Capita Employee Benefits has launched a new health analysis tool which it claims can help to save an average of 20% in health and risk benefit spend.
The Corporate Health Analysis Tool (CHAT) analyses data from the entire suite of benefits offered by a company, in order to gain comprehensive and specific information of the key health issues affecting the employer's workforce.
It also provides information on projected insurance costs and the likely impact on the company's financial position.
Piloted with a City-based financial services firm which had seen rising costs over the past five years, the tool lowered private medical insurance (PMI) costs by 30% with absence rates dropping by 8%.
Capita Employee Benefits director of employee benefits Glen Campbell said: "It produces the necessary data and analysis to evidence what changes need to be made.
"The redesigned solution will help the client reduce absence and increase return to work timeframes, as well as continuing to attract and retain staff. We estimate that on average, CHAT can help result in a saving of around 20% of a company's health and risk benefits spend."