A majority of employers focus on employee demographics to evaluate voluntary benefit offerings, but benefit advisers using data analytics and analysis to more specifically target their clients employee groups and individuals could find better success in creating an appropriate voluntary package.
Fifty-four percent of employers look solely at demographics such as age group and gender to evaluate voluntary benefit options, according to a Towers Watson survey. But, while that information may be valuable, it doesnt completely show benefit advisers the information they need to know to personalize voluntary benefit options and employee engagement, says Lori Black, national voluntary benefits practice leader at Buck Consultants.
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