Wex Strengths, Domain Expertise, and Key Differentiators
Powered by the belief that complex payment systems can be made simple, WEX is a leading financial technology service provider across a wide spectrum of sectors, including fleet, corporate payments, travel and health. WEX has offices in more than 10 countries and employs more than 5,400 associates around the world. WEX fleet cards offer approximately 16 million vehicles exceptional payment security and control; purchase volume in travel and corporate solutions was $20.9 billion in 2020 and was processed in over 20 currencies; our health division provides consumer-directed healthcare technology and services, and reached an estimated 34.3 million U.S. consumers as of March 31, 2021.
WEX Health introduced new features and functionality to its WEX Health Cloud platform through its October 2018 Release.
The updates reflect WEX Health’s continued focus to engage, grow, and simplify the healthcare benefits administration process for consumers, employers, and its network of partners. This release reflects the commitment to enabling partners to further engage with employers and consumers to help them make better decisions about their healthcare benefits.
Wex Recent Developments
In August 2020 WEX introduced its new artificial intelligence (AI)-driven chatbot designed to enhance the personalized benefits account experience delivered by its Health division to 390,000 employers and more than 32 million consumers across the United States.
Let’s Chat is a secure, AI-driven chatbot and serves as a virtual assistant for benefits plan participants that quickly answers questions associated with their benefit accounts 24 hours a day, seven days a week. Using Let’s Chat, participants enter natural language questions or phrases and get back contextual responses specific to their accounts. Examples of tasks Let’s Chat helps participants complete include: checking balances, submitting receipts, understanding claim denials, and reporting lost or stolen cards. By quickly answering questions and assisting with common tasks, participants enjoy greater satisfaction with their benefit plans, and benefits administrators’ customer service teams are freed to focus on more complex customer service requests. Alongside the Health division’s powerful analytics capabilities, Let’s Chat is another innovative technology solution offered to partners.
The June 2018 release introduces the WEX Health Cloud COBRA & Direct Billing Mobile App, which provides consumers ease of use and quick accessibility to several convenient WEX Health COBRA & Direct Billing features, including online registration and election, credit/debit card payments, recurring ACH, and one-time checking/savings payments.
Wex Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Wex applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Wex and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified WEX Health Cloud, customers.
Ownership: - NYSE : WEX
Number of Employees: 5400
Wex Key Enterprise and Cloud Applications
WEX Health Cloud,
Wex Revenues, $M:
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* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Wex Revenue Breakdown By Type, $M:
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Wex Enterprise Applications Revenues By Functional Markets, $M:
Wex Enterprise Applications Revenues By Verticals, $M:
Wex Revenues By Region, $M
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Wex Direct vs Indirect sales
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Wex Customers - Breakdown by Geo, Size, Vertical and Product
No. of Wex Customers: 390000
No. of Wex Enterprise Applications Customers: x
No. of Wex Cloud Customers: x
No. of Wex Cloud Subscribers: x
WEX Health financial technology platform helps 390,000 employers and more than 32 million consumers better manage healthcare expenses.
Among its customers are AdminExcel, Benefit Strategies, Progressive Benefit Solutions, eflexgroup, Surency Life&Health, Chappelle Consulting Group, Benemax, and Jaeger&Flynn Associates.
Wex Market Opportunities, M&A and Geo Expansions
In June 2021, Wex acquired benefitexpress, a provider of highly configurable, cloud-based benefits administration technologies and services.
WEX Health has features that are focusing on engagement, account growth, and efficiency, are reflected in the customization capabilities designed to help WEX Health partners further drive consumer engagement. Advanced messaging options in the Consumer Portal enable partners and consumers to create customized experiences and help consumers take control of their financial health.
The Healthcare Savings Goal meter, a new engagement tool for consumers, helps them personalize their healthcare savings account goal and track it against contributions. Combined with a customizable investment education page that allows partners to provide their own text, videos, and documents, consumers can educate themselves on the benefits of investing health savings account (HSA) dollars.
Wex Risks and Challenges
COVID-19 has negatively impacted the business and consumer spending habits which resulted in declined revenues.
Wex Ecosystem, Partners, Resellers and SI
Wex Health continues to build key relationships, signing multi-year agreements with large health plans and leading third-party administrators including CBIZ, GoHealth, HSA Bank, Hanratty&Associates, Medica, Member Benefits, 24HourFlex, and the University of Colorado Health among many others – that are using Wex Health as their strategic platform of choice.
Wex Cloud Infrastructure Insights
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Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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