January 10, 2023
PICWELL, INC WAS ACQUIRED BY JELLYVISION
Jellyvision, the company behind ALEX®, the leading employee benefits engagement technology, announced it has acquired Picwell, a healthcare technology company focused on AI-generated benefits decision support. Together, the two SaaS companies will offer a first-of-its-kind benefits experience for employees, leveraging behavioral science and predictive analytics to deliver highly personalized benefits recommendations and ongoing engagement. Terms of the transaction were not disclosed.
Jellyvision, the company behind ALEX®, the leading employee benefits engagement technology, announced it has acquired Picwell, a healthcare technology company focused on AI-generated benefits decision support. Together, the two SaaS companies will offer a first-of-its-kind benefits experience for employees, leveraging behavioral science and predictive analytics to deliver highly personalized benefits recommendations and ongoing engagement. Put simply, it'll make employees friends with their benefits—finally.
"There is no one-size-fits-all solution to meet employees' unique health and wellness needs; each person has different wants, which are always changing based on time, circumstance, and even learning styles. But this doesn't mean we throw in the towel," said Amanda Lannert, CEO of Jellyvision. "Now, our joint technology offering will make connections between increasingly complex wellness benefits and the people who need them. We're striving to eliminate waste, complexity, and confusion so employees can finally understand, appreciate, and effectively use their benefits."
Customers of Picwell and Jellyvision's ALEX® can now look forward to experiences that improve health and wealth for employees:
- The joint technology offering will prioritize inclusivity, empowering employees to approach benefit choices in the ways they want and need. Regardless of language, device type, learning style, whether they're at home, in the office, or on the go—the technology will provide a helpful benefits experience to engage every user.
- ALEX® will leverage predictive analytics built on machine learning to give users highly personalized benefits guidance, helping employees understand how their own unique needs and preferences can be served well by their benefits. This approach will give employees the transparency, education, and detail they need to make the best health and wellness decisions for themselves and their families.
- By asking questions, responding, and learning about what employees both want and need from their benefits, ALEX gets to know employees in the way employers can't—and shouldn't. ALEX will continue to offer the one-to-one attention every human deserves when dealing with something as important as their health.
"Health insurance selections are more complex decisions than most people realize," said Brian Morgan, President of Picwell. "We see that without proper education and guidance, people make costly mistakes, both when choosing health plans and using benefits throughout the year. This is why we're thrilled to join forces with Jellyvision to continue working towards our shared vision to simplify the healthcare benefits experience, and empower everyone to make informed health benefits decisions."
Jellyvision is enhancing its market-leading employee benefits software at a time when benefits are increasingly important:
- As inflation remains high, benefits packages are a critical tool to support employees' financial wellness. When spending power is down, companies must empower employees to make the most of available offerings.
- Businesses are bracing for a recession and looking for ways to tighten budgets. Maximizing their benefits investment as part of a compelling employer value proposition is part of that equation, yet company executives estimate more than half of their healthcare and benefits spending goes to waste.
- 80% of human resources professionals believe that their organization must ask what more they can do to help all employees access the care they need and take steps to correct healthcare disparities. This means it's time to explore new ways to get the right benefits and resources to the right employees at the right time.
Waller Helms Advisors acted as exclusive financial advisor to Picwell in connection with this transaction.