their specific needs. Companies can also project their plan costs with greater certainty by incorporating trends such as historical experience and medical inflation, as well as Mercer Marsh Benefit’s proprietary aging factor. BenefitMAP incorporates specific market conditions, regulatory factors, price-driving local variables, and claims benchmarking data covering all geographies, for a global view of a clients program.
“We are now in a position to better quantify the value and return on employer-sponsored employee benefit plans that clients expect,” said Andrew Perry, Managing Director, Mercer Marsh.
Mercer Marsh BenefitsTM invests in global digital analytics to address increasing risks and uncertainty around employer sponsored global healthcare plan costs.
Benefits. “In an industry that is rapidly evolving, BenefitMAP gives employers real-time understanding of their benefits budgeting options and puts their capital to optimal use.”
“By delivering transparent historical and future views into a company’s cost of coverage, BenefitMAP helps employers better manage current healthcare costs, and project future costs to improve benefit program outcomes for a happier, healthier workforce.”
“The medical trend rate continues to exceed inflation rates, resulting in great uncertainty around the costs of providing a good standard of healthcare coverage to employees With healthcare program costs rising significantly, employers need to find a balance between meeting their company’s expense expectations and caring for their workforce effectively.”
To learn more about BenefitMAP or watch the 2-min video, please click here.