Aon forecasts workforce impact of COVID-19 with interactive web application
Aon unveiled an interactive web application that forecasts the impact of COVID-19 on employee populations throughout the US.
Aon designed the tool to help employers anticipate medical costs, absenteeism and potential needs to shift work operations due to the spread of COVID-19.
“COVID-19 has brought on uncertainties in many aspects of our lives and this application will help employers understand their risks,” said Tim Nimmer, global chief actuary of Health Solutions for Aon. “Aon’s COVID-19 Employee Impact Model forecasts the impact on your employee population based on geographic-specific infection rates and advanced epidemiologic models.”
Aon’s COVID-19 Employee Impact Model works by using de-identified demographic data on employee populations and dependents covered by the employer’s health plan. Aon’s application combines employer-specific data with geographic infection rates from the most reputable epidemiologic models. It is updated daily based on the spread of the virus, social distancing measures taken by local governments, and the current figures of confirmed patients, hospitalizations, deaths, and testing and treatment patterns.
The tool allows employers to estimate the impact of the virus through the fall on their employee population. By selecting a date, employers can see projected cases and medical claims cost, which can change daily based on the most current COVID-19 information.
“Aon consultants will work with employers to build plans on how to keep employees safe while minimizing disruptions to their operations,” Nimmer added. “In these uncertain times, it is important that organizations have the most current information from which to base their decisions to safely maintain vital operations.”
Key features allow employers to:
- view employee population impact by geographic area over time;
- estimate the number of mild cases, hospitalizations, ICU visits and fatalities based on specific population demographics; and
- estimate health care costs associated with testing and treatment.
Members of Aon’s Actuarial & Analytics Practice, who developed the cloud-based platform, are working to also quantify productivity and the broader business impact by adding metrics that model workers’ compensation claims, time lost, salary replacement costs, disability and life insurance, and cost savings of deferred elective medical procedures.
The application initially will be available in the US and is recommended for employers with at least 300 employees. It will be expanded globally soon.
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By leveraging CoverWallet, the insurtech startup Aon acquired in January 2020, Aon is further expanding the solutions and services it provides to 30 million small and medium-sized US businesses. New and existing clients now benefit from a dedicated team for small and middle market businesses, a user-friendly digital platform, and self-service tools.