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 (NYSE: WEX), the global commerce platform that simplifies
the business of running a business, today announced a partnership
with select employers to pilot two new artificial intelligence (AI)
enhancements embedded within WEX’s benefits administration
platform, My Benefit Express. Timed with open enrollment season and
as industry pundits explore how AI can be successfully built for
and leveraged within employee benefits, WEX announced the pilot
launch of its Benefit Assistant and BeneFITwise Premier
capabilities, both of which harness AI to provide employees with
personalized and actionable insights that can empower them to make
informed decisions about their benefits.
“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.
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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
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