DENVER--(BUSINESS WIRE)--Businessolver® has unveiled its much-anticipated 2024 Benefits Insights Report today, marking a significant contribution to the understanding of employee benefits trends, challenges, and the expanding role of artificial intelligence (AI) and personalization in enhancing the benefits experience.
Report findings reveal the issues employees face when using their benefits, such as confusion and financial insecurity, and how technology helps employees enroll in and use the right benefits to support their needs. Data from the Benefitsolver™ platform, Businessolver’s benefits administration technology, which serves over 18 million people, reveals quantitative proof that AI and personalized experiences improve overall benefits engagement and plan performance.
“The personalized navigation support and AI in the system have transformed our employees’ experience as well as our benefits administration strategy at Waste Pro,” said Judi Craigo, Director of Payroll and System Automation at Waste Pro, a Businessolver client. “The technology helps our employees get the support they need year-round, freeing up me and my team to focus on more complex issues and people needs, like supporting an employee through a life event or resolving an escalated issue. Businessolver’s AI has really made it easier for Waste Pro employees to access their benefits.”
Key highlights from Businessolver’s 2024 Benefits Insights Report include:
- Decision Support: When employees had personalized support at enrollment, 80% elected a right-fit medical benefit. These same employees are nearly twice as likely to also enroll in supplemental benefits, like accident insurance or critical illness.
- Financial Wellness: Financial preparedness insights show that over half of employees aren’t able to save, but financial benefits are key to supporting long-term stability: 401(k) and tuition assistance were among the top-used benefits last year.
- AI and Personalization: AI-driven personalization doubles benefits engagement, resulting in right-fit plan elections, right-time benefits utilization, increased year-round engagement, and successful issue resolutions that stay resolved for 7+ days.
- The Human Touch: Alongside the positive impact of AI, the report underscores the irreplaceable value of human interaction in benefits, signaling that the most effective and successful AI events in benefits are born from a harmonious blend of human empathy and technology.
- Year-Round Engagement: Integrated, multi-channel benefits communications outside of the benefits platform drive year-round awareness of benefits for employees—benefits-related emails from Benefitsolver see an average 44% open rate and 42% of all members in the platform log in 4+ times after enrollment.
As organizations continue to grapple with the challenges of providing meaningful benefits to a diverse workforce, insights such as those provided by Businessolver are indispensable. The expert utilization of AI stands out as a beacon of progress, encouraging a shift toward more adaptive, responsive, and ultimately, more effective benefits environments for employees across the spectrum.
You can learn more about these findings in the free report: www.businessolver.com/benefits-insights
About Businessolver
Since 1998, Businessolver has delivered market-changing benefits technology the 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.
