MetLife’s Upwise Helps Drive Up Benefits Enrollment, Engagement and Value

Rhea-AI Summary

MetLife's Upwise, a proprietary solution designed to help employees choose and use benefits wisely, will be available to nearly one million U.S. employees this open enrollment season. Upwise addresses the growing demand for diverse benefits options and the lack of benefit comprehension among employees. The platform offers personalized benefit recommendations, including AI-powered major medical benefit suggestions, based on individual needs and preferences.

Key features of Upwise include:

• Utilization of permissioned personal medical information and financial data
• Recommendations across various health and nonmedical insurance plans
• Regular engagement nudges to promote benefit usage throughout the year

Early results show that Upwise has yielded solid double-digit growth in benefits enrollment during the open enrollment period, potentially leading to a healthier, more productive workforce and supporting key business imperatives.

Positive

• Nearly one million U.S. employees will have access to MetLife's Upwise platform
• Upwise offers personalized benefit recommendations, including AI-powered major medical benefit suggestions
• Early results show solid double-digit growth in benefits enrollment with Upwise deployment

Negative

• None.

Insights

Benefits Strategy Consultant

The introduction of MetLife's Upwise platform marks a significant shift in benefits engagement. With nearly one million employees set to experience this tool, it addresses a critical gap in benefit comprehension, as 55% of employees don't fully understand their packages. The AI-driven personalized recommendations, particularly for major medical benefits, could lead to more informed decisions and increased utilization.

The reported double-digit growth in benefits enrollment from early results is particularly noteworthy. This could translate to improved employee satisfaction and retention, potentially reducing HR costs related to turnover. For MetLife, this technology positions them as an innovator in the benefits space, likely strengthening their market position and potentially driving revenue growth through increased benefit adoption.

However, the true test will be in long-term utilization and employee satisfaction metrics. If Upwise delivers on its promise of year-round engagement, it could significantly enhance the perceived value of MetLife's offerings, potentially leading to higher customer retention and cross-selling opportunities.

HR Technology Analyst

Upwise represents a significant technological advancement in the benefits administration sector. The integration of AI for medical benefit recommendations and the use of personalized data for tailored suggestions across various benefit types showcases MetLife's commitment to leveraging cutting-edge technology.

The platform's ability to provide ongoing engagement through "nudges" throughout the year is a key differentiator. This continuous interaction could lead to higher benefit utilization rates, potentially improving health outcomes and financial well-being for employees. For employers, this could result in a more productive workforce and better ROI on their benefits investments.

From an industry perspective, Upwise sets a new standard for benefits platforms. Competitors will likely need to enhance their own offerings to keep pace, potentially spurring innovation across the sector. For MetLife, this could lead to increased market share and position them as a leader in HR tech solutions, extending beyond their traditional insurance offerings.

This year nearly one million employees will experience this industry-leading personalized decision support and utilization platform

NEW YORK--(BUSINESS WIRE)-- Today’s workforce values the ability to choose from a diverse set of benefits—66% of employees say they want more benefits to choose from, up from 60% in 2023¹. But while interest in benefits is clear, lack of benefit comprehension is also on the rise with more than half of employees (55%) saying that they do not fully understand their benefits package¹.

Open enrollment offers employers a critical opportunity to address these employee needs and shift their approach to benefit selection. This open enrollment season, nearly one million U.S. employees will have the opportunity to experience MetLife’s Upwise, a proprietary solution designed to help employees choose benefits wisely and use them seamlessly. Upwise enhances the benefit experience with personalized benefit recommendations, including a major medical benefit recommendation that utilizes AI, and guidance based on an employee’s individual needs and preferences. Informed benefit election and increased utilization drives employee holistic health and financial confidence, leading to a more engaged and productive workforce.

“Today’s employers are facing macro challenges – everything from rising healthcare costs and mental health concerns to disengaged workforces,” says Todd Katz, head of Group Benefits at MetLife. “By helping employees thoughtfully choose and use their benefits, MetLife has found that employees are healthier, more productive, and better able to support key business imperatives. It’s only through proactive and personalized experiences that this is possible. Upwise delivers such an experience.”

Here’s how it works: Upwise uses permissioned personalized medical information, financial data, and employee preferences to develop personalized recommendations across a wide array of benefits including health and nonmedical insurance plans offered by an employer. Once employees choose their benefit selections, Upwise’s engagement capability then provides regular nudges to help employees use their benefits during applicable moments throughout the year. According to early results², deployment of benefits decision support during open enrollment period yielded solid double-digit growth in benefits enrollment.

To learn more about how Upwise can increase employee engagement and drive business outcomes, visit metlife.com/business-and-brokers/employee-benefits/upwise. For real-time resources and helpful tips for employees for this year’s open enrollment season visit metlife.com/open-enrollment.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe, and the Middle East. For more information, visit www.metlife.com.

1.		MetLife’s 22nd Annual U.S. Employee Benefit Trends Study
2.		Findings are based on a pilot study involving 6,011 users and 6,154 non-users at MetLife conducted during MetLife’s 2023 open enrollment period, which began 11/6/2023 and closed 11/19/2023. Users that did not actively complete an enrollment event during MetLife’s 2023 open enrollment period were excluded from this analysis.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241002692082/en/

Media:

Liz Harish

929-343-7473

elizabeth.harish@metlife.com

Source: MetLife, Inc.

FAQ

What is MetLife's Upwise and how does it help employees during open enrollment?

MetLife's Upwise is a proprietary solution that helps employees choose and use benefits wisely during open enrollment. It offers personalized benefit recommendations, including AI-powered major medical benefit suggestions, based on individual needs and preferences to enhance the benefit selection experience.

How many employees will have access to MetLife's Upwise platform this year?

Nearly one million U.S. employees will have the opportunity to experience MetLife's Upwise platform during this open enrollment season.

What impact has MetLife's Upwise had on benefits enrollment rates?

According to early results, the deployment of MetLife's Upwise for benefits decision support during the open enrollment period has yielded solid double-digit growth in benefits enrollment.

How does MetLife's Upwise (MET) platform generate personalized benefit recommendations?

MetLife's Upwise uses permissioned personalized medical information, financial data, and employee preferences to develop personalized recommendations across a wide array of benefits, including health and nonmedical insurance plans offered by an employer.