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Problem Tech Solves
Tech Brief
The traditional benefits system is failing millions of hard working Americans: 59 million Americans now work independently and that number is projected to grow to 90 million by 2028. Most of these workers struggle to find access to affordable healthcare and financial benefits. At the same time, employers are lacking the tools to support various contingent, freelance and part-time workforces that may be enabling critical components of their businesses to thrive. An increasingly geographically distributed workforce coupled with a mix of multi-generational benefit needs sees small and large employers alike challenged to provide benefits that are not cost-prohibitive to the employer, but also offer the right choice for the employee. All of these trends have highlighted the need for an alternative to the rigid employer benefits system that aligns with the way people work today and lets people confidently seek the careers they love.
Tech Differentiators
Stride enables consumers to make informed decisions without requiring human assistance: Stride’s platform is built consumer-first to save enrollees time and money. We enroll 93%+ of our consumer members without requiring a phone call, saving them precious hours of their lives and providing upwards of $6,000 per year in premium savings. Stride was built with a mobile-first user experience, and over two-thirds of our enrollments are completed on a mobile device, which is important for low & moderate income populations. Our experience is powered by a proprietary recommendation algorithm to forecast the financial impact of benefits designs, prescription utilization, practitioner availability and health care consumption. In effect, we’ve created a smarter version of the traditionally human-to-human advisory relationship enabling consumers to make smart benefits decisions for their particular needs. By delivering personalized coverage recommendations that consumers understand, we improve the likelihood of access to the lowest cost care year-round.. We’re unparalleled in our experience enrolling underserved and non-English Speaking Populations. Stride was the first HHS partner to launch a full Spanish language “Enhanced Direct Enrollment” application, providing a complete complete Spanish enrollment experience across APTC (Advanced Premium Tax Credit) and CSR (Cost Sharing Reduction) eligibility, as well as Medicaid & CHIP eligibility. Our users are often 1st or 2nd generation immigrants. Our configurable, flexible technology makes Stride the partner of choice. We offer a full set of APIs, co-branding and white-label solutions that come with consultative support to set partners up for success with end consumer engagement and rich analytics.
Validation
Our primary and material impact on individual lives is by providing access to affordable benefits, opening up a system of health protection for their entire families throughout the year. For employers, providing workers with a cost-effective financial safety net & access to healthcare via Stride is highly correlated with improved worker productivity and retention. The shift to freelance, contingent, or remote work has reduced employer overhead and cost versus group benefits, flattening the healthcare cost curve for those employers, and we’re now helping traditional employers expand benefits availability while controlling costs via HRA-contribution mechanisms.
