Meet the Innovators
- Chris
- Apr 6, 2018
- 2 min read
I spent most of last week at NFP’s annual Strategy Summit, sharing ideas with other benefits consultants and learning about the latest trends in benefits management and compliance. In one of my favorite sessions, I learned about NFP’s new Innovation Lab: a business unit that plans to search for the next big thing in HR and benefits technology and make investments in those companies. Most agree (as I’ve written about in this space) that we operate in a market segment ripe for disruption and innovation.
As part of the Innovation Lab rollout, NFP hosted a “Tech Alley” reception where consultants got to mingle with representatives from about 20 companies that they view as innovators. Some of them were quite cool, and I thought I’d share a few of them with you.
Dental insurance is one of the last places I would think of when I think “innovation.” Thankfully the folks behind Beam Dental are thinking a little further outside the box. Picking up on the theme of wearables and other smart devices targeted at diabetes or COPD management, Beam seeks to incentivize employers and members to follow ADA guidelines on tooth brushing. Beam provides their members smart toothbrushes that track brushing activity. The more your members brush their teeth, the lower your dental rates. We’re looking forward to starting to show Beam as an option to our groups within the next few months.
In my last post, I bemoaned the lack of data available to members enrolled in high deductible health plans. Amino is working to fill those gaps. Their product guides members toward high-quality, affordable healthcare, and the data is customized based on the employer’s plan. This is really the type of technology I was pining for in the post linked to above.
We’ve been talking more and more to employers about financial literacy and assistance programs. Increasingly, we’re looking at financial health as part of an employee’s total well-being, and incorporating literacy efforts into wellness programs. And student loan programs are becoming a more common employee benefit. Kashable looks at yet another angle – they provide a loan program for employees to tackle unexpected expenses. I heard at the conference that 63% of Americans could not come up with $500 in cash in the event of an emergency. Kashable gives employees a way to find these funds without going to high-interest credit cards or taking a loan from their 401(k).
Maybe the most ambitious idea I saw was HealthJoy. Similar to Amino in their aim to get members to higher quality, more affordable healthcare providers, HealthJoy goes a few steps further to integrate a number of elements of the member’s engagement with the health insurance system. Through an app, members engage with a HealthJoy in a manner similar to texting or instant messaging. They can ask a question about their health, or how to find a provider (for example). HealthJoy then guides them to good decisions… or if they need it, direct to telemedicine. The representative I spoke with said that HealthJoy aims to be the only point of access the member needs to their health insurance – in other words, they shouldn’t need to go to multiple websites or toll-free numbers with any questions about their coverage or care.
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