We Won! Elevate Receives 2024 HR Tech Award for AI Innovations in Employee Benefits

Did you hear the news? Elevate recently won the Best Advance in Practical AI in the 2024 HR Tech Awards. We’re thrilled that Lighthouse Research & Advisory has recognized us for our innovations in the Total Rewards and Wellbeing category.

Below, we’ll cover what this means for us, the industry, and our partners and their customers.

What are the 2024 HR Tech Awards?

The HR Tech Awards honor HR technology firms that have created solutions to solve problems their customers care about. According to Lighthouse Research & Advisory, the organization that powers the HR Tech Awards, there are currently 5,000 HR technology providers on the market today. Their organization focuses on recognizing only 1% of standout providers that deliver an incredible value, innovation, or service in their respective categories.

Categories of technology included Core HR/Workforce, Talent Acquisition, Talent Management, Total Rewards and Wellbeing (our winning category!), Talent Analytics, and Employee Experience.

Lighthouse Research and Advisory also noted that the providers they recognized:

• Help employers see, understand, and leverage the skills of each individual in the business
• Support workers in the use of flexible benefits, giving them more choices and autonomy
• Guide training and learning decisions, providing a more developed and capable workforce
• Support a truly valuable employee experience across core HR, payroll, and other critical areas
• And so much more!

Why was Elevate chosen?

First, a little context: Legacy technology solutions powering health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) are frequently outdated and error prone. With these legacy providers, employees submit documentation to have an eligible expense reimbursed, and that process takes days or weeks. In the meantime, employees are often left in the dark wondering if their claim is approved, and then made to wait even longer after approval to get access to reimbursement dollars.

Elevate has reinvented the claims reimbursement process thanks to our AI-driven platform. Our AI and API capabilities allow employees with HSAs, FSAs, and HRAs—plus commuter and lifestyle accounts—experience faster payments with instant claims processing. Learn more about Elevate’s AI and automation here.

In the 2024 HR Tech Awards, we were recognized for our Best Advance in Practical AI, a subcategory that spotlights a solution that leverages AI, machine learning, robotic process automation, and/or natural language processing for practical impacts to people and the business.

Here’s what Ben Eubanks, Chief Research Officer at Lighthouse Research, had to say about Elevate:

"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. 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."

The benefits don’t stop there: Not only are 90% of claims can be approved instantly, but employees can also receive immediate access to their reimbursement dollars through PayPal, Venmo, or debit card.

Why should this matter to our potential partners and their HR clients?

Elevate's win is a testament to our commitment to innovation. While this award shone a spotlight on claims processing, this is just the tip of the iceberg.

For our partners—including third-party administrators, health plans, and financial institutions—our AI capabilities allow them to cut down on manual work and reallocate their resources to more strategic projects. No extra headcount is needed to process more claims, which means our partners can take on more clients without additional overhead. Our platform also allows 1-click plan setups, which means you can onboard more clients quickly to grow your business. What’s more, Elevate’s AI-driven platform can be fully white-labeled and offers free customized reports, so our partners own the experience from end-to-end.

"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,” says Brian Cosgray, cofounder and CEO at Elevate. “By using AI to streamline the benefit administration process, we’re not just solving for today's HR challenges—we’re setting the stage for what's next.”

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