Downward trend found in benefits literacy, but positive results from personalized decision support technologyBusinessolver Benefits Insights data reveals impact of personalization on benefits engagement. Find the full 2023 Benefit Insights Report here.
WEST DES MOINES, Iowa, Feb. 28, 2023 /PRNewswire/ — Businessolver®, a leader in SaaS-based benefits technology and services, today released its fifth annual comprehensive benefits insights report showing the positive impact of personalized benefits content on employee engagement, decision making, and employer return on investment (ROI).
Now in its fifth year, Businessolver’s Benefits Insights Report (formerly known as the MyChoice Recommendation Engine Benefits Insights Report) annually examines employees’ financial preparedness, benefits literacy and understanding, risk tolerance tendencies, and engagement across the benefits experience. Comprised of proprietary data from the Benefitsolver® platform, this year’s data highlights the impact that personalized decision support technology has on the total employee benefits experience, from benefits selection to activation of benefits, through a multi-year lens (from fall of 2018 to January of 2023).
“Our analysis across the entire benefits journey illustrates that personalized decision support in benefits is critical to driving employee engagement and employer cost management,” said Sherri Bockhorst, Businessolver Head of Consumer Experience & Strategy. “Employee benefits confusion continues to trend high, but employers who leverage decision support, see marked improvement in how employees optimize their benefits at selection as well as how they engage with their benefits year-round.”
Bockhorst revealed, “After five years of high benefits confusion, employer expectations must shift from ‘fixing’ benefits literacy to providing employees with the tools to optimize, access, and engage with their benefits. Decision support and personalization is the answer to bridging the benefits literacy gap and helping employees make their benefits work harder for them—especially at this inflationary time.”
Key findings from this year’s study include:
- 85% of employees are confused about their benefits, up two points from 2022. This number has shown no improvement over the last five years.
- 45% of employees would feel panicked about a large, unexpected expense like an ER bill, up one point from 2022.
- 67% of employees actively sought support through chat or calls with SofiaSM, Businessolver’s proprietary virtual benefits assistant, with an average 90% resolution rate.
- 60% of employees who used Businessolver’s MyChoice® Recommendation Engine (MCRE) decision support tool elected a high-deductible health plan (HDHP) and a health savings account (HSA). When MCRE is not available or not used, only 20% enrolled in an HDHP and an HSA.
- 46% of employees logged into Benefitsolver four or more times after enrollment when additional benefits services are available (such as FSA and HSA, or personalized communications). This compares to only 20% when no personalized services are included.
- 45% is the average open rate for personalized benefits-related emails.
This Data Tells A Story
While benefits confusion remains high, employees are willing to more actively engage with their benefits. When this engagement is guided by decision support or personalized, it removes the burden of having to understand the many complexities of benefits while helping employees make decisions that support their lifestyles and total wellbeing.
“Technology in the form of personalized decision support adds real value by helping to combat healthcare costs, improve total wellbeing, and meet workers where they’re at along the benefits journey. Tech-enabled personalization can take many forms from using decision support at benefits selection to asking for support from intelligent applications such as Sofia,” explained Bockhorst.
“It’s clear, employers have an opportunity—especially at this time of record inflation and rising healthcare costs—to help employees right-fit their benefits in ways that positively impact both their total wellbeing and their wallet,” said Bockhorst.
Since 1998, Businessolver has delivered market-changing benefits technology and services 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.
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