Integrated actuarial, analytic and healthcare-risk expertise can help employers make more informed decisions and mitigate high benefits costs
July 16, 2020, Los Angeles, CA— Employers continue to be challenged by escalating healthcare spending despite their focus on improving care and streamlining processes with big data analytics tools. Chronic disease management, specialty prescriptions and administrative management are among the drivers for rising care costs for employers.
“With unimaginable amounts of data being created daily, employers run the risk of inertia or spiraling into endless reviews of data elements that can lead to nowhere,” says Thomas Ricks, who recently joined the Benefits Practice of Lockton Pacific Series as Vice President, Data Analytics to drive innovation, provide real-time data intelligence and strategic advice to employers. “Too much data can be meaningless without minimizing the noise, measuring the right indicators and extracting actionable data tied to your plan’s objectives.”
Ricks brings together his expertise in actuarial and healthcare data analytics to expand Lockton Pacific Series’ consultative solutions and existing robust suite of tools including InfoLock®, the company’s proprietary data warehouse. One of his key objectives is to aggregate information from disparate sources into real-time analytics and diagnostic tools, including data visualization dashboards, to help employers make data-driven decisions, optimize their employee benefit plan design, realize better health outcomes for their employees and better control health plan costs.
“We are thrilled to have Tom grow our actuarial, pharmacy and analytics practice and lead us into the next generation of information and data based innovations,” says Won Andersen, Senior Vice President, Benefits and Retirement Practice Leader for Lockton Pacific Series. “His unique skill set, thought leadership and experience in building out tools for large corporations will help our clients employ more progressive, information driven strategies so they can thrive today and prepare for tomorrow’s challenges.”
In addition to driving innovation, Ricks will serve clients in a strategic capacity providing advice on self-funded programs and InfoLock® analytics.
Prior to joining Lockton, Ricks led an actuarial practice and consulted for large Fortune 150 companies, public entities and small start-ups at a large, global consulting firm. His experience includes a range of industries, including research and development, technology and financial services as well as the public sector. As a credentialed FSA actuary, he started his career with the Network and Trends Analytics team at Blue Shield of California.
Ricks is based in Lockton’s San Francisco office located at Three Embarcadero Center Suite 600, San Francisco, CA 94111. He can be reached by calling (415) 568-4000. Lockton Pacific Series has eight offices throughout the Western United States including Portland, Sonoma, San Francisco, Sacramento, Encino, Los Angeles, Irvine and San Diego.
What makes Lockton stand apart is also what makes us better: independence. Lockton’s private ownership empowers its 7,500 Associates doing business in over 125 countries to focus solely on clients’ risk and insurance needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results. For 11 consecutive years, Business Insurance magazine has recognized Lockton as a “Best Place to Work in Insurance.” In 2019, Lockton was named a top 50 company to work for in London by Best Companies.