Benefits Plan Benchmarking System for Insurance Premium Assessment
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Solution Overview
Problem
Employers face difficulties in selecting benefits plans for their employees due to the complexity and lack of readily available information, making it tedious and time-consuming to determine competitive premium percentages for insurance plans.
Innovation Solution
A method and apparatus for dynamically modeling and benchmarking benefits plans, which retrieves and displays insurance profiles against benchmark scores, allowing employers to compare their premium payments to industry standards through a graphical user interface, facilitating informed decisions on plan selection and renewal.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If employers manually research and compare insurance plans from multiple providers, then they can gather comprehensive information about plan features and premium percentages, but the process becomes tedious, difficult, and time-consuming
Solution Approach 1:
The patent combines multiple insurance provider data sources, plan features, premium information, and benchmarking data into a single integrated online system. This merging allows employers to access comprehensive insurance plan information from multiple providers simultaneously through one interface, eliminating the need to manually research each provider separately and significantly reducing the time required for benefits plan selection
Solution Approach 2:
The patent introduces an online benefits management system as an intermediary between employers and multiple insurance providers. This intermediary automatically collects, processes, and presents standardized plan comparisons with benchmarking data, transforming the complex task of manual research into an efficient automated process that delivers comprehensive information quickly
2Measurement precision
If employers analyze multiple insurance plan features, coverage options, and premium percentages from different providers, then they can make informed selection decisions, but the complexity of processing and comparing this information increases
Solution Approach 1:
The patent transforms complex insurance plan data into standardized, comparable parameters including premium percentages, coverage categories, and benchmark scores. By converting diverse plan features into uniform parameter formats with visual indicators, the system enables precise premium percentage assessment while reducing the perceived complexity for employers making selection decisions
Solution Approach 2:
The patent applies different levels of detail and analysis to different aspects of plan comparison. Benchmarking data provides high-level summary statistics for quick assessment, while detailed plan features and coverage options are available for in-depth analysis when needed. This localized quality approach allows employers to efficiently assess premium percentages at a glance while accessing comprehensive details only when necessary
Data Source
AI summary
A method and apparatus for displaying group employee insurance information against benchmark information. Insurance profiles for business entities are retrieved from a data structure. A benchmark score corresponding to a benchmark category is generated for a current insurance profile of a selected business entity using the insurance profiles. The benchmark score indicates a portion of a selected premium for the current insurance profile that is paid by business entities that fall within the benchmark category. The current insurance profile is displayed in a graphical user interface on a display system. The benchmark score is displayed in association with the current insurance profile in the graphical user interface to aid a user in managing the employee insurance. Displaying the benchmark score in association with the insurance profile allows the user to more quickly and easily assess payment of the selected premium for the insurance profile in comparison to benchmark category.