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Elevate Honored with 2024 HR Tech Award for AI Innovations in Employee Benefits

May 02, 2024 | Posted by Cision PR Newswire

Funding will be used to further solidify positioning as the most innovative benefits platform on the market

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health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) are outdated and error prone.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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