Forecast5 Launches 5Share Surveys with Illinois Health Insurance Benefits SurveyJuly 31, 2013
FOR IMMEDIATE RELEASEContact: Eric Smith
FOR IMMEDIATE RELEASE
Forecast5 Analytics, Inc. released its third analytics tool to market with the launch of 5Share Surveys, an online survey tool built to collect data that integrates with the company’s collaborative analytics products.
Forecast5 Launches 5Share Surveys with Illinois Health Insurance Benefits Survey
NAPERVILLE, Ill. (July 31, 2013) —Forecast5 Analytics, Inc. released its third analytics tool to market with the launch of 5Share Surveys, an online survey tool built to collect data that integrates with the company’s collaborative analytics products. Analysis of the new datasets derived from 5Share Surveys will be available in the 5Sight Business Intelligence platform and through 5Share, a social and business collaboration tool for the public sector.
“We think there is a tremendous opportunity to help our clients gather and organize information in a format that generates new insight and drives critical business decisions,” Forecast5 President and CEO Mike English said. “We considered the possibility of integrating an existing survey engine into the Forecast5 ecosystem, but ultimately made the decision that our clients would be better served if we developed our own survey platform. The advantage of 5Share Surveys is that we can collect and assemble the data with a dimensional strategy, as well as leverage the existing data in 5Sight.”
The first survey to be administered through the 5Share Surveys engine is the Illinois School District Health Insurance Benefits Survey. The survey was designed to provide a valuable dataset that will assist Illinois school district administrators with their benefit plan designs; an issue with increasing relevance with the implementation of the United States Patient Protection and Affordable Care Act.
Dr. Michael Jacoby, Executive Director of the Illinois Associations of School Business Officials, recognized the impact of the new survey tool. “In many districts, health insurance costs can comprise up to 20% of the cost of the personnel budget. In a time when collective bargaining participants are wrestling over every dollar as they attempt to embrace increasing health costs and also comply with the Affordable Care Act – this survey tool and the data it produces will answer many questions that our school business members ask every day.”
Through its partnerships with the Illinois Association of School Business Officials (IASBO), Illinois Association of School Administrators (IASA), and Illinois Association of School Boards (IASB), Forecast5 engaged a committee of school business officials with a wide range of experiences in managing health insurance benefits to assist in the development of the survey.
“The results of this survey will save me a ton of time and effort in contacting districts to benchmark health insurance benefits,” committee member David Bein, Assistant Superintendent of Business Services at East Maine School District 63 in Des Plaines, Ill., said. “Being able to analyze the data through 5Sight will make it possible to easily see plan designs for comparable districts as well as how those designs change based on a variety of metrics. The data that's being collected will be useful in my ongoing work to optimize insurance benefits for our district.”
Future 5Share Surveys are being planned in Illinois along with five other states where Forecast5 currently maintains analytics platforms, including Iowa, Minnesota, New York, Ohio, and Wisconsin.
Forecast5 Analytics provides powerful analytic tools to help local government leaders drive financial and strategic decisions. The Forecast5 platform includes cloud-based business intelligence software, interactive visuals, survey tools, and a collaborative analytics engine. For more information, visit http://www.forecast5analytics.com.