Elevate’s move comes as a direct response to the growing prevalence of consumer-facing technology platforms. The company hopes this new influx of capital will help it continue to disrupt the consumer benefits industry and create an easier, more transparent experience for consumers.
The Elevate team is excited to announce their latest funding round of $43 million. This investment will be put towards product development, hiring and customer acquisition. Elevate is committed to helping its users achieve their goals by providing them with the best possible experience. With this new capital, they will continue to strive for greatness and help more people reach their potential.
Not only does Elevate use the latest in artificial intelligence and software development, they also make sure that their platforms are adaptable to the changing needs of their workforce. This ensures that employees have an enjoyable experience and feel like they’re part of a team, not just an assembly line.
Elevate is a startup that seeks to address the major pain points in employee benefits processing. After selling his previous startup, DoubleNet Pay, to Purchasing Power in 2018, Cosgray sought to create a company that could help employees and employers receive benefits submissions more quickly. By providing a platform that will automate the claim submission process, Elevate hopes to reduce the overall turnaround time for claims and make it easier for both parties involved.
Elevate simplifies the benefits process for employees, making it easier to organize and manage pre-tax benefits. With a centralized dashboard, employees can see their current balances and charts of account activity, plan their finances and track their progress over time. Elevate also offers real-time reimbursement for popular benefits such as health savings accounts and flexible spending accounts, meaning that employees can spend money they have saved while preserving the IRS deduction.
An Elevate benefits management dashboard offers administrators and employees a concise overview of all health, pension, and 401k plans within an organization. With this information, employees can make informed decisions about their benefits and create a personalized retirement plan. Administrators can also keep track of employee contributions
The fast turnaround time for claims processing is apparently one of the benefits that Elevate believes sets it apart from its competitors. This speed is said to be beneficial for both managers and sales teams, as claims reports are available just as quickly (if the pitch is to be believed). While this may be true, it raises a question: How confident can managers really be in the accuracy of these reports? And if sales teams rely heavily on claims data, how knowledgeable will they be about potential inaccuracies?
Elevate’s platform is designed to streamline the claims process for those who have legacy benefits. Claim processing can take as little as three business days, thanks to AI technology. This makes it easier for those affected by a claim to receive the compensation they deserve as quickly as possible.
One of Elevate’s key advantages is its wide variety of vendors and the ability to customize employee benefits. This makes it easier for companies to find the right platform, and ultimately provide their employees with the perks they want and need. However, some of Elevate’s competitors are also focusing on employee benefits, so it will be important for Elevate to remain innovative in this area if it wants to maintain its market position.
In an effort to stay competitive in an ever-changing workplace, Elevate turned to agile and tech-native benefits partners. The pandemic encouraged businesses to seek out these types of partnerships in order to keep pace with changing needs, such as the shift towards remote and hybrid work.
The company’s new capital will help it continue to evolve and adapt to the changing needs of its partners, which is why they are a fantastic option for businesses. With its scalable and configurable platform, Modern Workplace can accommodate any partnership requirements, ensuring long-term success for both employees and employers.
Elevate is a young but promising startup that has formed numerous partnerships with firms who service users in the “six-figure” range. With new funding, Elevate has more than three years of runway to continue growing and expanding its services. This indicates that the company is well funded and has a healthy outlook for the future.
Elevate is a next-generation challenger with capabilities to administer all plan types on a single unified platform. With the current point solution options not scaling, employers are likely to gravitate towards Elevate in the future. Sampson contends that “although many have recognized” the legacy provider experience was due for an overhaul, Elevate stands alone among the new challengers with its advantages – giving employers flexibility while still offering benefits employees are familiar with.