Powered by Jellyvision, decision support leverages predictive analytics to help employees make better decisions when enrolling in benefits plans
Optavise, a one-stop-shop for employee benefits programs combining products, technology, and expert guidance, announced today that it is further helping employees to make informed benefits enrollment decisions by enhancing its decision support capabilities within its benefits administration platform.
Through a partnership with Jellyvision, the Optavise benefits administration platform is expanding its decision support to include the following plan types: dental, vision, dependent care flexible spending accounts (FSA), accident, hospital indemnity, critical illness, and employee-paid short-term disability (STD) benefits. This is in addition to its current decision support offering for medical and health savings accounts (HSA).
“Today’s workforce has increasingly diverse needs, allowing employers the exciting, yet challenging task of meeting their various needs through channels that work best for them,” said Michael Byers, president, Worksite Division at CNO Financial Group. “If employees prefer a self-serve benefits enrollment option, it’s important they are provided with the resources to make informed selections, so that they feel they are able to take ownership of their plans and receive hyper-personalized benefits.”
Selecting benefits can often be a confusing and stressful time for employees. According to an Optavise survey of 1,055 U.S. employees with employer-sponsored health plans, more than 60% said they were too confused by the benefits selection process and/or the choices available to them to make a change. Offering decision support allows employees, especially those who are not meeting one-on-one with a benefits educator, to make more informed choices on the benefits that will be most effective for their individual situations.
Jellyvision’s benefits engagement platform, ALEX, helps people select the best benefit plan and get the most out of their employer benefits. ALEX’s recommendation engine combines data, predictive analytics, and economic models to power the expanded decision support. This seamless integration into Optavise’s platform means that employees do not have to leave the platform to receive hyper-personalized benefits decision support and provides transparency into their health choices. It also offers employees a more holistic view that goes beyond medical benefits to also include voluntary benefits. It all takes into consideration risk tolerance, financial circumstances, and individual lifestyles.
“At Jellyvision, our mission is to make complicated ideas simple and help people feel confident about making very complex, yet important financial decisions,” said Eric Pumiglia, chief revenue officer of Jellyvision. “Organizations like Optavise are providing unmatched support to employers and their employees. And we’re thrilled to join forces with them to continue to make the process of benefits selection easier and more intuitive.”