Businessolver Strengthens Market Position In 2019

WEST DES MOINES, Iowa, Feb. 26, 2020 /PRNewswire/ -- Businessolver(®), the leader in SaaS-based benefits technology and services, achieved strong business results in 2019. Driven by a technology-first focus and commitment to organizational excellence, Businessolver enters 2020 with strong momentum poised to expand its disruptive HR technology solutions and empathy-driven services to help clients execute their benefits strategies and drive business outcomes.

"While the benefits technology landscape continues to grow in complexity to meet the needs of today's multigenerational workforce, our focus is on delighting members and positioning HR and business leaders as true drivers of value in their organization. This comes to life through our delivery of innovative technologies and personalized services, supported by investing in the intentional culture of our Solver Nation," says President and CEO, Jon Shanahan.

With an emphasis on meeting clients' business goals and addressing members' overall well-being, Businessolver's achievements in 2019 include:

Delivering organizational excellence

    --  The company maintained its long-term client retention rate of
        approximately 95%.
    --  There was a 28% increase in users of the Benefitsolver(®) platform.
        Additionally, with a 45% increase in engagement, Businessolver is
        achieving their goal of transforming how employees interact with
        benefits programs from a once-a-year event to a personalized, year-round
        experience.
    --  With 30% more people accessing Benefitsolver on their peak day during
        Annual Enrollment, the platform maintained 100% uptime ensuring a
        consistent, reliable experience for members.
    --  Members revealed an increased preference for seeking guidance in their
        benefits selections, with member usage of the MyChoice(TM)
        Recommendation Engine more than doubling. Meanwhile, members saved more
        than 1.3 million minutes by receiving support from Sofia(SM),
        Businessolver's AI personal benefits assistant. Additionally, users
        showed a preference for mobile frameworks with a 45% increase in the
        number of Annual Enrollments that took place on a mobile phone.
    --  Businessolver earned Silver Level Recognition by the Baldrige Excellence
        Framework. Honored by Iowa Recognition for Performance Excellence (IRPE)
        for the third consecutive year, they're the only benefits administration
        company, and the first technology company in the U.S., participating in
        the Baldrige journey with the purpose to bring an intentional, quality
        focus to an industry not measured in this way.
    --  As part of Businessolver's ongoing investment and dedication to growing
        internal expertise, the company added over 525 years of extensive
        benefits experience from key hires to the organization in 2019.
        Specifically, the onboarding team grew in breadth and depth, and there
        was continued expansion in our Louisville, Dallas, and Charlotte offices
        with an overall employee increase of 34%.
    --  The company received certification in the internationally recognized ISO
        27001 security framework. The certification process includes a
        multi-stage audit and review process covering 14 security domains and
        more than 100 controls to support the company's continued commitment to
        client and member security.
    --  Businessolver launched the Pinnacle(SM) Partner Program with preferred
        voluntary insurance carriers and partners, providing key strategic
        integrations to ensure ease of setup and delivery of their supplemental
        benefits options via Benefitsolver.

Introducing product and service innovations

    --  Sofia, Businessolver's AI-powered personal benefits assistant, made
        significant strides in delivering high-touch member service via
        increasingly knowledgeable chat and phone support. Sofia was embedded
        within the enrollment experience, providing step-by-step expertise.
        Thanks to her performance, she:
        --  Took 78% of all chats in 2019, with 40% of chats via the
            MyChoice(TM) Mobile App during annual enrollment.
        --  Supported 24% of chats after-hours.
        --  Saved members 1.3 million minutes of wait time during Annual
            Enrollment.
    --  The company launched MyChoice Accounts, their proprietary consumer
        accounts solution, fully integrated and API-enabled with Benefitsolver.
        With the launch of this solution, they grew their participant base by
        129%, allowing employees to manage their accounts from one system, one
        card and one app, while increasing efficiency for clients' HR personnel
        through simplified funding, streamlined payroll processes and automated
        data exchange.
    --  With a 212% increase in MyChoice Mobile App downloads, Businessolver
        increased resources dedicated to digital engagement for the
        multigenerational workforce. This included a complete renovation of the
        app's user interface and the ability to quickly get answers to their
        benefits questions by chatting with Sofia.
    --  Businessolver's in-house employee engagement practice launched new
        Engagement Packages to deliver targeted benefits communications to
        members, featuring state-of-the-art design, communications and
        consultation.  With their expertise, Businessolver helps clients use the
        data within Benefitsolver to deliver personalized communications that
        drive desired business outcomes based on clients' strategic goals.
    --  They unveiled an enhanced Total Rewards solution to better assist
        members in understanding and optimizing their entire compensation
        package. This highly configurable solution gives employees a
        personalized view of their compensation - including the 'hidden
        paycheck'.
    --  And, they expanded their MyChoice(TM) Market solution enabling clients
        to offer simplified benefits access to previously ineligible employees,
        such as part-time and gig workers. Available at no additional cost, this
        solution allows the alternative workforce to elect individually covered
        plans in the same platform as their benefits-eligible peers.

Giving back to the community

    --  In 2019, the Businessolver Foundation donated $350,000 to a variety of
        health, education, and community initiatives in areas where
        Businessolver has a local presence.
    --  Of that total amount, employees contributed $34,000 and logged nearly
        3,000 hours participating in philanthropic efforts.
    --  The Foundation supported 57 organizations across the country.

"We're proud of our entire organization for raising the bar in 2019 in terms of groundbreaking innovations and client delight," says Businessolver's Chief Strategy Officer, Rae Shanahan. "With our continued commitment to living our values and fostering 'Technology with Heart,' 2020 is the beginning of a decade of positive disruption that will challenge and elevate the industry."

About Businessolver
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.

Media Contacts
Kristin Korzen, Edelman (on behalf of Businessolver)
media@businessolver.com
312-233-1278

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SOURCE Businessolver