Optum Bank Uses Artificial Intelligence and Advanced Analytics to Increase Health Savings
NEC member Optum Bank recently enhanced its data and analytics tools to better aid clients in increasing their health savings account (HSA) savings, while also providing them with a deeper understanding of how to put their has funds toward health care costs. Using the software that combines Artificial Intelligence (AI) and advanced analytics, clients are already reporting higher savings rates, greatly alleviating the costs of care.
Optum Bank’s updated Health Finance Journey uses a combination of behavioral science and advanced analytics to better estimate what motivates consumers to behave in certain ways. This data allows employers that sponsor HSA-qualifying insurance plans to study unique insights so that they can work to develop individually relevant communications that help employees save. Overall, positive results disclose that accountholders who received these individualized messages have witnessed balance increases, and many have taken the next steps in opening investment accounts.
Deb Culhane, President and CEO of Optum Bank, said, “Employers want access to the latest data-driven analytics and tools that help their employees save for their current and future health care needs. 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 NEC congratulates Optum on the development of this pivotal new tool and thanks them for their commitment to health care affordability.