Tuesday, February 23, 2010

The Value of Data Analysis & Segmentation for Prepaid Healthcare Portfolio

Jody Dietel, Compliance Officer, WageWorks

WageWorks collaborated alongside Visa in order to complete data analysis. We have just begun to hit the surface with data analysis within the prepaid healthcare portfolio. WageWorks identified 8 business metrics that distinguish the performance of employers, and then used the metrics to establish the following segments:

- Number of FSA Accounts
- Year Over Participant Growth of FSA Accounts
- Account Persistency Rate
- Election Amounts
- Elections Amount Usage
- Visa Transaction Activity
- Visa Spend Activity
- Paper Claims Activity

There are different needs for different clients and so for each segment WageWorks established a communication strategy which involved primary and secondary communication. Many people can be in a segment where they don’t use technology and are not familiar with it so it’s the company responsibility to let them know how to use it and where they are able to use the cards.

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