Health benefits are typically a large part of a compensation package, but often employees are confused about what’s included in the health plan. To alleviate this headache, Chicago-based Jellyvision developed a platform for employees to pick the benefits that matter most to them. Now, the company is bolstering its product offering with the acquisition of Picwell.
Picwell is a healthtech company based in Pennsylvania. Similar to Jellyvision, it provides a solution for employers to enhance employee benefits. Picwell uses predictive analytics to help employees pick the best healthcare benefits. The technology analyzes millions of healthcare claims and uses demographic data to determine if a particular offering will benefit a specific person.
“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,” Amanda Lannert, CEO of Jellyvision, said in a statement. “Now, our joint technology offering will make connections between increasingly complex wellness benefits and the people who need them.”
Jellyvision was founded in 2001 and developed the ALEX platform, which uses behavioral science to guide employees toward a health plan that works for their situation. Both companies will use their technology to help employees optimize their healthcare plans and benefits.
The acquisition was announced on Monday. Financial terms of the deal were not made publicly available.
“Health insurance selections are more complex decisions than most people realize,” Brian Morgan, president and COO of Picwell, said in a statement. “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.”
