The trend in action – predictive analytics to help people choose the right health plan
Philadelphia startup Picwell uses a recommendation engine to rate health plan options according to individual needs. This platform combines big data, predictive analytics, behavioral economics and machine learning to analyze more than 900,000 variables that affect plan selection.
The platform also features consumer friendly user interfaces and engagement tools that integrate into healthcare exchanges and benefits platforms. Picwell was founded by a group of University of Pennsylvania academics specializing in healthcare and behavioral economics.
Their plan is to license the technology to customers such as employers, private and public exchanges, health insurers, health insurance brokers and others. Picwell has already finalized an agreement to integrate its technology into Aon Hewitt’s Retiree Health Exchange, serving more than 300,000 retirees and their families.
The system’s proprietary algorithms analyze variables ranging from a person’s lifestyle and current health status to his or her tolerance for risk. The technology can make predictions about a person’s future health, which can affect a plan’s ranking.