SCHAUMBURG, Ill. — benefitexpress, the leading provider of employee benefits and human resources technology, announced today an enhancement to the My Benefit Express™ flagship full-service benefits administration platform: BeneFITwise Integrated Intelligence Guide.
“While there are many decision support options, BeneFITwise is an engine unrivaled in the space. It is an example of our ongoing investment in technology and people to bring the best of benefit administration solutions to the market. It’s not just decision support — BeneFITwise is an intelligence guide fully integrated in My Benefit Express™.”
— Michael Sternklar, Chief Executive Officer at benefitexpress
BeneFITwise offers features that employees need and employers want: simplicity, personalization, and risk management. For employees, simplicity is key. BeneFITwise distills complex data into easy-to-understand scores that help differentiate medical insurance plan products.
Above: Thoughtful Choices. Employees are prompted to answer a few scenario questions to inform how different plans accommodate their needs.
BeneFITwise asks the user questions and incorporates personal preferences into econometric models, including current doctor coverage, risk tolerance, capacity-to-pay, and network breadth. The recommendations evaluate several sources of value — such as risk protection and provider networks — that participants would miss if they picked plans based on cost alone.
These personalized inputs are paired with public and proprietary data to arrive at a scored and ranked recommendation with predicted out-of-pocket costs under all available plan designs.
Above: Ranked Benefit Plans. Scores are based on relevant factors to each employee, with a transparent breakdown showing how the score is calculated and predicted costs.
“We know many people skip traditional decision support during benefits enrollment because it’s cumbersome. That’s why BeneFITwise was developed to guide the open enrollment process. BeneFITwise is more than lifestyle driven – it’s also leveraging user preferences. This provides an objective ranking of available plans - granting employees the power to choose with confidence. This makes an easy-to-navigate and more well-rounded recommendation for employees.”
— Scott Evans, Chief Product Officer
“BeneFITwise leads to more comprehensive coverage, leaving fewer participants underinsured — which is crucial for employers. When you ease the burden from HR of plan selection support, you see more complete coverage and a better overall benefits administration strategy.”
— Josh Trent, Chief Growth Officer
This announcement continues a series of product and software innovation news from benefitexpress. Last month, the company introduced bCEdge, a streamlined solution for applicant tracking, onboarding, human resources, payroll, and benefits in partnership with Summit HR & Payroll. This follows strategic partnerships with USI and Optum to increase services available for employers and brokers alike.
benefitexpress delivers industry leading benefits administration software to employers and partners and is always ‘at the ready’ for their employees. With client-tested integrated benefits administration, benefitexpress provides technology, flexibility and customer services to the simple and most complex benefit plans. Software and services span a suite of end-to-end solutions including a full-service call center, daily administration, integrated ACA administration, reimbursement account administration, dependent eligibility audits, and total compensation statements.