Data and information management

The approach enables plan sponsors to spot utilization trends and the effects certain programs have on retention, according to ADP’s Marc Rind.

Plan sponsors would be wise to ask their healthcare vendors if they have insurance policies in place to cover data breaches and other risks, according to USI’s Paul King.

Plan sponsors would be wise to ask their healthcare vendors if they have insurance policies in place to cover data breaches and other risks, according to USI’s Paul King.

Employee information uncovers specific issues and provides action points for clients, leading to more business for advisers, says Crawford Advisors’ Scott Mayer.

Retirement plan sponsors should develop a comprehensive risk management strategy that includes the periodic review of contractual protections with their TPAs.

Pension plans and welfare plan all store personal data on each participant and beneficiary, ranging from social security numbers and addresses to date of birth and health information. The more immediate and available personal data becomes, the greater the risk for a potential breach or unauthorized disclosure or access, as is evident from the cyber attacks on major retail operations, health care providers and the government.

Adviser Alex Assaley and his agency built a Web platform to help plan sponsors educate employees and relieve their money distress.

Adviser Alex Assaley and his agency built a web platform to help clients educate employees and relieve their financial distress.

Big data will lead to better informed plan recommendation engines, resulting in more educated benefits decision-making and a better user experience for employees, says Businessolver's Jon Shanahan.

Big data will lead to better informed plan recommendation engines, resulting in more educated benefits decision-making and a better user experience for employees, says Businessolver's Jon Shanahan.