Businessolver, a leader in SaaS-based benefits technology and services, released its fifth annual comprehensive benefits insights report showing the positive impact of personalized benefits content on employee engagement, decision making, and employer return on investment (ROI).
Now in its fifth year, Businessolver’s Benefits Insights Report (formerly known as the MyChoice Recommendation Engine Benefits Insights Report) annually examines employees’ financial preparedness, benefits literacy and understanding, risk tolerance tendencies, and engagement across the benefits experience. Comprised of proprietary data from the Benefitsolver platform, this year’s data highlights the impact that personalized decision support technology has on the total employee benefits experience, from benefits selection to activation of benefits, through a multi-year lens (from fall of 2018 to January of 2023).
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“Our analysis across the entire benefits journey illustrates that personalized decision support in benefits is critical to driving employee engagement and employer cost management,” said Sherri Bockhorst, Businessolver Head of Consumer Experience & Strategy. “Employee benefits confusion continues to trend high, but employers who leverage decision support, see marked improvement in how employees optimize their benefits at selection as well as how they engage with their benefits year-round.”
Bockhorst revealed, “After five years of high benefits confusion, employer expectations must shift from ‘fixing’ benefits literacy to providing employees with the tools to optimize, access, and engage with their benefits. Decision support and personalization is the answer to bridging the benefits literacy gap and helping employees make their benefits work harder for them—especially at this inflationary time.”
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Key findings from this year’s study include:
- 85% of employees are confused about their benefits, up two points from 2022. This number has shown no improvement over the last five years.
- 45% of employees would feel panicked about a large, unexpected expense like an ER bill, up one point from 2022.
- 67% of employees actively sought support through chat or calls with SofiaSM, Businessolver’s proprietary virtual benefits assistant, with an average 90% resolution rate.
- 60% of employees who used Businessolver’s MyChoice Recommendation Engine (MCRE) decision support tool elected a high-deductible health plan (HDHP) and a health savings account (HSA). When MCRE is not available or not used, only 20% enrolled in an HDHP and an HSA.
- 46% of employees logged into Benefitsolver four or more times after enrollment when additional benefits services are available (such as FSA and HSA, or personalized communications). This compares to only 20% when no personalized services are included
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