WEX pilots GenAI benefits agent and AI-powered analytics to enhance employee decision making, mitigate the workload for overwhelmed HR teams during open enrollment season
WEX, the global commerce platform that simplifies the business of running a business, announced a partnership with select employers to pilot two new artificial intelligence (AI) enhancements embedded within WEX’s benefits administration platform, My Benefit Express. Timed with open enrollment season and as industry pundits explore how AI can be successfully built for and leveraged within employee benefits, WEX announced the pilot launch of its Benefit Assistant and BeneFITwise Premier capabilities, both of which harness AI to provide employees with personalized and actionable insights that can empower them to make informed decisions about their benefits.
“WEX is working to be at the forefront of AI innovation in the benefits space, driven by a customer-centric approach. These pilots reflect WEX’s substantial investment of time and talent in AI. We believe AI can be a powerful and precise tool for solving our customers’ most pressing challenges,” said Karen Stroup, Chief Digital Officer, WEX. “Employers are keen to drive well-being and retention without adding more to the plates of their HR teams. At the same time, employees are looking for insights that can reduce feeling overwhelmed and help with the decision-making process.”
WEX’s two new AI functionalities, Benefit Assistant and BeneFITwise Premier, harness data to provide personalized and actionable insights for a number of health-related and financial scenarios.
“At WEX, our ultimate goal is to maximize employees’ physical and financial well-being while minimizing benefits-related interruptions for overextended HR teams,” said Robert Deshaies, Chief Operating Officer, Benefits, WEX. “Our commitment to simplifying benefits administration as well as our concerted and responsible investment in AI to that end are reflected in these pilots.”
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WEX’s Benefit Assistant with GenAI
Participating employers will pilot Benefit Assistant, an AI agent, within WEX’s My Benefit Express to provide interactive support for their teams when it comes to the selection and utilization of health and voluntary benefits. Benefit Assistant can provide personalized support for more than 1,500 benefits-related topics and commonly asked questions, ranging from how to enroll, to changing an address, requesting an insurance card, or adding a dependent. This is intended to empower employees to make informed decisions, reduce the number of inquiries directed to HR departments, and free up valuable time and resources for more strategic initiatives.
Employees interact with Benefit Assistant via a familiar interface. Behind the interface, generative AI technology provides personalized assistance with tasks such as understanding plan details, adding dependents, and navigating life events like marriage or the birth of a child. Human-like interactions without complex jargon can help employees navigate the complexities of their benefits with ease, empowering them to make informed decisions without burdening HR teams.
WEX’s AI-Powered BeneFITwise Premier
Also part of the pilot, BeneFITwise Premier – a decision-support tool offered by WEX – leverages AI to analyze individualized health claims data to provide personalized, year-round financial information and actionable insights to help employees maximize the value of their benefits within WEX’s My Benefit Express benefit administration platform. BeneFITwise Premier goes beyond traditional benefits management by offering a comprehensive, data-driven solution that simplifies the decision-making process for employees, helping them select the right plans based on their unique healthcare needs and financial situations absent consultation with their company’s HR department.
This feature proactively engages employees throughout the year, providing targeted communications that enhance overall benefits utilization and satisfaction, while hopefully helping to drive better employee retention and alleviating some of the engagement burden from internal HR teams.
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