Expanding health insurance resources to ease the open enrollment puzzle and access affordable healthcare

• Healthcare costs are burdensome for half of American adults.
• For seven percent of Americans, the price of insurance alone is so prohibitive that they live uninsured and skip routine healthcare visits.
• Millions of people enroll in health insurance through the Open Marketplace each year; open enrollment can be confusing and people don’t know where to turn. SpringFour’s resources bring clarity and relief to people navigating the complex health insurance marketplace.
• Millions of people who were enrolled in Medicaid during the pandemic have now lost access to that coverage due to ineligibility and need to apply for insurance coverage on the Affordable Care Marketplace.

Our newly-added Health Insurance resources and brand new SpringFour-authored Financial Health Resource Guide offer information and tips for navigating government programs and open enrollment. These enhancements were developed in response to a 125% increase in demand for health insurance referrals year-over-year from consumers through SpringFour products.

How we help organizations regain a sense of stability after hurricanes and other natural disasters

• Creating disaster relief landing pages and comprehensive evergreen support centers
• Prioritizing long-term recovery in tandem with short-term relief efforts
• Elevating vulnerable communities and increasing their access to financial health resources
• Connecting people with vetted financial health resources that are up-to-date, accurate, and helpful

We continuously monitor for new, relevant, trusted nonprofit and government natural disaster recovery resources that support consumers.

Delivering homeowners much-needed assistance as HAF shutters

SpringFour provided almost half a million referrals to HAF programs during the pandemic. In response to the closure of HAF, we’ve expanded our mortgage relief resources to include more than 300 non-profit, government, and other programs (outside of the HAF programs) for homeowners having difficulty making their mortgage payments and facing foreclosure.

Whatever your organization’s needs are to support consumers, now is the time to leverage a partnership with SpringFour to drive financial health and business impact! Email impact@springfour.com to learn how you can begin using SpringFour in three weeks or less.

Morgan Pierce

Impact & Communications Manager, SpringFour

The financial wellness fintech’s increased health insurance resources deliver critical assistance to Americans during the open enrollment period, starting Nov. 1.

CHICAGO, October 30, 2024 – SpringFour, the first-of-its-kind, leading financial health fintech, today announced the expansion of its health insurance resources, at a pivotal time when many Americans are weighing their insurance options. By expanding its solutions to include nonprofit local Health Insurance Navigators, SpringFour offers a lifeline to the uninsured during the crucial open enrollment period starting November 1.

Healthcare costs are burdensome for half of American adults. For seven percent of Americans, the price of insurance alone is so prohibitive that they live uninsured and skip routine healthcare visits, despite the risk of facing hefty medical bills. Millions of people who were enrolled in Medicaid during the pandemic have now lost access to that coverage due to ineligibility and need to apply for insurance coverage on the Affordable Care Marketplace. To address these challenges, SpringFour’s expanded health insurance resources will ease the strain on people worried about how they’ll pay for unexpected or routine medical care. 

Building on SpringFour’s existing resources of government-backed insurance assistance, it has now added non-profit Health Insurance Navigators that help individuals with insurance program research and enrollment. By widening its reach in health insurance, SpringFour now offers access to hundreds of vetted local and state programs dedicated to closing the uninsured gap. In response to a 125% increase in demand from consumers for SpringFour’s health insurance referrals year-over-year, SpringFour added to its health insurance resources and authored a brand new Financial Health Resource Guide on Health Insurance which provides information on navigating government programs and open enrollment as well as obtaining Health Insurance through the Health Insurance Marketplace, including health insurance options and a link to the exchange for each state health insurance marketplace. 

Giving people access to the support they need to pay for necessities such as healthcare and housing improves their overall financial health. This is at the heart of why Rochelle Nawrocki Gorey founded SpringFour in 2005. 

“People shouldn’t have to worry about how they’re going to pay for their insurance or medical bills — but healthcare costs have become a much greater piece of the household budget. By expanding SpringFour’s health insurance resources we’re giving people more options to reduce their costs and improve their financial standing. We’re proud to deliver these resources in partnership with leading organizations, and connecting people who are struggling financially with vetted nonprofit organizations now, during open enrollment, has the greatest impact,” said Nawrocki Gorey. 

Since its launch in 2005, SpringFour has connected millions of Americans to resources that improve their financial health. In the second quarter of 2024, SpringFour delivered more than 2 million financial health referrals to consumers in need, 13% more than the previous quarter and more in one quarter than ever before.

Learn more about SpringFour here: https://springfour.com/

About SpringFour

Founded in 2005, SpringFour is the first-of-its-kind, leading social impact fintech that empowers banks, credit unions, fintech lenders, employers, loan servicers, mortgage insurers, nonprofits, and organizations across all industries to connect consumers with vetted, local nonprofit and government financial health resources. Trusted by leading organizations including Capital One, BMO, Fifth Third Bank, MSUFCU, M&T Bank, OppFi, KeyBank, Patelco Credit Union, Avant, Enova, Oportun, Mission Lane, and more, SpringFour’s product suite includes an innovative contact center tool, digital self-service products, and APIs that increase payment performance, add brand value, strengthen customer relationships, drive ESG and social impact, support consumer financial health, and improve bottom lines. SpringFour has received many prestigious awards including American Banker’s Most Influential Women in Fintech, Inc. Magazine’s Female Founders 250, Real Leaders’ Top Impact Companies, Fast Company’s Brands that Matter, Finovate’s Innovator of the Year, and more. SpringFour was recently acquired by C&R Software, a CORA Group company and subsidiary of Constellation Software, Inc., the 23rd largest software company in the world with an $80B market cap.

Innovative partnership provides over 96,000 essential resource referrals, strengthening financial stability for homeowners nationwide

CHICAGO, Oct. 29, 2024 — Fay Servicing, a full-service mortgage company servicing loans for more than 170,000 U.S. homeowners, is making a significant impact by providing access to financial assistance and relief to thousands of borrowers facing personal and financial challenges. Through its longstanding partnership with SpringFour, the leading social impact fintech platform, Fay Servicing has facilitated over 6,000 referrals in the past year alone, helping homeowners navigate financial difficulties and maintain homeownership.

SpringFour has enabled Fay Servicing borrowers who were struggling to save money and reduce their living expenses to access essential services at no cost, including vetted nonprofit and government programs, local grants, and other community resources. In July 2024, Fay Servicing borrowers received 14% more referrals for utility cost assistance, a 13% rise in employment service referrals, and a 50% boost in financial counseling and child-care service referrals. These numbers reflect Fay Servicing’s dedication to not only helping borrowers manage their immediate financial needs but also to fostering long-term stability for families across the country.

Since the partnership began in 2014, Fay Servicing has facilitated over 96,000 financial health referrals through SpringFour. In the second quarter of 2024 alone, borrowers conducted 23,504 searches for assistance, with the highest demand for help with heating, utility bills, food support, and employment services.

“At Fay Servicing, our priority is ensuring that borrowers can stay in their homes and manage their financial well-being effectively,” said Kimberly Hare, President of Fay Servicing. “Our partnership with SpringFour plays a crucial role in this mission, providing our borrowers with the resources they need to overcome financial challenges and achieve lasting stability.”

Fay Servicing is committed to delivering innovative, borrower-focused solutions that support financial health and homeownership. All of Fay Servicing’s customers have access to SpringFour’s extensive network of more than 23,500 vetted resources across 700 cities nationwide.

About Fay Servicing

Fay Servicing is a nationwide, diversified mortgage servicer that provides a full spectrum of services, including managing payments and providing loss mitigation services for loans in default. The company employs more than 550 individuals nationwide and is known for its talented staff and uncommonly strong relationships with its 170,000 residential and commercial customers. Fay Servicing is based in Tampa, Florida and has offices in Chicago, Ill.; and Farmers Branch, Texas. For more information, visit www.fayservicing.com.

About SpringFour

Founded in 2005, SpringFour is the first-of-its-kind, leading social impact fintech that empowers banks, credit unions, fintech lenders, employers, loan servicers, mortgage insurers, nonprofits, and organizations across all industries to connect consumers with vetted, local nonprofit and government financial health resources. Trusted by leading organizations including Capital One, BMO, Fifth Third Bank, MSUFCU, M&T Bank, OppFi, KeyBank, Patelco Credit Union, Avant, Enova, Oportun, Mission Lane, and more, SpringFour’s product suite includes an innovative contact center tool, digital self-service products, and APIs that increase payment performance, add brand value, strengthen customer relationships, drive ESG and social impact, support consumer financial health, and improve bottom lines. SpringFour has received many prestigious awards including American Banker’s Most Influential Women in Fintech, Inc. Magazine’s Female Founders 250, Real Leaders’ Top Impact Companies, Fast Company’s Brands that Matter, Finovate’s Innovator of the Year, and more. SpringFour was recently acquired by C&R Software, a CORA Group company and subsidiary of Constellation Software, Inc., the 23rd largest software company in the world with an $80B market cap.

What do ESG, CSR, Social Impact, and Sustainability Reports have in common? The goal of empowering people.

From paying utility bills and putting food on the table to finding affordable healthcare and disaster relief, it goes without saying that navigating finances plays a fundamental role in everyone’s lives. However, what this looks like varies from one person to another.

PYMNTS recently shared data showing 25% of paycheck-to-paycheck consumers struggle to pay their monthly bills and 43% of all consumers have changed their financial lifestyle in the last two years. A recent MarketWatch survey showed almost 50% of Americans consider themselves broke and 66.2% share that they are living paycheck to paycheck. 

Consumers and stakeholders now expect that organizations prioritize empathy with their consumers and employees by providing financial health solutions. That is why more and more organizations are documenting these efforts and demonstrating accountability by sharing impact metrics in their own reporting. 

Social impact is gaining increasing recognition across various industries, particularly within the financial sector. There are several ways organizations are sharing their impact with stakeholders: 

➡️ Environmental, Social, and Governance (ESG) Reports

➡️ Corporate Social Responsibility (CSR) Reports

➡️ Sustainability Reports

➡️ And other organization-specific reports

Despite their different formats, these reports share a common focus on the people and communities they serve. SpringFour’s Client ESG Reporting shares this social impact goal and delivers metrics that can be included throughout the social (S) and governance (G) sections of organizations’ annual impact reporting. Our Client ESG Reporting empowers organizations to showcase accountability by measuring the support they provide with SpringFour’s financial health solutions. 

SpringFour makes it easy for organizations to support their consumers and employees with financial health resources. SpringFour empowers organizations to build trust with their consumers by providing 23,500 vetted nonprofit and government resources in 25+ financial health categories like food savings, heating and utility savings, affordable childcare, prescription savings, transportation, and more. Consumers and employees who receive our local resource referrals also find a sense of security in the confidentiality and privacy SpringFour provides, as personally identifiable information (PII) is never collected or stored.

Additional ways SpringFour enhances consumer-organization relationships: 

Our Founder and CEO, Rochelle Nawrocki Gorey, emphasizes the importance of making consumers aware of opportunities for assistance that exist, saying:

Nonprofit and government resources already exist to support consumers across the country, but many people are unaware of what resources are available or where to turn for trusted support. SpringFour empowers organizations with a trustworthy source for consumers to access financial health support. SpringFour’s Resource Integrity Team continuously vets and curates the resources available through SpringFour so that our clients can rest assured their consumers have a trustworthy source to turn to.

Our Reporting Helps Organizations Achieve Their Goals

ESGtheReport shares:

As organizations continue establishing their roles as corporate citizens, their shareholders, internal teams, and other stakeholders are benefiting from growing returns on investment such as reducing net credit losses, increasing brand loyalty, empowering employees, improving bottom lines, and much more. 

Real results include:

➡️ More than 5x ROI

➡️ Millions in projected annualized credit loss benefits

➡️ $1,000 reduction per customer in annual net credit losses on average

➡️ 17-31% increase in repayment rates

➡️ 7 percentage point increase in Net Promoter Scores (NPS)

Every year, SpringFour delivers Client ESG Reporting that helps organizations drive and measure the impact they’ve achieved with SpringFour. SpringFour’s Client ESG Reports provide metrics based on the use of their organization’s SpringFour product(s). 

Included in SpringFour’s Client ESG Reports are key impact metrics such as: 

By sharing this data in our Client ESG Reporting, organizations can better understand and support different segments of their market. Our clients have seen measurable benefits such as increased repayment rates, reduced delinquencies, increased participation in foreclosure prevention programs, and more as a result of their SpringFour partnership.

SpringFour also shares individual clients’ usage data, SpringFour aggregate data, and U.S. market trends with our clients so they can analyze consumer trends, develop effective messaging campaigns, facilitate productive customer support, deliver the most relevant financial health resources, and continue relieving consumer stress. 

While our primary focus within ESG is social impact (S), SpringFour also supports organizations’ governance (G) by providing impact metrics that can be shared with internal teams for strategic planning, with stakeholders for highlighting measurable impact, and in self-reporting to highlight your organization’s dedication to strengthening social impact and holding organizations and their leadership teams accountable.

Clients Featuring SpringFour’s Impact in Their Reporting

Many of our clients are currently showcasing their partnerships with SpringFour. Mentions of SpringFour partnerships and their impact are featured throughout our clients’ reporting about their influence on people and society, often showcased in ESG, CSR, Annual, or Sustainability Reports.

Capital One mentioned their partnership with SpringFour as a Key Accomplishment in the Social Impact section of Capital One’s 2023 Environmental Social Governance (ESG) Report. The report shared this powerful quote:

M&T Bank’s 2023 Sustainability Report features a compelling quote from M&T’s Loss Mitigation Liaison, Chrissy Lucas, emphasizing the bank’s gratitude for implementing SpringFour. M&T Bank also highlights metrics from last year’s SpringFour Client Social Impact Report. This included delivering 223,000+ financial health referrals to their customers in 2023.

KeyBank’s 2023 CSR Report used metrics from its SpringFour ESG Report to demonstrate the partnership’s impact in 2023. KeyBank’s customers’ four most requested financial health categories were housing counseling, heating and utility costs, financial counseling, and employment services.

Read reports from BMO, Capital One, Fifth Third Bank, Flagstar, KeyBank, M&T, and Patelco to see how SpringFour helps these organizations drive financial health and social impact.

Agents, Counselors, & Consumers See the Difference

We have received inspiring feedback from users firsthand about how SpringFour has impacted and uplifted lives. The testimonials below have been shared by consumers, agents, counselors, and coaches using SpringFour’s products to grow financial health. The variety of stories and positive feedback we receive highlights SpringFour’s broad range of financial health offerings. People facing financial hardship often need support in more than one area. SpringFour empowers organizations to connect consumers with the resources they need in their own communities.

These testimonials show that SpringFour drives real impact for consumers, employees, and organizations. Everyone deserves access to financial health support when they need it. When you transform how consumers manage their finances by advocating for social impact and taking corporate responsibility, your organization will reap benefits in return. 

SpringFour distributes its annual Client ESG Reports in February, providing insights for each specific client from the previous calendar year. 

We would love to connect with your ESG, CSR, Sustainability, or Impact teams to ensure they receive this report and can continue making access to financial wellness an industry standard. 

Please reach out to SpringFour’s Senior Manager, Client Success and Impact at phylicia@springfour.com to connect your ESG teams with ours and learn more about SpringFour’s Client ESG Reports and overall impact reporting.

Phylicia Clifton

Senior Manager, Client Success & Impact, SpringFour