Businessolver Strengthens Market Position in 2019

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.

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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™ 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.

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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™ 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.”

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