Benefitfocus BenefitsPlace Adds Financial Wellness Support via SAVVI

The technology-enabled financial wellness platform benefits employers by allowing employees to easily plan, manage, and track their full financial picture.

(Image source: SAVVI Financial website.)

Benefitfocus, Inc. (Charleston, S.C.), provider of a cloud-based benefits management platform and related services, announced today it has added SAVVI Financial LLC (Waltham Mass.), a technology-enabled financial wellness platform, to BenefitsPlace, Benfitfocus’ catalog of health, wealth, property and lifestyle products. Benefitfocus characterizes the addition of SAVVI as representing the continued growth of products on BenefitsPlace designed to support the financial well-being of users.

Ray August, President & CEO, Benefitfocus.

SAVVI offers individualized financial planning designed to empower employees to achieve their goals. SAVVI’s value proposition is to deliver an actionable plan that promotes employee confidence in their financial future, creating more engaged and productive workers. The company provides financial advice in what it calls an actionable form—suggesting not only what the user should do, but how. Their offering is designed to be personalized to employees and their specific circumstances. SAVVI encourages employees to establish short and long-term goals and keeps them on track, helping manage everyday finances and builds the confidence to make smarter financial decisions.

“It’s a proven fact that many employees spend a great deal of their working hours thinking about their finances,” comments Ray August, President & CEO of Benefitfocus. “They also face the challenge of making sound decisions on benefits and finances in an increasingly complex market. By adding SAVVI as a BenefitsPlace partner, we can help brokers and employers connect employees to a market-leading solution so they can make smarter choices about their finances. That is exactly what BenefitsPlace is designed to do, help consumers access the benefits they need to live their best life. When the employee doesn’t have to worry about money, they excel both personally and professionally. Everyone wins.”

Addressing Employees’ Financial Anxiety

Gina Mourtzinou, CEO SAVVI.

Employees benefit by addressing employees’ financial anxiety, which Benefitfocus substantiates through a citation from the Federal Reserve’s May 2019 “Report on the Economic Well-Being of U.S. Households in 2018.” The document reports that 25 percent of non-retired adults have no retirement savings or pension whatsoever. Six in 10 non-retirees who hold self-directed retirement savings accounts, such as a 401(k) or IRA, have little or no comfort in managing their investments. Also, surveys conducted by the Employee Benefit Research Institute found that 30 percent of workers reported worrying about finances at work and of those worrying about finances, 70 percent worried at least somewhat often.

“Much like us, BenefitsPlace applies a holistic approach to helping employees enhance their health, wealth, property and lifestyle,” comments Gina Mourtzinou, CEO, SAVVI. “SAVVI’s ability to provide access to reliable advice across all financial choices throughout key life stages leads to employee financial empowerment and peace of mind.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

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