Vancouver’s CloudAdvisors has unveiled a brand new innovation to the employee benefits industry.
Like a credit score but for employee benefits, the Bar Score from CloudAdvisors represents a revolutionary technology in employee benefits evaluation and insurance transparency.
The Bar Score uses an AI ranking system that is predicted to replace the traditional approach of benefit brokers. The automated system simplifies the complexity of benefit programs instantly by summarizing thousands of data variables.
Prior to CloudAdvisors, the process of benefit plan evaluation took weeks of manual review, often leading to loss of insights and opportunities.
“The Bar Score is an objective measure that will separate the truly comprehensive benefit plans from the basic minimums offered by too many. Employers don’t realize just how valuable different benefits are for employees,” says CloudAdvisors CEO Matt Lister.
“We’re raising awareness to help employers diversify and compete in the job market. This is the new standard for understanding, comparing, and monitoring a benefits plan at every level.”
The Bar Score is a universal ranking for benefit and retirement plan health. The ranking system summarizes hundreds of plan variables to produce one score ranked against all plans in the CloudAdvisors database.
The Bar Score is an always-on monitoring system; scores are recalculated and re-indexed daily for all 15,000 employers when new groups join the platform, or existing plans are updated.
In conjunction with the Bar Score, CloudAdvisors’ on-platform AI quickly identifies areas of concern, and suggests top solutions to improve the overall value of the plan. Employers and advisors can quickly identify priorities with the confidence of industry-leading, unbiased technology.
“Employers get access to a score instantly; this level of information transparency has never been done before. CloudAdvisors is not just revolutionizing how benefit plans are understood by employers, we’re helping advisors raise the bar of services offered. We’re enabling plan sponsors to increase access to valuable benefits for employees and their families,” continues Lister.