January 12, 2018
Fargo, ND and Tucson, AZ – WEX Health, a WEX Company and award-winning healthcare financial technology platform, has selected dailyVest, a financial services software company with more than a decade of innovation and experience in investment performance reporting, to further enhance the investment capabilities and user experience for WEX Health consumers utilizing the health savings account (HSA) investment tools.
The new partnership leverages dailyVest’s core investment personalization and performance calculation engine known as PIP for producing interactive, real-time investment and personal rate of return content and visualization for WEX Health’s platform. The addition of the new portal technology can provide employers and benefits administrators access to improved data analytics and customization tools that can create a more seamless, integrated experience for consumers.
According to the Devenir Research 2017 Midyear HSA Market Report, the number of HSA accounts surpassed 21 million, holding about $42.7 billion in assets, from June 2016 to June 2017. The report also states that HSA investments have seen substantial growth—with assets reaching an estimated $6.8 billion in June 2017, up 44% year over year. With HSA investing clearly on the rise, WEX Health is enhancing constomer enagement within this growing space by partnering with dailyVest.
“The dailyVest platform aligns nicely with the user experience and the team brings a wealth of expertise to the table. They have the ability to present important financial information to consumers in a way that is impactful, yet easy to understand,” says Matt Dallahan, Senior Vice President of Strategy and Development at WEX Health. “By providing user-friendly visualizations, we can now offer an experience that appeals to both novice and experienced investors,” he continued. “This expertise was further apparent in our ability to execute on this project in a short timeframe—working with dailyVest decreased our delivery timeframe by more than 50%.”
WEX Health has made a substantial investment in its user experience and consumer engagement capabilities, with the goal of driving HSA investment activity. Partnering with dailyVest and utilizing its PIP module will ultimately help WEX Health continue to refine its user-centered design approach.
About WEX Health
We simplify the business of healthcare through WEX Health Cloud, a cloud-based healthcare financial management platform that drives efficiency for benefit administration technology, consumer engagement, and advanced billing and payments. Our partner organizations enable us to deliver our industry-leading and award-winning solution to 225,000 employers and more than 24 million consumers. Together we take the complexity out of defined contribution, HSAs, HRAs, FSAs, VEBAs, PRAs, premium billing, public and private health insurance exchanges, COBRA, wellness plans, and transit plans. Learn more at www.wexhealthinc.com, and follow WEX Health at @WEXHealthInc.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment solutions. From its roots in fleet card payments beginning in 1983, WEX has expanded the scope of its business into a multi-channel provider of corporate payment solutions representing 11 million vehicles and offering exceptional payment security and control across a wide spectrum of business sectors. WEX serves a global set of customers and partners through its operations around the world, with offices in the United States, Australia, New Zealand, Brazil, the United Kingdom, Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries employ more than 3,000 associates. The Company has been publicly traded since 2005, and is listed on the New York Stock Exchange under the ticker symbol “WEX.” For more information, visit www.wexinc.com and follow WEX on Twitter at @WEXIncNews.
dailyVest delivers software that recordkeepers, financial institutions, TPA’s, and financial service providers need to adapt and succeed in a time of rapid industry change. We combine three elements – recordkeeping system data connections, analytics and digital experience into a big data technology platform that enhances a provider’s ability to engage and empower their business users and plan participants. More than 20,000 plans use dailyVest to monitor plan health, and over 7 million participants and investors have access to its investment and personal rate of return content. For more information, visit dailyvest.com.
Tiffany Wirth, 701-461-6473
Laura Graham, 510-289-8703