Our lives are busier, more complex and face more constraints and uncertainty than ever before. This is especially true for brokers and consultants, who face an ever-growing mountain of data and decisions around client offerings. Fortunately, brokers can now turn to data-enabled tools to save money, spot fraud and deliver better plans. By leveraging data, not just to describe an outcome but to take automated actions, brokers can remain competitive and offer a more personalized approach to benefits plans development.
From descriptive to predictive to prescriptive
A typical data journey begins by looking at past data to describe what happened before evolving to using data to predict what is likely to happen. It then uses this knowledge of the future to prescribe actions that will lead to the best outcomes. Benefits platforms and tools that can combine these techniques over historical and current data are key to unlocking the power of prescriptive analytics for brokers and their clients.
Predictive analytics tell us what is likely to happen next by using statical models and forecast techniques to understand the future. But without taking action and without engaging with prescriptive analytics, the value in having knowledge of the future is lost. The real power comes from using data to influence action and outcomes. Prescriptive analytics focuses on the actions we should take to increase our chances of producing the best outcomes.
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