Today we have launched MAXIS WIT (Wellness Intelligence Tool), a new digital service to help organisations calculate potential medical cost savings resulting from changes in employees’ behaviours and lifestyles. The tool provides evidence-based insights to help organisations quantify the impact that behaviour change could have on the health and productivity of employees. The tool was developed in partnership with actuarial consultancy Habits at Work.
MAXIS WIT integrates comprehensive global data sets from such leading bodies as the World Health Organisation (WHO) and Centres for Disease Control and Prevention (CDC) and incorporates actuarial assumptions that have been benchmarked against Technical Actuarial Standards (TAS) 100. The tool is customisable, enabling organisations to insert their own company’s values, including medical claims data, employee turnover and identified medical cost trends. At launch the tool includes data for 26 global markets including the United Kingdom, Russia, China and the UAE, with a pipeline being established for the inclusion of additional countries in future.1
The tool has been designed to be easy to use. In just three steps, users can create a report that will calculate the potential savings they could make on their organisation’s medical costs. Having selected the country, they wish to implement a wellness campaign in, users then see sliders representing seven health-related behaviours: exercise, healthy eating, sleep, smoking, stress management, talk intervention and drug adherence.
The sliders feature the current status for employees’ specific health-related behaviours, detailing the percentage who currently display optimal behaviours. Users can then set an improvement target for a specific health-related behaviour. Assuming behaviour change interventions are successful, the tool enables multinationals to estimate potential cost savings for each health-related behaviour, whether they choose to set a conservative or ambitious target.
Matthias Helmbold, Head of Technical & Services, MAXIS Global Benefits Network, said: “MAXIS WIT empowers employers and helps them to build an evidence-based case for funding and implementing targeted wellness programmes. Caring for employees’ health and wellbeing is becoming increasingly important for multinational employers as it can help improve retention rates, reduce sickness absence and boost productivity. Targeting negative health-related behaviours with specific wellness interventions can help companies improve their employees’ quality of life while reducing medical costs, which continue to rise at a rate faster than inflation across the world.
“MAXIS WIT isn’t intended to evaluate the quality or success of a corporate wellness programme but simply to provide an indication of the potential savings that could be generated by a change in employees’ lifestyles and behaviours. This can be extremely useful when evaluating the benefits of one initiative over another or building a business case for implementing a behaviour change programme.”
The tool enables users to check within their organisation which of the seven identified behaviours would be likely to have the biggest combined impact on the health of the workforce. Analysing clusters by geography, company experts can build a regional business case for wellness interventions and track outcomes against other markets to benchmark the success of interventions over time. The automatically produced reports can then be used to help build a business case for wellness campaigns.
MAXIS WIT is available to our clients who receive an annual health and wellness paid claim report as part of their global programme. The tool is accessible via the OneClient portal. For more information, watch the video below or see the slipsheet.
1 Market data available at launch for 26 markets - China, Costa Rica, Cyprus, Ecuador, Egypt, El Salvador, Greece, Guatemala, Honduras, Jordan, Kuwait, Lebanon, Malaysia, Mexico, Nicaragua, Oman, Pakistan, Panama, Qatar, Russia, Thailand, UAE, UK and Vietnam
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This document has been prepared by MAXIS GBN and is for informational purposes only – it does not constitute advice. MAXIS GBN has made every effort to ensure that the information contained in this document has been obtained from reliable sources but cannot guarantee accuracy or completeness. The information contained in this document may be subject to change at any time without notice. Any reliance you place on this information is therefore strictly at your own risk.
About MAXIS GBN
MAXIS Global Benefits Network (MAXIS GBN), co-founded by MetLife and AXA in 1998 is one of the leading international employee benefits networks providing global service capabilities and delivering world-class employee benefits perspectives and solutions to clients in over 120 markets around the world. In February 2016, MetLife and AXA further strengthened their relationship by combining all of its MAXIS GBN existing operations under a joint venture company. This transformation helps leverage the existing strength of the network and its two parent companies while further enhancing the client experience, focusing on product innovation and providing data analytics. For more information, please visit www.maxis-gbn.com
The MAXIS Global Benefits Network (“Network”) is a network of locally licensed MAXIS member insurance companies (“Members”) founded by AXA France Vie, Paris, France (AXA) and Metropolitan Life Insurance Company, New York, NY (MLIC). MAXIS GBN, registered with ORIAS under number 16000513, and with its registered office at 313, Terrasses de l’Arche – 92 727 Nanterre Cedex, France, is an insurance and reinsurance intermediary that promotes the Network. MAXIS GBN is jointly owned by affiliates of AXA and MLIC and does not issue policies or provide insurance; such activities are carried out by the Members. MAXIS GBN operates in the UK through UK establishment with its registered address at 1st Floor, The Monument Building, 11 Monument Street, London EC3R 8AF, Establishment Number BR018216 and in other European countries on a services basis. MAXIS GBN operates in the U.S. through MetLife Insurance Brokerage, Inc., with its address at 1095 Avenue of the Americas, NY, NY, 10036, a NY licensed insurance broker. MLIC is the only Member licensed to transact insurance business in NY. The other Members are not licensed or authorised to do business in NY and the policies and contracts they issue have not been approved by the NY Superintendent of Financial Services, are not protected by the NY state guaranty fund, and are not subject to all of the laws of NY.