Elevate's cloud-based, API-driven and
AI-enabled benefits platform brings advanced technology to consumer
directed benefits
DENVER, May 2, 2024
/PRNewswire/ -- Elevate, a modern consumer directed benefits
administration platform, today announced it has been recognized by
Lighthouse Research & Advisory as the Best Advance in Practical
AI in the Total Rewards and Employee Wellbeing category of the 2024
HR Tech Awards. With Elevate's modern, artificial intelligence
(AI)-enabled and API-driven consumer technology platform, flexible
spending account holders benefit from faster payments with instant
claims processing.
"Every HR leader knows that it's important to give employees
benefits that meet their needs. But all too often the mechanisms
around selection, usage and reimbursements are clunky, slow and
off-putting," said Ben Eubanks,
chief research officer, Lighthouse Research & Advisory.
"Elevate solves that by creating an intuitive, employee-friendly
interface for employer benefits like FSAs, HRAs and HSAs. Not only
is it more secure and accessible, but 90% of claims can be approved
instantly with intelligent AI technology."
Legacy technology solutions powering health savings accounts
(HSAs), flexible spending accounts (FSAs) and health reimbursement
arrangements (HRAs) are outdated and error prone. With Elevate,
account administrators gain access to built-in automation that
leverages AI to make reimbursements faster and more accurate, and
an improved user experience for administrators, clients and
employees.
"Over the past year, we've witnessed a fundamental shift in the
HR landscape with an intensified appetite for modern,
technologically advanced benefit administration solutions that
drive efficiency and employee satisfaction," said Brian Cosgray, co-founder and CEO, Elevate.
"Elevate's fully automated platform gives our customers' employees
faster access to their funds through a one-stop shop for convenient
account reimbursement that is easy to administer. It's a win-win
for everyone."
Elevate's platform offers instant claim processing that
leverages AI to review and approve claims and instant coaching to
employees during the submission process. Before introducing AI
coaching, about 12% of reimbursement request submissions required
more information. With AI coaching, less than 2% are
returned.
The HR Tech Awards program, powered by Lighthouse Research &
Advisory, is designed to give buyers a short list of vetted,
capable providers specific to their needs. According to Lighthouse
Research & Advisory data, more than 5,000 providers exist with
more entering the space every day. The HR Tech Awards recognize an
elite group of companies, representing approximately 1% of the
overall firms in the HR technology marketplace, for their focus on
creating solutions that solve problems their customers care about.
Elevate was selected among other industry leaders, including,
Mercer, Alight, Ernst & Young, Rippling, Bamboo HR, Paycor,
Paychex, Experian and others. The video announcement with a full
list of the honorees is available here:
https://lhra.io/blog/hr-tech-awards-2024-winners-announced/.
"We're not looking for companies that say they are an AI-first
company, but instead, companies that use AI to solve a practical
need. Elevate won in this category because they are solving
practical needs for both employers and their workforces," remarked
Eubanks.
About Elevate
Elevate is the first completely
cloud-based, API-driven and AI-enabled consumer-directed benefits
platform with a focus on configurability, embeddability and
real-time automation. The all-in-one platform can manage all types
of benefit accounts, from health savings accounts (HSAs) to complex
health reimbursement arrangements (HRAs), and even commuter and
lifestyle accounts. Elevate's team of industry experts recognized
the need for modern technology in an outdated benefits
administration industry, which led to the creation of Elevate in
2020. Today, Elevate collaborates with forward-thinking partners,
including professional employer organizations (PEOs), third-party
administrators (TPAs), health plans, benefits administrators and
financial services companies, to provide a fully integrated,
unified benefits account experience for thousands of employers and
their employees across the U.S. Learn more at www.elevate.inc
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SOURCE Elevate