Shortlister hosted Sara Vidoni, VP of Product Solutions, and Lisa Barbera, Director of Product Solutions at Businessolver, to share how to expand your benefits program and technology without increasing costs.
YOUR BENEFITS APPROACH CAN DRIVE ROI
Inflation is at an all-time high. Meanwhile, benefit costs are expected to rise at least 5% in 2023, making it even more critical for employers to manage one of the most costly budget line items: benefits. Staying on budget with your benefits spend can be a challenging feat.
Consumer expectations have changed. As more employees rely on their benefits to provide them with holistic, affordable coverage for their physical, mental, and financial well-being, there’s no better time to start strategizing on leveraging technology to keep your benefits cost from snowballing this year. Meeting employees where they’re at can pay dividends.
Leveraging empathetic benefits technology can help to:
- Drive up engagement both in and outside of your benefits administration platform.
- Streamline the HR process and employee experience.
- Help build value across your program to drive down total spending and increase “right-fit” steerage.
Businessolver is a benefits technology company with a highly configurable, secure SaaS-based platform and a culture of high-touch service. Founded in 1998 by HR professionals, Businessolver combines market-changing benefits technology with intrinsic client responsiveness to deliver an easy-to-use system that will appeal to you and engage your members. They create technology that reinvents benefits, transforming annual enrollment from a once-a-year event into a personalized journey.
WHAT THE BENEFITS JOURNEY LOOKS LIKE
With Businessolver, there is only the following:
- One login to enroll, manage and interact with benefits.
- One place for members to call and chat for benefits questions.
- One Mobile App for a health plan, deductible info, claims, reimbursement, and info on the go.
Decision support, mobile app, Sophia – Businessolver AI virtual benefits assistant, personalized engagement and communication, and customer accounts are some of the main tools included in the Businessolver benefits platform.
REALIZING ROI WITH BENEFITS
Businessolver data shows that a tech-first approach, when paired with personalization, drives results:
- 60% of employees who used the MyChoice® Recommendation Engine (MCRE) decision support tool elected a high-deductible health plan (HDHP) and a health savings account (HSA).
- When MCRE is not in play, only 20% are elected, and HDHP and HAS are.
- 97% of employees say they prefer an email (personal or work).
- Year-round communications saw an average 41% read rate targeted to users whose behavior indicated a need for a relevant benefit or solution available to them.
Timing and Relevancy
- 12% activation rate when SofiaSM served up impressions for point solutions.
- 70% opted into leveraging claims data to help personalize their benefits experience when the option was available to them.
Today, Businessolver has a reputation for being one of the most-trusted benefits administration companies in the industry, with a relentless focus on innovation and thought leadership. Get in touch with them if you are looking for a provider to help you take care of your employees and enable them to get the most value from their benefits.