WEX, a leading financial technology service provider, further solidified its leadership position in 2020 in terms of growth and services across its Health division.
“Our success is driven by our partners’ hard work, dedication, and determination, which were amplified in an incredibly challenging year,” said Robert Deshaies, president, Health, WEX. “Our shared mission of simplifying benefits for everyone is fueled by our ongoing commitment to investing in technology and in the growth and accomplishments of our partners.”
Specifically, in 2020:
- WEX’s partner ecosystem now connects it to more than 408,000 employers, ultimately helping it serve more than 33 million consumers across the United States and Canada.
- WEX continued to capitalize on the continued momentum of the healthcare savings account (HSA) market with growth of accounts and assets, with more than 6.5 million HSA accounts on the WEX technology platform, more than any other platform in the country.
- Growth continued across all categories of employers choosing WEX as their technology platform for administering healthcare benefit accounts. Among Fortune 1000 companies, almost 60 percent are on the WEX platform.
WEX continued building key relationships with industry-leading third-party administrators, health plans, financial institutions, benefit administration partners, payroll providers, consultants, brokers, and employers, including:
- APA Benefits
- APlus Payroll
- Business Benefits, Inc.
- Cobra Professionals, Inc.
- Combined Insurance Services
- Compensation Consultants
- Family Health America, LC
- First American Bank
- HR Concepts, LLC
- Michigan Group Benefits
- Transamerica, via its affiliate, Transamerica Health Savings Solutions, LLC
- Trustmark Health Benefits
- While legislation during 2020 impacted nearly every part of the Health business, the division pivoted quickly to provide education, insight, and solutions to providers and participants, including thousands of virtual event attendees across its SpeedLift, Momentum, Benefits Buzz podcast, and webinar activities.
- Product releases in 2020 focused on strongly positioning the WEX benefits platform as the market leader through investments to maximize HSA enrollment and deposits, using advanced analytics for a deep understanding of consumers, delivering a highly personalized consumer experience, enabling partner growth through new product offerings, driving efficiency and cost reduction, and ensuring industry leading fraud prevention and security. Highlights of the year include the official launch of Let’s Chat, an AI-driven virtual assistant, continued focus on enhancing HSA investment functionality, and features dedicated to supporting a seamless open enrollment experience.
- To increase knowledge and U.S. consumer awareness of the benefits of HSAs, the Health division again partnered with Jean Chatzky, founder and CEO of HerMoney, on National Health Savings Account Awareness Day (HSA Day) on October 15. Additionally, Chatzky was joined by Jason Tartick, speaker, investor, and founder of Restart, a consulting company centered around personal, professional, and financial wellness, and Lissette Calveiro, an established digital strategist, content creator, and business coach.
- WEX executives shared thought leadership, insight, and expertise through virtual conferences and by being featured in the national news and industry trades. This resulted in more than 688 million media impressions for 2020 and included coverage in CNBC, Cheddar, Forbes, and Yahoo.
Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 5,200 associates around the world. WEX fleet cards offer 15.8 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020; and the WEX Health financial technology platform helps 408,000 employers and 33.1 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.