Broker Bulletin
Businessolver announcements, information & resources
December 2023
Businessolver Product Roadmap: Deliver More in 24
Register for our January 25 product roadmap experience taking place at 1 p.m. CT
Get ready for an exciting year ahead! As we kick off 2024, it's the perfect time to position your clients' benefits strategies for success. In 2023, the benefits technology space witnessed remarkable advancements in artificial intelligence (AI), intelligent listening, and data-driven analytics. We believe 2024 will bring even more.
During this product-focused experience, we’ll be pulling back the curtain and revealing what’s on our own product roadmap for 2024, as well as how these advancements will bring increased efficiencies to your clients.
Join us for an expert-led, 60-minute product roadmap session where we’ll dive in and discuss:
- What’s on our product roadmap for our virtual benefits assistant, our decision support, our mobile application, and more
- Why data-driven analytics are here to stay, and how Businessolver can help empower your clients with data
- How we’re upleveling our communication channel engagement tracking to provide even more insights for client employers
Don’t miss out on joining us for our first virtual experience of the new year.
2023 Year in Review: MyChoice Accounts
Key product enhancements your clients should know about
MyChoice Accounts, our proprietary consumer account administrator, got a full glow-up throughout 2023, and the team is excited about what 2024 will bring with additional account management capabilities, a new HSA investment platform, and increased automation for your clients.
2023 Highlights:
- An enhanced member web experience, updated based on extensive user testing
- Greater mobile app functionality for faster claims submission, simpler debit card management, and mobile push notifications for accounts
- AI enhancements that include more intuitive search and summarization features for benefits details, personalized IVR for callers, and AI support for member services advocates
- Upgraded communications and simpler claim reconciliation process
In 2024, we will launch our improved HSA investment experience, powered by DriveWealth and Sentinel Benefits, providing your clients’ members the opportunity to invest in ETFs and manage their HSA end-to-end in their overall benefits platform.
Make sure to take our short survey
It will take less than 5 minutes and you will receive a $5 coffee gift card for participating!
December 6 Webinar Recap
Relive the magic, and catch up on what you missed from our CEO, Jon Shanahan
Thank you to all who attended our December 6 Forrester webinar focused on “Future of Work: The Evolution of the Employee Benefits Experience.” If you couldn’t attend the event, or just want a recap—we’ve got you covered.
Key takeaways from the webinar:
- Some of the biggest challenges your clients’ face today include retention, engagement, employee burnout, talent acquisition, and employee belonging. To combat these ailments, your clients need to be adaptive, resilient, and creative in their approach.
- 86% of employees feel people at their workplace are not heard fairly or equally.
- 68% of CEOs feel that empathy needs to evolve within US organizations (up 36 points from 2022)
- To amplify excellence your clients must combine cultural alignment (vision and purpose), Well-being (provide care and concern for their employees), and foster employee belonging (pathing and safety).
- In 2024 benefits tools and strategies should enable your clients to create a culture of wellness for all their employees, access where gaps are in their employee’s financial, emotional, physical, and social wellbeing, as well as deliver resources to make wellness obtainable.
To discover more about the webinar, and to watch the recording, click the link below to be taken to our recap blog.
Delighting Your Clients with Excellence
A look back on Businessolver’s 2023 awards and recognitions
2024 might be just around the corner, but it’s not too late to celebrate our wins from 2023. We couldn’t do it without the support of our fellow channel partners like you and your clients! Take a look at all that we’ve accomplished together in 2023.
In 2023, we were honored to be recognized for the following achievements:
- Forbes: America's Best Midsize Employers
- Fast Company Best Workplaces for Innovators recognition
- Aetna’s Silver winner for Above and Beyond Workplace Well-being
- Finalist for Best SaaS Product for HR
- The Cloud Award shortlist – Best Software as a Service & Best Use of Artificial Intelligence in Cloud Computing
- The Edison Awards Nominee: Innovative Services & Software Solutions
- 2023 Inc. Best in Business for AI & Data and Software are a Service
- Digital Health Awards:
- GOLD: Businessolver: 2023 Benefits Insights Report
- MERIT: Businessolver Custom Communications: Envision Newsletter and Email
- GOLD: Businessolver Custom Communications: Regeneron’s Leave of Absence Roadmap eGuide
Let’s make 2024 even better together in partnership!
What’s New in Compliance?
Make sure your clients’ members are spending FSA money by 12/31/23
As we reach the end of the year, please be sure to remind your clients with healthcare, limited purpose, and dependent FSA members of their spending deadlines, so they don’t forfeit funds.
MyChoice Accounts users: All client FSA members with a balance over $5 will receive an email between Dec. 11–14 including their current balance, their spending deadline, and next steps from MyChoice Accounts via Benefitsolver.
IRS increases contribution limits for tax-advantaged spending accounts
The IRS recently announced contribution limit increases for 2024 for FSA, commuter, and adoption benefits:
- Healthcare FSAs and limited-purpose FSAs contributions increased to $3,200 and carryovers increased to $640.
- Commuter benefits increased to $315 per month for both the transit and parking pre-tax benefit.
- Adoption assistance fund limits increased to $16,810.
- HSA contributions, announced earlier this year, increased to $4,150 for individuals, $8,300 for families, and $1,000 for 55+ “catch-up” contributions.
There were no increases for dependent care FSAs.
Read the IRS press release or the full documentation from the IRS here.
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A Peek at Our Pinnacle Partners
Helping your clients live their best lives
Transamerica is a leader in retirement plans and employee benefits, Transamerica works to help your clients’ employees care for their health, while helping to protect their finances and quality of life. We work with each employer to design a benefits strategy that meets their employees’ needs today and will continue to meet their changing needs over a lifetime. Together, Businessolver and Transamerica can help your clients’ employees work towards a healthier, more secure financial future. Watch this brief video to find out how Transamerica can help your organization bring Wealth + Health together so your clients’ employees can make the most of their benefits experience to pursue long-term financial wellness.
Giving people the opportunity to focus on recovery, not stress
Aflac provides financial protection to more than 50 million people worldwide. When an insured gets sick or hurt, Aflac pays cash benefits promptly, for eligible claims, directly to the insured (unless assigned otherwise). Together, Aflac and Businessolver help your clients build a stronger, more stable workforce.
Help your clients provide holistic wellbeing to their employees
Prudential’s purpose is to make lives better by solving the financial challenges of our changing world. As we near our 150-year anniversary, we continue to commit to our institutions, partners, and customers by living into our core values of trust, respect, customer focus, and winning with integrity.
Together, Prudential and Businessolver are committed to helping your clients’ workforces get the financial protection and support they need. Through simple and efficient delivery, we’re making it easy for you and your clients’ employees to manage their benefits. Watch this short video to learn more about how Prudential can help your clients’ organizations.
Resources and Upcoming Events
7 Questions Your HR Clients Should be Asking You
Choosing a new benefits administration technology provider is a big decision, but how can you ensure a productive conversation with your clients as we head into 2024? Check out our latest blog detailing our top seven questions clients should be asking to structure a productive discussion.
Why Your Clients Should be Using Student Loan Repayment as Their Next Employee Retention Strategy
Many Americans are feeling the crunch of student loan debt now that payments once deferred by COVID relief have resumed. As your clients plan their benefits strategies for the upcoming year, one option on the table is student loan repayment benefits to support and retain top talent. Learn more about how these benefits should be part of your clients’ total rewards strategy in 2024 and beyond.
Vision 2024: We’ll “See” you in April – Save the Date!
Have you pre-registered for Vision 2024 yet? Mark your calendars for April 4-5 for our annual conference. If this is your first year with us, this event is not to be missed because it’s all about you. Pre-register to be the first to know about:
- Keynote speakers (last year, Shola Richards joined us for a moving opening keynote address
- Agenda updates, including product roadmaps and benefit insights discussions
- The latest empathy data for 2024
- And it’s Businessolver – so you know there will be whole lot more!
We can’t wait to celebrate with you in April!
20-minute Live Demos
Get an inside look at Benefitsolver with one of our upcoming live demos. Register below to choose a date that works best for you.