Empyrean Benefit Solutions, Inc., the Hi-Touch Benefits Administration company, announced a strategic partnership with SAVVI Financial LLC, a leading technology-enabled financial wellness platform, to provide personalized, analytics-driven financial planning and management resources.
SAVVI is fully integrated within Empyrean’s benefits enrollment and administrative platform, which serves more than three million participants worldwide. The partnership blends SAVVI’s simple setup, financial questionnaire, and data analysis within the Empyrean experience, giving employees a single sign-on (SSO) enrollment point-of-entry and API-integrated engagement with financial and health benefits.
More than 60% of employees admit to errors in benefits decision-making that have cost them up to $750. Those are mistakes American workers in particular can ill-afford to make: 40% can’t meet a $400 emergency expense, and more than half spend all or more than they earn.
“Today’s workforce is faced with the complexity of figuring out the tradeoffs within their benefit decisions,” said Jim Priebe, Empyrean Executive Vice President, Product. “This partnership helps employees connect their enrollment decisions with maximizing the financial value of their benefits in a highly personalized way.”
Pairing Empyrean’s user data with SAVVI’s quantitative analysis, employees can get individually tailored education, guidance, and resources to better guide their financial decisions, while reducing utilization missteps – all of which helps improve overall financial understanding and future financial well-being.
“Employers lose billions each year in productivity due to employees dealing with everyday financial stress,” said Richard Wolfe, Empyrean CEO and co-founder. “This partnership helps alleviate that stress on two levels: Employees can have a clear and defined path to make smarter financial decisions, and employers can not only provide the solution but also reap the productivity gains.”
“Traditionally, workplace financial health tools have focused on future retirement benefits – too often giving a narrow and oversimplified view of how to help people effectively budget and spend. We believe access to reliable advice across all financial choices throughout key life stages leads to employee financial empowerment,” said Gina Mourtzinou, CEO of SAVVI. “SAVVI is proud to partner with Empyrean to help accomplish this goal.”
Started by a team of MIT PhDs with 20+ years of experience in finance, analytics, and robust optimization with a core mission to democratize financial planning and advice, SAVVI Financial LLC is an SEC-registered investment advisor that delivers tax-smart financial guidance using deep quantitative analysis to help customers achieve their financial objectives. For more information, visit https://www.savvifi.com/.
Empyrean Benefit Solutions manages employee health and welfare benefits programs, combining the industry’s most modern, client-adaptive, and configurable benefits technology platform with expert, responsive service to deliver Hi-Touch Benefits Administration. Empyrean provides market-leading enrollment, eligibility management, ACA reporting, and other plan administration services that empower employers, insurance brokers, and healthcare exchanges to meet ever-evolving benefit challenges. Founded in 2006, Empyrean’s integrated platform serves over three million annual participants across a wide spectrum of sizes, industries, and complexities. Visit www.GoEmpyrean.com for more.