May 27, 2021

Mike Smith - The Foundation of Employee Benefits is Data

31 minutes

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Every employer has health care data. This data allows you to put programs together for cost management, stratify risks, or create well-being programs that are pertinent to your population. But how do you take data that for the most part goes unutilized, and take it to the next level? My guest and good friend, Mike Smith and I discuss the potential that data has to keep employees healthy, lower cost management, and equip people to lead healthier lives by releasing data into their hands.

Mike Smith is the Vice President & Partner of Lockton Companies, who provides clients with creative solutions in risk management, insurance and employee benefits consulting. Mike is a salesperson who doesn’t sell anything. Rather he focuses on learning client goals and challenges and mutually determining whether these new clients could benefit from Lockton’s approach to helping businesses.

[00:01 - 06:20] Opening Segment

I welcome Mike Smith and he tells us about himself

Mike shares a story of his time at Prudential Financial

Manually completing employee census data

Using data as the foundation for employee benefits programs

[06:20 - 15:38] Utilizing Data In Covid-19

HR was and is at the crossroads of COVID-19

How Lockton Companies help their employees throughout the pandemic using data

Navigating individuals right to privacy and public health in regards to vaccination

HR’s challenge in keeping employees safe when going back to the workplace

[15:56 - 27:29] How We Can Use Data For Cost Management

Lockton Companies’ utilization and investment in a data warehouse

Using data as a cost management tool in organizations

How big tech is turning it’s eye to health care by utilizing wasted data

Democratizing data to equip people to manage their own health care, costs and benefits

[27:30 - 30:30] Closing Segment

Summary of our conversation and final points

Final Words

Tweetable Quotes:

“Using data is always a little bit like driving down the highway while using the rear view mirror. So you’ve got to always be careful.” - Mike Smith

“You can’t fight the facts and data is the facts.” - Mike Smith

“Taking art and science and blending them together is a great way to make decisions. To take them solely in their own silos, to just think about art, or science, or data, or gut feeling, really doesn’t make sense anymore.” - Mike Smith

Connect with Mike on LinkedIn

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This show is brought to you by Turetsky Consulting LLC, our company providing business consulting on Analytics, HR Processes, and Rewards with a focus on getting answers that organizations need by demystifying People Analytics.

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