Seventh-annual study shows how advanced benefits technologies are helping employers balance rising costs with employee care
Decision Support Drives Effective Benefits Engagement
AI Helps Organizations Realize ROI in Benefits Spend
Employers are under pressure to balance their benefits spend amid record-high healthcare costs and growing employee demand for ever-expansive benefits. For many employers, this is an unsustainable trajectory that is further exacerbated by widespread financial insecurity and persistent benefits confusion:
- 48% of employees would feel panicked by a $6,000 emergency room bill, spiking to 63% for Gen Z employees. And 20% of Millennials say they would go into debt to pay for an unexpected medical expense.
- 86% of employees say they are confused about their benefits, a statistic that has remained largely unchanged for seven years running.
- 79% of employees said they are "confident” or "extremely confident” in their enrollment decisions with 84% rating their enrollment experience as "great” or "excellent,” despite confusion.
The effectiveness of best-match decision support at enrollment is increasing: Since 2022, Businessolver has seen a 33% increase in employer adoption of decision support technology which drove an 86% increase in employees who elected more cost-effective plans over the past 4 years.
- Employees are 129% more likely to elect a high-deductible health plan (HDHP) and a health savings account (HSA) when decision support is available at enrollment. They are likewise three times more likely to enroll in voluntary benefits when aided by decision support.
- 69% of employees use decision support to enroll in right-fit-benefits for them at enrollment when it's available.
- 64% of employees chat with SofiaSM, Businessolver's virtual benefits assistant, with a 90% same-day resolution rate and 84% seven-day ongoing resolution rate.
- 89% of employees opt into using their claims data for a more personalized benefits experience; 45% likewise opt into text reminders about their benefits.
- 90% of all employee chats are resolved instantly with 84% staying resolved after 7 days
- Nearly 10 million minutes saved in call and chat times
- Up to an average of $3 million saved annually per employer with AI self-service and automation tools such as dependent verification and cognitive search
- Right-fit steerage can additionally help an organization of 11,000 eligible employees avoid $3,000,000 in premium spend when employees enroll in cost-effective, best-fit benefits
- Boomers have twice as many "Performance” benefits, such as 401(k) and prescription assistance, versus Gen Z. While Gen Z has six times the number of "Delighter” benefits, such as employee assistance programs (EAPs)-demonstrating the absolute dichotomy in their benefits needs and expectations.
"This year's data demonstrates the real outcomes advanced technology is driving and the key performance indicators that HR should be considering to balance risings costs with employee wellbeing,” said Dr. Kimberly Dunwoody, VP of UX and Member Experience at Businessolver. "It's clear, achieving value requires both a willingness to disrupt the status quo and a more dimensional, data-driven approach to benefits management. With the right tools and technology, today's employers can scale personalization and efficiencies across their organizations with ease-and see real ROI within that same year.”
About Businessolver
Since 1998, Businessolver has delivered market-changing benefits technology that empowers empathetic service supported by an intrinsic responsiveness to client needs. The company creates client programs that maximize benefits program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefits selections. Founded by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight.
Attachments
CONTACT: Laura Mantzoros
Businessolver
5175129544
lmantzoros@businessolver.com
Nicole Selinger
(For Businessolver)
314-805-2165
Nicole@KMPRCollective.com
