Analytics

At Dominion Benefits, our thorough, unbiased approach and supporting proprietary analytic tools allow us to aggressively manage benefit costs. Our BENEFIT SELECT® models (patents pending) go far deeper than the typical market summary of rates and plan options; in fact, we provide value scoring, employee exposure estimates and much more.

BENEFIT SELECT® delivers:

Less internal analysis
Improved decision making
Long-term benefit planning
Optimal results – costs under control, no surprises

Our BENEFIT SELECT® analysis:

Highlights cost-drivers and identifies options
Quantifies the value differences among plans and uncovers the optimal carrier and plan designs
Provides Finance and Human Resources leaders with clear, actionable information
Quantifies employee expected cost for each plan option

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A detailed summary of our suite of BENEFIT SELECT® analytic tools is included in this section of our site. While they facilitate the delivery of information, our commitment goes well beyond modeling techniques. For each client, we invest the time and effort needed to do a thorough analysis. Contact us today to learn more.

The BENEFIT SELECT® suite of tools:

VALUE SELECT^SM: Medical, Dental and Disability Analysis
Facilitates optimal plan selection by calculating a “value” score and expected out-of-pocket cost for each alternative.

COST TRACKER^SM: Health Data Tracking and Trending
Serves as data repository for medical claims experience. Smooths data using regression analysis. Results in identification of cost drivers, understanding of trends and a forecast for future renewal actions..

FUNDING SELECT^SM: Self-funding and Reinsurance Analysis
Assesses the risks, rewards and probabilities associated with self-funding versus insuring to help make sound business decisions about self-funding. This tool also quantifies the probability of claim cost outcomes to target the appropriate amounts of reinsurance coverage.

BENEFIT PLANNER^SM: A Multi-year Design Model
Enables the employer to maintain a proportionate balance between the employees’ and employer’s share of plan cost. It also identifies what benefit design changes are appropriate for the inflationary environment.

CONTRIBUTION PLANNER^SM: Employer/Employee Contribution Analysis
Facilitates multi-year evaluation of employer/employee contribution to premium, a critical factor in budget planning and staff recruitment and retention.

RISK MANAGER: Plan Assessment Analysis
Helps clarify an understanding of employee selection trends, demographic shifts, risk management issues and other factors that influence cost.. Sound risk management leads to stable pricing.