Businessolver Enhances MyChoice® Accounts HSA Investment Platform powered by DriveWealth and Sentinel Group
Benefits technology leader enhances integrated experience to provide HSA holders with more investment options
DES MOINES, Iowa, Nov. 14, 2023 /PRNewswire/ -- Businessolver®, a leading provider of benefits technology and services through its proprietary platform, Benefitsolver®, has partnered with industry leaders DriveWealth® and Sentinel Group to expand its proprietary consumer directed healthcare accounts engine to include a native and fully integrated health savings account (HSA) investment experience. This means that participants manage their HSA claims and investments in the same place they enroll in and manage their entire health and welfare benefits package.
MyChoice Accounts now features a more streamlined experience for HSA members who choose to take their pre-tax health spending account dollars to new levels. Registered investment adviser (RIA), Sentinel Group, is a new partner that is monitoring a high-performing fund line-up, while the experience is powered by DriveWealth's forward-facing API-driven technology.
"This partnership opens up a lot of opportunities for our clients and their members to unlock the full power of their HSAs," said Rae Shanahan, Chief Strategy Officer at Businessolver. "Providing members with the opportunity to invest in exchange-traded funds expands the future of healthcare spending and provides more flexibility to help lower overall investment costs. This is especially powerful as Businessolver puts HSAs in the same platform as the member's health and wellness benefits to create a completely integrated, dynamic solution and empower healthcare spending."
DriveWealth's HSA functions will allow members to invest in fractional shares, known as exchange-traded funds (ETFs), which have lower expense ratios and provide more options for both the novice and the seasoned investors. Sentinel Group monitors the options to provide optimized funds and multiple investment models.
"We are thrilled to partner with Businessolver as they are at the forefront of innovation within the benefit space," said Stan Smith, Managing Director of DriveHSA, powered by DriveWealth. "Embedding the DriveWealth brokerage infrastructure for a modern and holistic investment experience will significantly impact the HR industry by helping drive better engagements and higher adoptions."
The platform releases in 2024, following a year of immense innovation with the Benefitsolver platform. In 2023, MyChoice Accounts members have enjoyed:
- 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
Sentinel is excited to join Businessolver as they bring a simplified and modern HSA experience to the market," said Sam Mitchell, CEO of Sentinel Benefits. "At Sentinel, we believe HSAs must balance a robust investment offering with an easy-to-use accountholder experience and the Benefitsolver platform delivers exactly that."
As healthcare costs rise, so does the need for employers to provide financial wellness benefits. According to data from the Benefitsolver system of more than 7 million employees, 52% of women say they don't have a rainy-day fund to cover an unexpected expense, while 33% of men say the same. Tax-advantaged accounts like HSAs help employees cover their deductible, out-of-pocket expenses, and health services.
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.
About DriveWealth
DriveWealth, the pioneer of fractional equities trading and embedded investing, is a visionary technology company that empowers more than 100 partners around the world to engage their customers by placing the markets in the palm of their hand. We believe the future is fractional, transactional, and mobile. Every mobile device should be a gateway to accessing investing and savings products, services, advice, and assistance for global citizens of all ages, wealth stages, and levels of financial expertise. DriveWealth's unparalleled consultative support and cloud-based, industrial strength technology platform allow partners to seamlessly offer branded investing experiences to drive customer acquisition, loyalty, retention, and revenue growth. DriveWealth's commitment to continuous evolution and innovation makes it the partner of choice for powering the future of investing. For more information, please visit drivewealth.com or connect with us on Twitter @Drivewealth.
About Sentinel Group
Founded in 1987, Sentinel Group is a single resource to manage all aspects of health, wealth and retirement and serves over 4,000 clients nationwide. Sentinel is determined to make the business of benefits easy, bringing an integrated delivery of advice, consulting, and administration to our clients. Sentinel Pension Advisors, Inc., a company of Sentinel Group, is an SEC-registered advisory firm. For more information visit us at sentinelgroup.com.
Media Contact
Bridget Mortland
Head of Marketing & Product Solutions, Businessolver
[email protected]
SOURCE Businessolver
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article