Imagine having help in figuring out what benefit plan you should select when it’s open enrollment time!
To that end, New Providence-based EverythingBenefits is partnering with Picwell (Philadelphia), a provider of advanced predictive decision-support solutions for consumer and employee benefit plan selections, the company announced today.
“This marks a new chapter in the company’s commitment to delivering next generation, end-to-end benefit technology solutions and services to employers, employees, benefits carriers, and insurance brokers,” said EverythingBenefits in a press release.
The four-year-old startup has grown to 52 employees in New Jersey, and recently opened its 17,000-square-foot headquarters in New Providence, a spokeswoman said. In 2018, EverythingBenefits doubled its customer base to over 3,000 clients, while crossing the 1 million user mark, the company stated.
The partnership with Picwell will provide a powerful interface driven by artificial intelligence (AI) that presents personalized recommendations tailored to best fit the needs of each user, according to a release. The solution correlates the demographics of employees and dependents against over 900,000 critical factors representing decisions and outcomes of millions across the country who share similar characteristics. As individuals continue to become more educated about their benefits and make better decisions with the help of technology advice, corresponding outcomes will improve as well, the company stated.
The AI integration will be directly incorporated into the benefits selection process, Rachel Lyubovitzky, cofounder and CEO of EverythingBenefits, told NJTechWeekly.com. The end user will go through several screens that collect information in order to understand the employee’s/dependent’s preferences, risk tolerance and any prescription drugs they may be on. This information is then sent to the AI engine, which crunches the data against other data points and provides recommendations immediately, she said.
“EverythingBenefits’ implementation of artificial intelligence is a clear example of our company’s philosophy that technology should make life simpler, more rewarding and more enjoyable,” Lyubovitzky stated. “We’ve taken on the challenges of the industry, and it’s a rewarding experience to deliver solutions that address complex benefits needs with the most advanced technology.”
“We are excited to partner with EverythingBenefits and push this manual industry into an era of automation through the use of technology,” said Matthew Sydney, president and CEO of Picwell. “Our AI integration will empower individuals to make informed decisions on the benefits they need and should have access to — further simplifying and streamlining the user experience in the benefits industry.”