Industry-first solution uses one system and one app to centralize employees’ spending and saving experience while also simplifying program administration for employers
WEST DES MOINES, IOWA (September 25, 2019)—Businessolver®, a leader in SaaS-based benefits administration technology and services, today launched the first fully integrated consumer accounts benefits platform within the HR and benefits industry. Their enhanced solution, MyChoice™ Accounts, allows employees to manage all of their benefits, including consumer accounts, such as HSA, FSA, commuter, fitness reimbursements and more, from one holistic technology platform, Benefitsolver®. Not only can they enroll in these benefits year-round, but within the same system and mobile app they can submit claims, check balances, view employer contributions, and more. MyChoice Accounts also increases efficiency for clients’ HR personnel by handling program management and financial reconciliation for multiple consumer accounts in one system.
“Employees view their spending and saving all as part of one wallet, and benefits like consumer accounts are an important factor in their overall financial picture,” says Rae Shanahan, Chief Strategy Officer at Businessolver. “We made an intentional effort to hire the best in the consumer accounts industry in order to build our own, truly integrated platform, one that empowers employees to maximize their benefits investments and take ownership of their health and financial well-being.”
The MyChoice Accounts team, based out of Businessolver’s Louisville office, has a combined 225 years of experience in administering accounts and developing the product to support. Bringing their vision to life, employees can utilize Benefitsolver as their one-stop-shop for managing their full portfolio of benefit elections and receive personalized reminders and information to maximize their benefits—from notifications about using FSA funds to checklists and educational resources based on their benefits selections.
Users are issued just one debit card which can be used for purchases from multiple consumer accounts. It automatically deducts from the relevant account based on the purchase, removing the guesswork for employees. Additionally, AI-enabled optical character recognition means manually submitted claims are processed in real-time, ensuring employees have access to their funds when they need it.
Supporting employees through holistic solutions for financial well-being
According to recent Businessolver data, 50% of employees indicated they would be panicked by a large ER bill, and yet barely a quarter (26%) report saving regularly. It’s clear that employees need tools to manage their financial well-being, and consumer accounts can play a key role in helping employees develop and maintain their financial wellness. Designed with a flexible infrastructure, MyChoice Accounts was created to quickly adapt to employees’ needs as the market evolves in order to provide a fully integrated solution for both spending and saving.
This truly robust solution means employees have continued access to the MyChoice™ Recommendation Engine and Businessolver’s AI-powered personal benefits assistant, Sofia℠, ensuring they have the information and guidance they need to make informed choices and continually engage with their benefits in one place throughout the year.
Improving efficiency and employee outcomes for clients
The integrated consumer accounts benefits platform removes the need for HR personnel to manage multiple systems and vendors for employees’ consumer accounts. It provides simplified funding and financial reconciliation, and it streamlines the payroll deduction process as well as reporting, since it features automated data exchange.
By implementing MyChoice Accounts, HR departments can also address a variety of data-related challenges that continually impact HR functions. This solution improves data security because all data remains within the Benefitsolver platform. And, with instant CIP processing, opening HSAs is simplified and streamlined, vastly reducing the need to reconcile accounts after elections have been made.
To make this experience possible, Businessolver has partnered with UMB Bank as its custodial banking partner. UMB Bank is a healthcare banking industry leader, providing support for nearly 1.5 million HSAs, with more than $3 billion in HSA assets and deposits.
“Businessolver chose UMB Bank for its proven track record, its industry leading position, and its ability to partner with us to integrate consumer account administration seamlessly with Benefitsolver’s MyChoice Accounts platform,” said Brian Cosgray, Head of Innovation Works at Businessolver. “Thanks to this partnership, we can reduce the amount of time our administrators spend on complicated, lengthy processing activities, allowing them to instead focus on meeting their employees’ needs.”
“We’re excited about our partnership with Businessolver,” said Ben Morris, president of UMB Healthcare Services. “Together, we’re improving the HSA experience so that users can more easily understand and manage their accounts.”
To learn more about how Businessolver can help your organization with benefits administration technology, contact us about our industry-first integrated consumer accounts benefits platform.
Since 1998, Businessolver has delivered market-changing benefits administration technology 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.
Kristin Korzen, Edelman (on behalf of Businessolver)