Businessolver: Reinvent Employee Benefits Management

One of the biggest challenges for organizations is employee turnover management, or more specifically, retaining their best performing employees. A common solution to that is providing employees with benefits—raises, recreational facilities such as parks and gyms, and much more. Hence, companies are now spending millions to adopt newer technologies in selecting and providing the benefits that would appeal most to its workforce. “However, spending a fortune on technology is not always enough for the enterprises to wisely select the benefits program,” says Jon Shanahan, President and CEO of Businessolver, a benefits technology company. According to Shanahan, organizations need to concentrate more on selecting an expert HR technology partner to guide them through the process. Founded by HR professionals, Businessolver provides benefits technology in a configurable, secure, Software-as-a- Service (SaaS) platform.

As machine learning, predictive analysis, and similar technologies are making their presence felt in the HR industry, Businessolver sees a future in which predictive analytics revolutionizes the HR landscape. “The national and federal changes and individual exchanges have pushed the envelope forward on how diverse benefits offerings can be,” says Shanahan. To streamline this, recommendation engines will appeal to consumers by allowing them to put each program under the microscope to educate themselves and make the right decision. The company is working towards bringing benefit silos—from retirement to health insurance—together to help employers and employees make better decisions based on comprehensive data.

Getting Past the Old School Methods

“Forward-thinking HR professionals want to get past the smoke and mirrors, myths, group thinking, and traditional biases that surround HR technology,” says Shanahan.

However, even today, many HR teams are tied to legacy Enterprise Resource Planning (ERPs) that are not keeping up with the current market changes. Businessolver helps companies make the much-needed shift from clunky ERP systems to sleek, modern SaaS-based platforms that enable employers to quickly deploy solutions. Unlike the older systems that would take as long as 30 days to update, Businessolver’s SaaS platform allows organizations to make updates and install new solutions in real-time.

Businessolver also ensures the security, compliance, and integrity of each client’s benefits information data and processes. Besides assuring security, the company also helps enterprises by facilitating trustworthy and streamlined processes to solve billing challenges, while saving significant time and money. “We offer web-based tools for benefits billing and financial reporting to deliver reconciled bills that are easily reportable by division, location, and carrier,” says Shanahan.

Committed to its customers’ needs, Businessolver has dedicated service teams that answer queries around the benefits programs from customers’ employees. Leadership teams listen and analyze calls, which helps Businessolver more effectively deliver technology. “Everybody working under the platform can understand what’s going on through a common window,” says Shanahan.

SaaS-enabled Benefits Platform

Health insurance is a major benefit that enterprises use to lure and keep employees. However, most employees lack basic insurance knowledge and are confused when choosing plans. Without a recommendation engine or a decision support tool, employees could select plans that are not aligned with their health and financial needs, leading employees to sticker shock at best and insurmountable debt at worst when facing high deductibles.

Businessolver helps organizations proactively anticipate such challenges through its MyChoice^™ recommendation engine.

This award-winning, data-driven recommendation engine helps make complex decisions simpler while helping companies easily collect crucial data on employees’ risk tolerance and risk preferences. This includes integrating its SaaS technology with social media platforms to better connect with different generations of the workforce and understand their diverse benefits needs. The platform also supports employees by matching their financial risk levels with appropriate insurance coverage. This makes the entire benefits selection process easier and more personalized for employees, matching different insurance plans with their individual needs. In addition to basic health questions, the engine also collects data about the employees’ “rainy day” savings, which allows employees to take into consideration things like financial wellbeing.

“As machine learning, predictive analysis, and similar technologies are making their presence felt in the HR industry, Businessolver sees a future in which predictive analytics revolutionizes the HR landscape”

The company’s SaaS-based benefits technology— Benefitsolver—allows employees to easily enroll benefits based on eligibility, “supporting HR professionals to strategize with the C-suite of their future benefits decisions,” says Shanahan. It also helps organizations to offer wellness benefits to employees. “There are a higher number of total population health, wellness, and well-being vendors and suppliers today. However, the challenge is to select the right partner that aligns with organizations, technologically and culturally,” says Shanahan. “Businessolver supports large employers through its wellness tools by allowing them to leverage their own wellness programs during benefits election process.” For employers that choose wellness vendors, Businessolver assists by using technology to combine wellness program’s data to employee benefit elections.

Businessolver looks forward to advancing its technology tools that will impact each generation at the workplace and support HR professionals throughout the year, beyond open enrollment.