MILWAUKEE, Wis. – The president of InterLutions, a CUSO that provides the I-Care employee benefit solutions, said credit unions need to change their thinking around purchasing insurance and delivering benefits to employees.
InterLutions President Jesse Kohl shared his insights during an HR roundtable the company sponsored that was hosted by the Wisconsin Credit Union League. HR professionals from across the state attended for networking opportunities, idea sharing, and to learn about trends in the human resources space concerning data, technology, and inclusion, according to the company.
Kohl highlighted the latest technology solutions available for credit unions. He also touched on several healthcare claims data reports that human resources departments can leverage to reduce cost and friction associated with offering competitive benefits to their employees.
“A key component of his presentation focused on how the costs of credit union employee medical insurance claims outperform other industries on a per-employee per-year (PEPY) basis,” the organization said. “HR departments can use claims data reports, PEPY trends, and other forecasting metrics to negotiate better pricing from insurance carriers.”
71% Increase Over 10 Years
According to Kohl, the average premium that singles and families paid across all industries in the U.S. in 2018 increased 71% over the past decade, and the trajectory of healthcare costs over the next 10 years will continue to rise at an even faster pace.
“We, as credit unions, owe it to our employees to deliver competitive benefits and to do so, we need to change our way of thinking about how we purchase insurance and deliver benefits,” said Kohl. “Through collaboration, data, and technology, credit unions can provide employees better benefits experiences.”
InterLutions said attendees also learned about modernized cloud-based benefit administration systems that consolidate all plan options in one centralized platform to streamline the benefit management process. Kohl, noting how employee expectations have evolved, added, “Online enrollment, personalized apps, and artificially intelligent telemedicine capabilities are solutions consumers now expect from their employers’ benefit offerings.”