WEX Launches Two AI Pilots for Benefits Administration
WEX has launched two artificial intelligence pilots within its benefits administration platform, My Benefit Express. The first pilot, Benefit Assistant, is an AI agent providing interactive support for over 1,500 benefits-related topics. The second, BeneFITwise Premier, analyzes health claims data to offer personalized financial insights and help employees optimize their benefits selection. Both pilots aim to enhance employee decision-making while reducing HR workload during open enrollment season. The HIPAA-compliant solutions are being tested with select employers to provide 24/7 support for benefits-related queries and personalized plan recommendations.
WEX ha lanciato due progetti pilota di intelligenza artificiale all'interno della sua piattaforma di gestione dei benefici, My Benefit Express. Il primo progetto pilota, Benefit Assistant, è un agente AI che fornisce supporto interattivo per oltre 1.500 argomenti legati ai benefici. Il secondo, BeneFITwise Premier, analizza i dati delle richieste sanitarie per offrire approfondimenti finanziari personalizzati e aiutare i dipendenti a ottimizzare la selezione dei loro benefici. Entrambi i progetti pilota mirano a migliorare il processo decisionale dei dipendenti riducendo il carico di lavoro per le risorse umane durante la stagione di apertura delle iscrizioni. Le soluzioni conformi all'HIPAA vengono testate con datori di lavoro selezionati per fornire supporto 24 ore su 24, 7 giorni su 7, per le domande relative ai benefici e raccomandazioni personalizzate sui piani.
WEX ha lanzado dos pilotos de inteligencia artificial dentro de su plataforma de administración de beneficios, My Benefit Express. El primer piloto, Benefit Assistant, es un agente de IA que proporciona soporte interactivo para más de 1,500 temas relacionados con los beneficios. El segundo, BeneFITwise Premier, analiza datos de reclamaciones de salud para ofrecer información financiera personalizada y ayudar a los empleados a optimizar su selección de beneficios. Ambos pilotos tienen como objetivo mejorar la toma de decisiones de los empleados mientras reducen la carga de trabajo del departamento de recursos humanos durante la temporada de inscripción abierta. Las soluciones, que cumplen con HIPAA, están siendo probadas con empleadores seleccionados para proporcionar soporte 24/7 para consultas relacionadas con los beneficios y recomendaciones de planes personalizadas.
WEX가 자사 복리후생 관리 플랫폼 My Benefit Express 내에서 두 개의 인공지능 파일럿 프로젝트를 시작했습니다. 첫 번째 파일럿, Benefit Assistant,는 1,500개 이상의 복리후생 관련 주제에 대해 인터랙티브 지원을 제공하는 AI 에이전트입니다. 두 번째인 BeneFITwise Premier는 건강 청구 데이터를 분석하여 개인화된 재정적 통찰력을 제공하고 직원들이 복리후생 선택을 최적화하도록 돕습니다. 두 파일럿 모두 직원의 의사 결정을 개선하고 개방 등록 시즌 동안 HR의 업무 부담을 줄이는 것을 목표로 하고 있습니다. HIPAA 준수 솔루션은 선택된 고용주와 함께 테스트되고 있으며, 복리후생 관련 문의에 대해 24시간 지원과 개인화된 계획 추천을 제공합니다.
WEX a lancé deux projets pilotes d'intelligence artificielle au sein de sa plateforme d'administration des avantages, My Benefit Express. Le premier projet pilote, Benefit Assistant, est un agent d'IA fournissant un support interactif pour plus de 1 500 sujets liés aux avantages. Le second, BeneFITwise Premier, analyse les données des demandes de santé pour offrir des informations financières personnalisées et aider les employés à optimiser leur choix de bénéfices. Les deux projets pilotes visent à améliorer la prise de décision des employés tout en réduisant la charge de travail des ressources humaines pendant la période d'inscription ouverte. Les solutions conformes à la HIPAA sont testées avec des employeurs sélectionnés afin de fournir un soutien 24h/24 et 7j/7 pour les demandes liées aux bénéfices et des recommandations de plans personnalisées.
WEX hat zwei Pilotprojekte zur künstlichen Intelligenz innerhalb seiner Plattform zur Verwaltung von Leistungen, My Benefit Express, ins Leben gerufen. Das erste Pilotprojekt, Benefit Assistant, ist ein KI-Agent, der interaktive Unterstützung zu über 1.500 leistungsbezogenen Themen bietet. Das zweite, BeneFITwise Premier, analysiert Gesundheitsanspruchsdaten, um personalisierte finanzielle Einblicke zu geben und Mitarbeitern zu helfen, ihre Leistungswahl zu optimieren. Beide Pilotprojekte zielen darauf ab, die Entscheidungsfindung der Mitarbeiter zu verbessern und die Arbeitsbelastung der Personalabteilung während der offenen Anmeldephase zu reduzieren. Die HIPAA-konformen Lösungen werden mit ausgewählten Arbeitgebern getestet, um rund um die Uhr Unterstützung für fragen zu den Leistungen und personalisierte Planempfehlungen zu bieten.
- Introduction of AI-powered solutions to streamline benefits administration
- Potential reduction in HR workload through automated support system
- Coverage of 1,500+ benefits-related topics through AI assistance
- 24/7 availability of support features
- Enhanced personalization through health claims data analysis
- pilot phase implementation with select employers only
- Success metrics and ROI not yet demonstrated
Insights
The launch of AI-powered benefits administration tools marks a strategic move in WEX's digital transformation journey. The two key innovations - Benefit Assistant and BeneFITwise Premier - represent a significant technological advancement in HR tech. The Benefit Assistant leverages generative AI to handle over 1,500 benefits-related topics, while BeneFITwise Premier provides personalized analytics based on health claims data.
The timing of this launch during open enrollment season is particularly strategic. By automating routine inquiries and providing personalized insights, these tools address critical pain points in benefits administration. The HIPAA-compliant architecture ensures data security, which is important for handling sensitive healthcare information.
From a market perspective, this positions WEX at the forefront of the HR tech evolution, potentially creating new revenue streams through enhanced service offerings. The focus on reducing HR workload while improving employee decision-making could drive increased adoption among enterprise clients.
WEX pilots GenAI benefits agent and AI-powered analytics to enhance employee decision making, mitigate the workload for overwhelmed HR teams during open enrollment season
“WEX is working to be at the forefront of AI innovation in the benefits space, driven by a customer-centric approach. These pilots reflect WEX’s substantial investment of time and talent in AI. We believe AI can be a powerful and precise tool for solving our customers’ most pressing challenges,” said Karen Stroup, Chief Digital Officer, WEX. “Employers are keen to drive well-being and retention without adding more to the plates of their HR teams. At the same time, employees are looking for insights that can reduce feeling overwhelmed and help with the decision-making process.”
WEX’s two new AI functionalities, Benefit Assistant and BeneFITwise Premier, harness data to provide personalized and actionable insights for a number of health-related and financial scenarios.
“At WEX, our ultimate goal is to maximize employees’ physical and financial well-being while minimizing benefits-related interruptions for overextended HR teams,” said Robert Deshaies, Chief Operating Officer, Benefits, WEX. “Our commitment to simplifying benefits administration as well as our concerted and responsible investment in AI to that end are reflected in these pilots.”
WEX’s Benefit Assistant with GenAI
Participating employers will pilot Benefit Assistant, an AI agent, within WEX’s My Benefit Express to provide interactive support for their teams when it comes to the selection and utilization of health and voluntary benefits. Benefit Assistant can provide personalized support for more than 1,500 benefits-related topics and commonly asked questions, ranging from how to enroll, to changing an address, requesting an insurance card, or adding a dependent. This is intended to empower employees to make informed decisions, reduce the number of inquiries directed to HR departments, and free up valuable time and resources for more strategic initiatives.
Employees interact with Benefit Assistant via a familiar interface. Behind the interface, generative AI technology provides personalized assistance with tasks such as understanding plan details, adding dependents, and navigating life events like marriage or the birth of a child. Human-like interactions without complex jargon can help employees navigate the complexities of their benefits with ease, empowering them to make informed decisions without burdening HR teams.
WEX’s AI-Powered BeneFITwise Premier
Also part of the pilot, BeneFITwise Premier – a decision-support tool offered by WEX – leverages AI to analyze individualized health claims data to provide personalized, year-round financial information and actionable insights to help employees maximize the value of their benefits within WEX’s My Benefit Express benefit administration platform. BeneFITwise Premier goes beyond traditional benefits management by offering a comprehensive, data-driven solution that simplifies the decision-making process for employees, helping them select the right plans based on their unique healthcare needs and financial situations absent consultation with their company’s HR department.
This feature proactively engages employees throughout the year, providing targeted communications that enhance overall benefits utilization and satisfaction, while hopefully helping to drive better employee retention and alleviating some of the engagement burden from internal HR teams.
Features will be available 24/7 to employees included under the pilots.
For more information about WEX’s AI pilots for benefits administration, My Benefit Express, or WEX’s other employee benefits offerings, visit: https://one.wexinc.com/benefits-administration/
All of WEX’s benefits offerings – including My Benefit Express and the two AI pilots – are HIPAA-compliant, ensuring that data is handled with security in mind.
About WEX
WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility, and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.
Forward-Looking Statements
This press release contains forward-looking statements including, but not limited to, statements regarding the expected strategic, operational, and financial benefits resulting from the launch and use of WEX’s Benefit Assistant and BeneFITwise Premier. Any statements in this press release that are not statements of historical facts are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “positions,” “confidence,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. Forward-looking statements relate to our future plans, objectives, expectations, and intentions and are not historical facts and accordingly involve known and unknown risks and uncertainties and other factors that may cause the actual results or performance to be materially different from future results or performance expressed or implied by these forward-looking statements, including customer satisfaction with WEX’s Benefit Assistant and BeneFITwise Premier, the Company’s ability to offer and operate WEX’s Benefit Assistant and BeneFITwise Premier as planned and the ability of the Company and its customers to realize the expected benefits of WEX’s Benefit Assistant and BeneFITwise Premier; as well as other risks and uncertainties identified in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 23, 2024 and subsequent filings with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241125074912/en/
Media:
WEX
Kellie Jones, 615-415-0138
Kellie.Jones@wexinc.com
Investors:
WEX
Steve Elder, 207-523-7769
Steve.Elder@wexinc.com
Source: WEX
FAQ
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