Advanced Benefit Strategies Partners with Elevate to Innovate Employee Benefit Administration

In a significant move towards modernization, Elevate, a forward-thinking consumer-directed benefits administration platform, has been chosen as the technology partner by Advanced Benefit Strategies (ABS), a third-party administrator (TPA) renowned for delivering pre-tax benefits for over three decades. This collaboration is set to transform ABS's approach to health savings accounts (HSAs), flexible spending accounts (FSAs), and health reimbursement arrangements (HRAs). Elevate replaces the outdated administration platform previously used by ABS, introducing built-in automation designed to eliminate tedious manual processes and enhance operational efficiency.

Elevate's selection comes at a crucial time when the demand for consumer-directed benefits is on the rise. Traditional administration platforms often suffer from outdated infrastructure and laborious manual workflows that hinder scalability. By integrating Elevate's platform, ABS aims to mitigate these issues, streamlining operations and allowing the team to shift focus from administrative tasks to fostering client relationships and strategic growth.

The Need for Modern Solutions

Stephen Repka, the President of ABS, articulated the pressing need for a more effective technology partner. He stated, "We reached a point where our technology platform was creating more work, not eliminating it. There were too many workarounds, and it was holding us back." This candid assessment reflects a broader challenge faced by many TPAs; outdated technology can severely restrict operational flexibility and growth potential. For ABS, partnering with Elevate offers an opportunity to not only modernize their processes but to do so in a way that aligns with their growth objectives.

Jennifer Cohen, manager of Sales, Client Relations, and Engagement at ABS, echoed this sentiment, highlighting the efficiency gained through Elevate's automation capabilities. Employees have reported a significant reduction in inquiries about common participant concerns such as logging in, resetting passwords, and submitting claims. Cohen noted, "Our workflows are running far more smoothly and our employer groups are loving the changes."

Delivering Proven Results

The tangible benefits of this partnership are not just anecdotal. Companies that have transitioned to Elevate's platform have noted measurable performance gains. Noteworthy achievements include a 30% reduction in service costs per customer and a staggering 51% increase in customer satisfaction, alongside a potential 50% uptick in securing new business opportunities. These statistics are impressive and indicative of the positive shifts that Elevate’s technology can bring to businesses operating in the benefits administration landscape.

Brian Cosgray, CEO and co-founder of Elevate, emphasized the importance of this partnership, stating, "ABS has built a strong reputation by focusing on service and long-term client relationships. Their leadership team recognized that sustaining that reputation while expanding their reach requires the right technology partner." This statement reinforces the notion that collaboration in technology not only enhances operational capabilities but is crucial for maintaining and enhancing service excellence in a competitive market.

A Future-focused Benefits Platform

Elevate stands out as a pioneering platform capable of managing diverse types of benefit accounts, including HSAs, HRAs, and further account types through a fully cloud-based, API-driven, and AI-enabled interface. The platform is fine-tuned for flexibility, allowing for real-time automation which is essential for modern benefit administrators navigating complex regulatory environments and diverse client needs.

Since its inception in 2020, Elevate has been dedicated to modernizing benefits administration, providing a vital resource for organizations like ABS seeking to evolve and adapt to changing market conditions. As they embark on this journey together, both ABS and Elevate are poised to redefine the landscape of employee benefits administration, paving the way for a new era of operational efficiency and client satisfaction.

For more information, visit Elevate's website and follow them on LinkedIn to stay updated on their latest innovations and industry insights.