WEX’s Health Division Strengthens Position as an Industry Leader
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WEX, a leading financial technology service provider, further solidified its leadership position in 2019 in terms of growth and services.
“While many factors contribute to our continued success, the number one factor is our partners. Our achievements reflect their work, dedication and determination to deliver on our shared mission to simplify the business of healthcare,” said Robert Deshaies, president, Health, WEX. “Our commitment to investing in technology and investing in our partners to help them grow and succeed is a constant in an ever-changing industry.”
Specifically, in 2019:
- WEX’s partner ecosystem now connects it to more than 390,000 employers, ultimately helping it serve more than 31.8 million consumers across the United States and Canada.
- WEX continued to capitalize on the continued momentum of the healthcare savings account (HSA) market with growth of accounts and assets, with more than 6 million HSA accounts on WEX Health Cloud, more than any other platform in the country.
- WEX introduced the inaugural National Health Savings Account Awareness Day (HSA Day) on October 15. Around 60 WEX Partners and industry influencers participated in the day through social media sharing, promotional campaigns and local events. Notable names that used the #LOVEMYHSA hashtag on social include: Avidia Health, Bank of America, Cigna, HSA Bank, MassMutual, Optum, Paychex, Visa and Voya Financial.
- Growth continued across all categories of employers choosing WEX Health Cloud as their technology platform for administering healthcare benefit accounts. Among Fortune 1000 companies, 56 percent are on the WEX Health Cloud platform.
- WEX continued building key relationships with industry-leading third-party administrators, health plans, financial institutions, benefit administration partners, payroll providers and consultants. WEX had another strong year of new and renewed partners to the Health division’s partner ecosystem, including Bay State Benefits, Benefit Analysis Inc., Benefit Extras, Boulder Administration, EBA&M, Hauser Corporate Solutions, HealthPartners, HRPro, LR Webber, MassMutual, MetLife, Northwestern Ohio Administrators, PayPro Administrators, Phillips Resource Network, Inc., ResourceOne Administrators, SASMI and Surency.
- Product releases delivered more than 430 key enhancements and features, extending WEX’s leadership position. The business intelligence capabilities within WEX Health Cloud enable partners to make better and more informed decisions, all via one award-winning platform that delivers an end-to-end solution for consumer-driven healthcare and wellness accounts.
- WEX introduced the availability of Health Shopper, an e-commerce website designed around shopping for HSA and FSA eligible items with purchasing and order fulfillment via the Amazon.com shopping experience.
- The WEX Health Cloud Mobile App continues its strong performance with transactions doubling year over year.
- WEX executives shared thought leadership, insight and expertise by speaking at industry conferences and by being featured in the national news and industry trades. This resulted in a total of 451 million media impressions for 2019 and included coverage in: Forbes, Business Insider, MarketWatch, PlanSponsor and Cheddar. WEX’s Health division’s announcements and press releases were featured in national and regional outlets such as Yahoo! Finance, PlanSponsor and PlanAdviser.
Partners of WEX’s Health division will gather at WEX SPARK Health 2020, May 4 through May 6, in Las Vegas, Nevada. Featured speakers include Melissa Smith, Chair and CEO of WEX, Robert Deshaies and Scott Harrison, founder and CEO of the non-profit charity: water. Record-breaking attendance is expected again this year at the event that provides concurrent sessions addressing top-of-mind topics for partners and invaluable networking time with partner peers, industry experts and WEX senior leaders. Learn more.
About WEX
Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 5,000 associates around the world. WEX fleet cards offer 14.9 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions grew to $39.6 billion in 2019; and the WEX Health financial technology platform helps 390,000 employers and 31.8 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
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