Empyrean Benefits Administration News

 

Securian Financial strengthens position in employee benefits market by acquiring Empyrean Benefit Solutions

Empyrean’s market-leading technology improves the benefits administration experience for employers and their employees

ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial Group, Inc., announced today that it has signed a definitive agreement to acquire Empyrean Benefit Solutions, Inc., a company with a leading platform for employee benefits enrollment and human resources administration.

Empyrean, which will remain an independently operated organization, delivers a single platform for all benefits administration, enrollment, education and communication. Its technology integrates insurance carriers with payroll systems and other third-party administrators, helping employees understand their benefits, appreciate their value and make smarter coverage and utilization decisions.

Securian Financial is the third-largest direct writer of group life insurance in the United Statesand also offers group accidental death and dismemberment (AD&D), accident, critical illness and hospital indemnity insurance.

“This transaction underscores our commitment to creating exceptional experiences for employers and their employees,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “It is a significant strategic investment that complements Securian Financial’s broad lineup of innovative employee benefits solutions and opens new growth opportunities for both our customers and us.”

“Technology-driven customer expectations are rapidly changing the employee benefits industry,” added Bruce Shay, Securian Financial’s executive vice president and head of group insurance. “Empyrean’s solutions help employers navigate this landscape in support of their benefits strategy.”

More than 400 employers and 3.6 million participants use Empyrean’s platform. Founded in 2006, Empyrean has more than 600 employees working at its Houston headquarters and in offices in Nashville and Minneapolis.

“This is an exciting opportunity not only for Empyrean, but also for our customers and partners,” said Rich Wolfe, Empyrean’s CEO and co-founder. “Securian Financial shares our long-term values and customer service-focused culture. We are gaining access to a partnership that will allow us to continue to execute our strategy of connecting benefits and enriching lives.”

The transaction is expected to close in the next month. Goldman Sachs & Co. LLC served as financial advisor and Fredrikson & Byron served as legal counsel to Securian Financial in the transaction. Baird served as financial advisor and Shearman & Sterling served as legal counsel to Empyrean.

 

ABOUT SECURIAN FINANCIAL
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.

ABOUT EMPYREAN
Empyrean 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 consultants and healthcare exchanges to meet ever-evolving benefit challenges. Founded in 2006, Empyrean’s integrated platform serves over 3 million annual participants across a wide spectrum of sizes, industries and complexities.

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1. A.M. Best Statistical Study, U.S. Group Life, July 23, 2018. Based on 2017 group life insurance in force for Minnesota Life Insurance Group. Excludes Great-West Life Group.

Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.

Securian Financial is the marketing name for Securian Financial Group, Inc. and its affiliates. Insurance products are issued by its affiliated insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Securities and investment advisory services offered through Securian Financial Services, Inc., registered investment advisor, member FINRA/SIPC.

Contact:
Securian Financial
Jeff Bakken, Media Relations
651-665-7558
jeff.bakken@securian.com

DOFU 11-2019
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Empyrean Benefits Administration News

 

Empyrean Announces Partnership with Benefits Science Technologies
Benefits administration leader expands their preferred partnership ecosystem with healthcare data analytics leader Benefit Science Technologies to help employers and their benefit consultants improve healthcare plan design, ongoing benefit decision-making, and support the delivery of benefits through predictive modeling.

HOUSTON (August 27, 2019) — Empyrean Benefit Solutions, Inc., the Hi-Touch Benefits Administration company, announced a strategic partnership with Benefits Science Technologies (BST), an innovative leader in healthcare analytics. The new partnership provides Empyrean’s clients a leading capability to distill, analyze, and predict the effectiveness of healthcare-related benefit plans they offer.

The Empyrean Platform – which already allows companies to reduce risk and control complexity in their benefits program – now offers supercharged analytics capabilities with the addition of BST’s innovative algorithm, which dissects healthcare data to prescribe unique solutions for plan design, maintenance, and optimization.

“Our platform currently gives employers total control over the delivery of their benefits program. Partnering with BST empowers our clients and consultants even further – and gives them greater confidence in plan design decisions – by using data to help them preemptively and accurately navigate changing benefits conditions and measure the results,” said Richard Wolfe, Empyrean CEO and co-founder.

BST’s analytics engine, the Robust Optimizer, provides employers and their benefit consultants with specific medical plan recommendations that are connected – keeping all medical claims, prescription claims, biometrics, plan data and expenses, wellness programs, and plan eligibility housed within a single system. This singular, secure data storage allows BST’s algorithm to work more quickly and efficiently, offering a clear, accurate view of plan performance generated from data.

Not only providing descriptive and predictive insights, BST’s Optimizer, in collaboration with their trusted advisor, benefits the employer in collaboration with their trusted advisor benefits the employer by prescribing specific actions by considering billions of scenarios, removing unforeseen inefficiencies and eliminating less favorable options. In a matter of minutes, the Optimizer designs plans that meet employees’ specific needs while respecting employers’ budget constraints and overall business goals.

Research points to data analytics capabilities as one of the top most desired ancillary services to be offered through their benefits administration partner, making this partnership a natural fit for Empyrean – and further supporting the employer’s and benefit consultant’s strategy in the delivery of benefits, driving better employee education, decision support and engagement through the Empyrean platform.

Stephen Sofoul, BST’s CEO adds, “It’s no longer enough to have data, employers must be able to apply insights strategically. That’s why we’re excited to be partnering to help employers and their consultants not only improve their insights, but to deliver on their strategies within the Empyrean platform.”

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About Empyrean
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. For more information, please visit www.GoEmpyrean.com.

About Benefits Science Technologies
Launched from the campus of MIT in 2012, BST is recognized as one of the world’s leading research and applied science teams. The company leverages advanced data sciences and machine learning to provide insights and business intelligence to improve the quality of healthcare while maximizing the efficiency of healthcare spend. BST empowers organizations to make better benefit decisions for their employee health plans – considering an employer’s budget, financial and quality goals and applying sophisticated analytics, statistical methods and proprietary Robust Optimization to create specific recommendations. The result is the ability to confidently navigate complex health insurance decisions. BST helps organizations achieve long term savings with customized recommendations that reduce costs while improving healthcare outcomes.

Media Contacts

Michael Robinson, Empyrean
mmrobinson@goempyrean.com
832-730-7989

Mark Hufham, Benefits Science Technologies
mhufham@benefitsscience.com
770-825-0660

 

Empyrean Benefits Administration News

 

Empyrean Partners with SAVVI Financial to Engage and Empower Employees by Connecting Financial Guidance with Benefit Decisions

HOUSTON, TEXAS – July 16, 2019 – 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.”

About SAVVI
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/.

About Empyrean
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.

 

Empyrean Benefits Administration News

 

Empyrean Launches Pilot+, the Industry-First Integrated Solution Leveraging Personalized Health Data to Guide Employees through Benefits Enrollment and Year-Round Engagement

HOUSTON, TEXAS – June 19, 2019 – Empyrean Benefit Solutions, Inc., the Hi-Touch Benefits Administration company, has launched Empyrean Pilot+℠, a product-line extension that helps businesses and their employees make better benefits decisions and save money throughout the entire year.

Empyrean Pilot+ employs fully integrated data from enrollment to utilization, and performs advanced analytics so employees can realize cost savings in their doctor visits, prescriptions, procedures, and other care needs. Participants can also manage their benefits, view balances and spending trends within one application, and get personalized guidance to steer them towards high-quality and cost-effective care options.

Pilot+ also helps employees before and after both planned and unplanned services, appointments, and procedures – supporting employees through potential appeals, and clarifying and untangling often-arcane benefits rules that most employees find difficult to understand. With Empyrean Pilot+, clients also leverage artificial intelligence (AI) to help navigate detailed filings, appeals, and other needs to support better care and improved outcomes year-over-year.

“We know that 84% of employees do not feel confident in their benefits selections. At the same time, 60% of employers are overwhelmed by benefits point solutions and having to deal with and coordinate multiple vendors,” said Richard Wolfe, Empyrean’s CEO and co-founder. “Empyrean Pilot+ is designed to solve these employee and employer pains using machine learning technology and a data-driven approach.”

Empyrean Pilot+ is an extension of Empyrean’s Pilot which analyzes over a decade of decision-making data to guide employees to the most relevant and applicable benefit choices for their unique needs. Empyrean Pilot goes beyond medical, dental, and vision coverage to also include voluntary options such as critical illness, hospital indemnity, and accident insurance.

Empyrean Pilot+ takes this solution further to tie an individual’s selected benefits with on-going education and benefits engagement, along with recommendations and guidance when accessing and utilizing benefits throughout the year, including AI assistance that looks out for employees’ needs before and after receiving care. As a result, employees using Empyrean Pilot+ can save time and money, and more immediately see and understand the value of the benefits their employers provide.

“There are a number of point solutions in the market that individually address education, engagement, and provider cost transparency, but until now these solutions – and just as importantly their data – have not been fully integrated into one platform. Empyrean Pilot+ provides that consistent and predictive employee experience,” said Jim Priebe, EVP Product for Empyrean. “By consolidating multiple solutions into one single platform, Empyrean is helping benefit plan participants reduce frustrating inconsistency in their user experiences and improve overall outcomes, such as accessing quality care and saving money throughout the entire year.”

“We are thrilled to provide a solution that helps employees more confidently make better benefits decisions. By utilizing centralized data and analytics, consumers are empowered to make smarter decisions, save money, and direct their benefits dollars more efficiently for their own personal needs,” said Wolfe. “Empyrean is taking a market leadership role in meeting the needs of employers and employees by fully connecting benefits and enriching lives with Pilot+.”

About Empyrean
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. For more information, please visit www.GoEmpyrean.com.

Empyrean Pilot℠ and Empyrean Pilot+℠ are service marks of Empyrean Benefit Solutions, Inc.

 

Empyrean Benefits Administration News

 

Empyrean Benefit Solutions Finalizes Long-Term Plans for Current Headquarters
The company also announces plans for world-class office modernization and upgrades to the space.

 HOUSTON, TEXAS – May 8, 2019 – Empyrean Benefit Solutions, Inc., the Hi-Touch Benefits Administration company, announced today the signing of a long term lease for its Houston headquarters to remain at its current location. Empyrean worked with the brokers Newmark Knight Frank on the lease.

Empyrean’s headquarters are located at 3010 Briarpark Drive in Westchase, a major business district in West Houston. The company moved to the Westchase-area offices as a temporary measure after its prior location was impacted by Tropical Storm Harvey in 2017. Over the past 1 ½ years, Empyrean leaders have assessed the organization’s constant year-over-year growth, hiring trends, and employee feedback – ultimately determining that Empyrean’s current location will best serve the long-term needs of Empyrean’s operations and workforce.

“We carefully considered all options and evaluated several locations within the Westchase area when deciding on a permanent location. This area is particularly convenient for many of our Houston-based employees, which was a significant factor in our decision to remain here,” said Richard Wolfe, Empyrean’s co-founder and CEO. “We have developed an extensive list of upgrades for the space, which we’re excited to now start executing. We look forward to creating a more modern, flexible, and collaborative workspace for employees and visiting clients alike.”

Empyrean will begin sweeping renovations to the 107,000 square feet that it currently occupies at 3010 Briarpark. The company has already begun working with designers and architects to create a productive and energizing environment that reflects the technology firm’s unique culture, and enables its team to deliver the market-leading products and award-winning service that has lead Empyrean to 97% client retention.

“When clients, guests, and employees first enter into our reception area or demo environment, they will see extensive improvements to plan, collaborate, build, and serve,” said Wolfe. “We value our employees and want Empyrean’s space to be reflective of the culture we are all helping to build over the long-term.”

In addition to its Houston office, Empyrean has fully operational service centers near Nashville in La Vergne, Tennessee, and in Minneapolis, Minnesota. Empyrean also leverages remote employees and has developed technological infrastructure and operational flexibility to securely manage client workload across locations as needed. This approach takes advantage of talent nationwide, enables business continuity, and provides exceptional service resilience under any circumstances.

 

About Empyrean

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