Businessolver Achieves Success in 2022 with Key Leadership Hires and Intentional Organization Growth
WEST DES MOINES, Iowa, Feb. 22, 2023 /PRNewswire/ -- Businessolver®, a leader in SaaS-based benefits technology and services, today announced its 2022 year-end results, which accelerate Businessolver into a new era of growth as it enters its 25th anniversary.
"This past year marked a significant evolution of our business as we capped our twenty-fourth year in business with our first acquisition," said Jon Shanahan, Businessolver CEO and President. "This milestone is incredibly exciting as we continue to solidify our position as the market leader in the benefits administration space. I am incredibly proud of the work our team has done to innovate our product and deliver delight to our clients – all of which drive our ultimate success."
Businessolver's 2022 business achievements included key leadership hires and intentional organizational growth
In October 2022, Businessolver announced it had acquired Workterra, a fully configurable, easy-to-use benefits administration and enrollment platform. Businessolver's addition of Workterra expanded their commitment of innovation and client delight to employers smaller than what Businessolver had traditionally served, providing support for organizations of nearly any size and all levels of complexity. In addition, this provided greater opportunity for collaboration with benefits consultants, brokers, and carriers in this market.
Said Shanahan, "From day one, our mission with Businessolver has been to grow our business and delight our clients, and we are excited to extend that mission to Workterra and its customer base. We have enjoyed bringing together two organizations with a commitment to driving a thoughtful and empathetic culture in all we do."
Earlier in the year, Businessolver added two new executives to its team to help drive their innovation and growth strategies.
George Lo joined the team in October as Chief Technology Officer. Before joining Businessolver, George served as the senior vice president of engineering at eHealth and vice president of engineering at Marketo. This experience brings a new level of engagement and integration expertise to Businessolver's ever growing product set.
Additionally, Carey Mckenzie joined Businessolver as Chief Acquisition Officer in March. With more than 25 years of benefits industry and technology experience, predominately with LifeWorks (formerly known as Morneau Shepell), Carey ensures our customers and investors achieve the maximum value for their investment through continued growth of the Businessolver footprint.
Businessolver continued its Workspace Anywhere philosophy which extends the opportunity for all employees to work from home full-time. This philosophy allowed Businessolver to reduce its physical footprint to just four office locations throughout the country while growing its virtual presence to 45 states with over 1700 employees. Additionally, the Workterra acquisition extended Businessolver's reach to India as it welcomed a group of Solvers from across the world.
"Workspace Anywhere has been one of the most successful programs we have ever put into motion," said Shanahan. "Our employee satisfaction scores are at an all-time high with 95% of our Solvers reporting that they are happy and engaged at work. This satisfaction has directly tied out to our retention in clients which went up in 2022 to 96% annual gross retention."
In May 2022, Businessolver released its annual State of Workplace Empathy study. The seventh annual study showed that, after resurging in the past year, empathy in the workplace was once again on the decline amid the ongoing COVID-19 pandemic and the Great Resignation. Along with seeing perceptions of workplace empathy returning to pre-pandemic lows, Businessolver's 2022 research also uncovered clear employee expectations for empathetic work environments that prioritize flexibility; mental health; and diversity, equity, and inclusion.
"Our empathy data in 2022 was a true testament to the times," said Shanahan. "After years of a pandemic, an uncertain economy and massive shifts in the employee market, employees' expectations of empathy were at an all-time high and executive and leaders were struggling to keep up. But we also know that this yields for great opportunity in what is possible going forward."
Businessolver expands its product and partner ecosystem alongside innovative technology and heightened security measures
As concerns within cybersecurity were at an all-time high in 2022, Businessolver increased efforts to maintain its system's security. In March, Businessolver achieved HITRUST's Risk-based, 2-year (r2) Certified status. The designation asserts that Businessolver has met key regulations and industry-defined requirements and is appropriately managing risk relating to Benefitsolver's systems and infrastructure. In achieving Certified status, Businessolver is among an elite group of organizations worldwide that have reached the highest benchmark for protecting private health information. Businessolver ended 2022 with a 911/950 A Security ranking as determined by third-party Upguard.
Focused on year-round engagement, Businessolver updated their intelligent application, Sofia's interface, to include display ad-like promotions that promote key benefit and well-being programs throughout the year. With this enhancement, Businessolver's industry-first personal benefits assistant provides employes with reminders to use their benefits effectively and efficiently at opportune times throughout the year, displayed dynamically as they open a chat. This can be proved out in that Sofia took 50% of our chats and calls outside of the annual enrollment season.
Additionally, Businessolver rolled out significant enhancements to MyChoice Accounts, their fully integrated consumer accounts experience within Benefitsolver and the MyChoice Mobile App. The enhancements included a user-guided experience in submitting and managing claims ensuring members have simplified access to their claims status and history. Additionally, MyChoice Accounts rolled out new lifestyle accounts including a medical travel reimbursement account.
Supporting the focus on continued mobile engagement, Businessolver rolled out an enhanced credential process for users downloading the MyChoice Mobile App for the first time. Through personalized QR codes, members can access their award-winning mobile app with little to no effort.
"As we enter our 25th year, I know the foundation we set in 2022 will allow us to bring a personalized experience for employees unlike any other in the benefits technology market," said Shanahan. "We ended 2022 with an 88.64% employee Net Promoter Score of our benefits technology and enrollment experience. These tremendous results are proof that we are making the right improvements to scale and innovate for years to come."
In addition to key product innovations, Businessolver expanded its partner ecosystem with several key additions to its Pinnacle Partner program. Those partners added in 2022 include: ARAG Legal Insurance, Norton LifeLock, Accolade, Aetna, Metlife Legal, Metlife Pet, SWORD Health and Benefex.
Businessolver continues its focus on organizational excellence and empathetic culture, demonstrating the true meaning of 'technology powered by people"
In February, Businessolver was honored to be listed by Forbes and Statista to the 2022 list of America's Best Employers. In addition, Businessolver made the list for Forbes Best Employers for Women.
"To earn a spot on any 'best' list for employers is an honor for any chief executive; however, to be awarded such distinction from a publication as valued and respected as Forbes is extra special," said Shanahan. "Both honors accentuate my belief that our employees are our greatest asset and key for delivering our mission — "grow our business – delight our clients."
In addition to the Forbes listings, Businessolver earned several other top awards including the 2022 Artificial Intelligence Excellence Awards, 2022 Stevie Awards for Great Employers for Health Products & Services, and Female Executive and Employee of the Year awards through the Stevies.
And while winning awards is a demonstration of the culture and work ethic of the Businessolver workforce, another testament to their spirit was their dedication to give back in their communities. One example of that commitment was shown in September, when Businessolver employees worked together to raise enough money to fund eight wishes for the Make-A-Wish Foundation.
"People are at the center of everything we do at Businessolver," said Shanahan. "One of our core values at Businessolver is 'give back' and I am proud to say our Solver Nation creates such meaningful impact in our fully remote environment. This fundraiser was proof that our choice to stay virtual through our Workspace Anywhere program only makes us stronger as we seek to deliver care, resources, and support to those in need."
About Businessolver
Since 1998, Businessolver has delivered market-changing benefits technology and services supported by an intrinsic responsiveness to client needs. The company creates client programs that maximize benefits program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefits selections. Founded by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight.
SOURCE Businessolver
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