(Image source: MetLife Upwise website page.)
Employees might be interested in benefits, but their ability to access them may be impeded by a lack of understanding what is available to them. MetLife’s (New York) 22nd Annual U.S. Employee Benefit Trends Study found that 66 percent of employees say they want more benefits to choose from, up from 60 percent in 2023. But while employees are taking more interest in benefits, their comprehension of what’s on offer is also on the rise, with more than half of employees (55%) saying that they do not fully understand their benefits package.
Todd Katz, EVP and Head of Group Benefits, MetLife.
Given these statistics, employers should consider open enrollment an opportunity to address these employee needs and shift their approach to benefit selection, suggests a statement from MetLife. During this year’s open enrollment season, nearly one million U.S. employees will have the opportunity to experience MetLife’s Upwise, a proprietary solution designed to help employees choose benefits wisely and use them seamlessly. Upwise is designed to enhance the benefit experience with personalized benefit recommendations, including a major medical benefit recommendation that utilizes AI, and guidance based on an employee’s individual needs and preferences, according to a MetLife statement. The company stresses that informed benefit election and increased utilization drives employee holistic health and financial confidence, leading to a more engaged and productive workforce.
“Today’s employers are facing macro challenges—everything from rising healthcare costs and mental health concerns to disengaged workforces,” says Todd Katz, EVP and head of Group Benefits, MetLife. “By helping employees thoughtfully choose and use their benefits, MetLife has found that employees are healthier, more productive, and better able to support key business imperatives. It’s only through proactive and personalized experiences that this is possible. Upwise delivers such an experience.”
Double-Digit Growth in Benefits Enrollment
MetLife reports that Upwise uses permissioned personalized medical information, financial data, and employee preferences to develop personalized recommendations across a wide array of benefits including health and nonmedical insurance plans offered by an employer. Once employees choose their benefit selections, Upwise’s engagement capability then provides regular “nudges” to help employees use their benefits during applicable moments throughout the year. According to a pilot study involving 6,011 users and 6,154 non-users at MetLife conducted during MetLife’s 2023 open enrollment period, deployment of benefits decision support during open enrollment period yielded solid double-digit growth in benefits enrollment.
MetLife’s $22+ billion U.S. Group Benefits business serves over 50,000 group insurance customers—covering more than 41 million employees and their families—including 95 of the top 100 Fortune 500 companies and over 80 percent of the Fortune 500 companies.