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Gusto and Elevate Join Forces

In a significant step to enhance consumer benefit offerings, Gusto has partnered with Elevate, a cutting-edge benefits administration platform. This collaboration aims to streamline services for small businesses in managing employee benefits. Gusto currently supports over 400,000 small enterprises, assisting them with payroll, HR, and compliance tasks.

Enhancements to Benefits Offerings

Through this partnership, Gusto aims to bolster its existing benefits platform by introducing improved health savings accounts (HSAs), flexible spending accounts (FSAs), and commuter benefits. These enhancements are designed to simplify the options available to small business owners and their employees while ensuring compliance with applicable regulations.

The collaboration also involves the development of a custom portal for benefit participants, showcasing Gusto’s distinct branding. By creating automated integrations, both companies hope to facilitate plan setup, onboarding, and enrollment for users—a process that has historically been cumbersome and fraught with questions. The transition to this new platform will further ensure existing accounts are migrated seamlessly.

Impressive Initial Results

Since integrating HSAs, FSAs, and commuter benefits into their offerings, Gusto has reported some remarkable statistics:

• - 26% Reduction in Customer Inquiries: The efficient setup and clear communications have garnered a notable decrease in questions per customer.
• - 57% Increase in Customer Recommendations: The likelihood of customers recommending Gusto’s products and services has surged, indicating higher satisfaction.
• - 51% Improvement in Customer Satisfaction: Users have expressed increased contentment with the updated system and its functionalities.

The Rationale Behind the Partnership

Selecting Elevate as a technology partner was a strategic decision for Gusto. Julia Miller, Gusto’s General Manager and Head of Benefits, emphasized that the choice was driven by a commitment to enhance the customer experience for small businesses. Elevate’s technology enables Gusto to efficiently manage consumer accounts, leading to simplified enrollment and maintenance processes.

Miller remarked, "The integration with Elevate allows us to offer an unparalleled experience, ensuring that our clients can easily navigate health savings and flexible spending options."

On the other side of the partnership, Brian Cosgray, CEO and co-founder of Elevate, expressed pride in supporting Gusto in achieving its objectives. He noted, "This collaboration showcases how advanced technology paired with a unified vision can create outstanding results for both parties. Elevate not only meets Gusto's present requirements but also serves as a robust foundation for future advancements."

Elevate's Role in the Market

Elevate prides itself on being the first fully cloud-based, API-driven, and AI-enabled benefits platform. It specializes in configurability and real-time automation, making it an ideal partner for Gusto. The platform is designed to handle a variety of benefit accounts—from HSAs to complex health reimbursement arrangements (HRAs). Established in 2020, Elevate was created out of a necessity for modern solutions in a traditionally outdated benefits administration industry.

Elevate’s partnerships span various sectors, including third-party administrators and financial institutions, showcasing a growing trend toward leveraging technology to streamline employee benefits and enhance employer productivity.

Conclusion

This partnership between Gusto and Elevate marks a pivotal moment for small businesses seeking to optimize their employee benefits programs. By improving access to essential health accounts and related benefits, both companies are not merely enhancing their service offerings but are also paving the way for a superior employee experience. The integration of their platforms signifies a positive move towards efficient, user-friendly benefits administration, promising innovative solutions in the future.