Predictive Modeling: It's Now a Necessity
Historically, companies have relied solely on cost-based strategies to make portfolio decisions. Although cost remains a critical consideration, cost alone doesn't determine customer behavior, customer demographics or specific client utilization.
Through technologically advanced computer software, clients can process and utilize significant amounts of data. Predictive modeling uses actuarial computations that forecast five, ten and fifteen year cost modeling, based upon a multitude of criteria. Despite these advances in information technology, many small businesses continue to assess their benefits position with inadequate, antiquated tools. Companies must leverage information and data when making critical decisions.
Current economic and legislative changes are creating new challenges for employers. At Walker Winslow, we listen closely to each company's specific needs and goals. Compiling the correct data for an actuarial risk assessment with predictive modeling provides a unique understanding of your organization based upon the numbers, history, current challenges and future expenditures. The following process is the foundation for your long term "Strategic Benefit Plan" solution.
- Evaluate client employee benefit portfolios to provide a plan solution.
- Forecast each plan's financial needs using state-of-the-art predictive modeling techniques and state-of-the-art actuarial software from Milliman.
- Provide clients with information required for meaningful financial decisions.
- Provide clients information on updated legislative, regulatory and industry compliance matters.
- Provide plan details that will effectively communicate the proposed changes and benefits for the company and its employees.