The collaboration will allow clients to have a better view of financial and health benefits.
The Hi-Touch Benefits Administration company, Empyrean Benefit Solutions Inc. entered into a strategic partnership with SAVVI Financial LLC which is a leading technology-enabled financial wellness platform. By this partnership, both the companies aim to provide analytics-driven, personalized financial planning and management resources.
How Financial Planning Benefits Employees
It is reported that over 60% of employees admit to mistakes in benefits decision-making costing them to the tune of $750. These errors can’t be afforded by most of the American workforce. More than 50% of the employees spend all or more than their earnings, and 40% of them fail to meet a $400 emergency expense. As an impact of the employees dealing with everyday financial stresses, employers happen to lose billions of dollars every year in productivity.
SAVVI serves more than three million participants around the globe in integration with Empyrean’s benefits enrollment and administrative platform. The partnership brings together the simple setup, financial questionnaire, and data analysis of SAVII within the vast experience of Empyrean. This gives the employees a Single Sign-on (SSO) enrollment point-of-entry and API-integrated engagement with financial and health benefits.
“Today’s workforce is faced with the complexity of figuring out the tradeoffs within their benefit decisions. This partnership helps employees connect their enrollment decisions with maximizing the financial value of their benefits in a highly personalized way,” remarked Jim Priebe, Empyrean Executive Vice President, Product.
By combining user data from Empyrean with SAVVI’s quantitative analysis, recruits can get access to personalized education, resources, and guidance that will help them with their financial decisions, while reducing utilization missteps. This will help enhance their overall financial understanding. Stressing on the significance of the partnership, Richard Wolfe, CEO and co-founder of Empyrean stated that it would offer the employees with a clear and defined path to make smarter financial decisions. Furthermore, employers would not only be able to provide a solution to a very common problem, but also reap the productivity gains.
Gina Mourtzinou, CEO of SAVVI exclaimed that access to reliable advice across all financial choices throughout key life stages leads to employee financial empowerment and that SAVVI was proud to partner with Empyrean in the cause.