About the company:
- Industry: Food & beverage
- Employees: 318,000 employees
- Headquarters: United States
A multinational food and beverage conglomerate was faced with the challenge of staying at the forefront of market trends while helping employees find financial balance and feel secure in their reimbursement account savings. By partnering with Alight, the company helped their people maximize benefits and optimize the available financial resources. Leveraging Alight LumenAI’s hyper-personalized messaging, they successfully drove HSA program awareness and increased the overall employee contribution rate in less than six months.
Key takeaways:
- Hyper-personalization strategies that leverage targeted outreach and tailored communications are key in driving employee participation in underutilized health savings programs.
- AI-driven push messaging can be used to engage two distinct employee groups in health-savings benefits: those who haven’t contributed to an HSA, and those already contributing.
- Personalized messaging and multi-channel offers demonstrates a commitment to a diverse range of employee needs and through increased reach, drives higher conversion rates.
Underutilized HSA benefit prompts the need for hyper-personalized engagement
For one food & beverages industry giant, a significant challenge emerged as the company’s investment in the Health Savings Account (HSA) benefit remained underutilized by the workforce. Employees lacked awareness and knowledge of the HSA, despite its potential for saving pre-tax dollars for medical expenses. The company sought help from Alight in increasing employee participation and contributions to the HSA and garnering more positive business outcomes.
Strategic AI initiatives rally program awareness and contributions
With help from Alight’s LumenAI technology, the company implemented an AI-fueled solution that used targeted outreach to drive HSA participation amongst non-contributing employees and encourage increased contributions amongst employee-participants.
In forging a collaborative alliance with the client, Alight orchestrated a series of strategic initiatives, meticulously designed to ensure seamless integration and implementation of the AI-driven program. Key steps in this process included:
- Assessment: The Alight team conducted a comprehensive needs assessment, delving into the intricacies of the client's specific challenges and goals to establish a thorough understanding of their unique context.
- Data analysis: Extensive scrutiny of existing data ensued, encompassing employee participation rates, savings patterns and financial behaviors. This detailed analysis served as the foundation for shaping the AI-driven personalization strategy.
- Integration planning: Alight fostered close collaboration with the client to craft an integration plan and identify optimal areas for the implementation of personalized content within existing communication channels.
- Customization framework: A custom framework for content personalization was carefully established, accounting for the distinctive characteristics of the client's workforce and aligning with desired outcomes.
- Pilot programs: Small-scale pilot programs were strategically initiated, providing a testing ground for the effectiveness of the AI-driven approach. This iterative phase allowed for nimble adjustments and refinements before advancing to full-scale implementation.
- Continuous monitoring: To ensure the ongoing adaptability and success of the AI-driven program, the Alight team implemented mechanisms for continuous monitoring and feedback, facilitating real-time adjustments for evolving needs.
In terms of evaluations and analysis, Alight conducted comprehensive assessments of the existing 401(k) and HSA benefits, and scrutinized the potential impact and projected tax savings a hyper-personalized engagement campaign would deliver. Targeted email and web messages were crafted to dynamically adjust to employee behaviors and help transform employee savings over time.
Despite the project's complexity and the scale of the workforce, Alight completed work in less than six months. The success of integration was gauged by a substantial increase in employee contributions to both 401(k) and HSA accounts.
Results:
- Savings in employer FICA taxes: Realized a substantial $0.86 million in savings in employer Federal Insurance Contributions Act (FICA) taxes.
- Increase in HSA contribution per participating employee: Achieved a significant average increase of $1,231 in HSA contributions per participating employee.
- Conversion of targeted personalized messaging: Demonstrated an impressive 33% conversion rate of targeted personalized messaging.
- Personalized offers to eligible employees: Successfully delivered personalized offers to 95% of eligible employees across various channels, encouraging them to start saving in their HSA.
Start the transformation
Elevate your organization's potential with Alight LumenAI, a cutting-edge solution designed to revolutionize engagement strategies with personalized program content. The seamless integration of Alight LumenAI into all new and existing AI capabilities across the Alight Worklife platform help you unlock the power for tailored engagement and drive transformative outcomes.
