Optavise Brings Personalization to the Benefits Selection Process With Enhanced Decision Support

Rhea-AI Summary

Optavise - Expanding Decision Support Capabilities for Employee Benefits Enrollment

Positive

• Enhancing decision support capabilities within the benefits administration platform
• Expansion of decision support to include dental, vision, dependent care FSA, accident, hospital indemnity, critical illness, and employee-paid STD benefits
• ALEX's recommendation engine combines data, predictive analytics, and economic models to power the expanded decision support

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• None.

Powered by Jellyvision, decision support leverages predictive analytics to help employees make better decisions when enrolling in benefits plans

CARMEL, Ind., July 18, 2023 /PRNewswire/ -- 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.

Watch the video to learn more.

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."

Optavise's enhanced decision support solution is available now. To learn more about Optavise's employer solutions, visit www.optavise.com/employer-solutions.

About Optavise
Optavise provides personalized employee benefits solutions to help employers and their employees optimize their benefits and make better health and financial decisions. Optavise offers a unique combination of innovative technology, flexible voluntary benefits, and experts who educate and communicate with employees about their benefits. A part of the CNO Financial Group (NYSE: CNO) family of brands, Optavise operates through direct sales to employers and a nationwide network of more than 10,000 broker partners and over 600 dedicated agents. We serve nearly 20,000 businesses and employers. For more information, visit Optavise.com. 

About CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn, Optavise and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $34 billion in total assets. Our 3,400 associates, 4,300 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

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SOURCE CNO Financial Group

FAQ

What is Optavise announcing regarding employee benefits enrollment?

Optavise is enhancing its decision support capabilities within its benefits administration platform, expanding to include dental, vision, dependent care FSA, accident, hospital indemnity, critical illness, and employee-paid STD benefits.

How does ALEX's recommendation engine enhance decision support?

ALEX's recommendation engine combines data, predictive analytics, and economic models to provide hyper-personalized benefits decision support, offering employees a holistic view that goes beyond medical benefits to also include voluntary benefits.

What challenges do employees face during benefits selection?

According to an Optavise survey, more than 60% of U.S. employees with employer-sponsored health plans find the benefits selection process and choices available to them confusing, making it stressful to make a change.

What is Jellyvision's role in the partnership with Optavise?

Jellyvision's benefits engagement platform, ALEX, seamlessly integrates into Optavise's platform to provide hyper-personalized benefits decision support, helping employees select the best benefit plan and get the most out of their employer benefits.