In order to raise health savings account (HSA) accumulation and raise awareness behind HSAs and heath care costs, Optum bank has updated its data and analytics tool, Health Finance Journey.
The model, which implements “behavioral science and advanced analytics” to gauge why consumers behave the way they do, groups clients into microsegments based on mutual characteristics and incentives. These clustered, shared interests between consumers allows employers who sponsor HSA-qualifying insurance plans to develop targeted communications for their employees, which can then grow health care savings, says Optum.
“Employers want access to the latest data-driven analytics and tools that help their employees save for their current and future health care needs,” says Deb Culhane, president and CEO of Optum Bank. “The Health Finance Journey’s enhanced capabilities offer employers better strategies to help them communicate the right messages, to the right employees, at the right time. We are very encouraged by the initial results of applying this updated model.”
The company recently analyzed almost 200,000 de-identified accountholders and identified natural segments and cluster, says Optum. Over 2,000 attributes based on HSA contributions and distributions, account tenure and consumer behaviors were then created, leading to an end result of 20 microsegments that can be targeted with specific communications relevant to them.
Optum says the enhancement has already shown results. Overall, accountholders who were targeted with new messages based on the enhanced Health Finance Journey increased their balances, became eligible to invest, and chose to open investment accounts. Specifically, the enhanced tool resulted in a 26% increase in one-time contributions, an increase of average balances of 12%, and a 23% increase in investment account openings.
More information about Health Finance Journey can be found here.