(Image source: Corestream homepage.)
ADP Benefits (Roseland, N.J.), a global provider of personalized benefits services, has selected Corestream (Tampa, Fla.), a platform for connecting employees with voluntary benefits toward the goal of creating options for benefits customization to hundreds of businesses nationwide. ADP selected Corestream because of its proven track record in the benefits marketplace with a series of Fortune 500 companies, according to the companies’ announcement of the partnership.
“Rising healthcare costs and the demand for an ever-growing suite of customizable benefits, especially among millennials, call for an innovative, broker-friendly solution to increase employee engagement and satisfaction,” comments Neil Vaswani, CEO, Corestream. “We’re thrilled to partner with ADP to bring companies, employees, carriers, brokers, and benefits together through a single point of integration with one platform, minus the administrative nightmare.”
Corestream specializes in voluntary benefits, i.e., elective add-ons that businesses offer their employees to complement existing traditional offerings, such as supplemental health benefits, lifestyle benefits, employee discounts, and auto insurance quoting. Corestream currently manages voluntary benefit deductions for 1.2 million employees. Research has established that benefits are a key factor in attracting and retaining top talent. For example, a recent study found that 90 percent of 18 to 34-year-olds say they would prefer benefits over a pay raise.
Voluntary benefits packages are designed to fill healthcare coverage gaps, provide for long-term care and indemnity, and offer discounts on items such as dental, auto, vision, and life insurance. Other voluntary benefits offerings include student loan refinancing, pet insurance, and discounts at local businesses. Over the course of 2017, Corestream reports that it reconciled over $100 million in premiums for its partners.
Corestream and ADP say that their partnership will give more companies the opportunity to customize their voluntary benefits packages and scale benefits to meet the needs of individual employees, instead of taking a one-size-fits-all approach. “Ultimately this will enable companies to attract top-level talent and help employees connect with their local community,” a joint statement asserts. “The innovative platform streamlines implementation and administration, and also allows effective communication and engagement, which are key to closing the loop on successful voluntary benefits. These services are all part of this new partnership between ADP and Corestream.”
Relentless Focus on Best-in-Class Benefits User Experience
“ADP has a relentless focus on delivering best-in-class user experiences around benefits to help drive employee engagement,” comments William Giaconia, VP, health and benefits products, ADP. “This is especially true with the rapidly evolving nature of work and generations in the workplace. We are excited to partner with companies that help us deliver on this, including Corestream. With the ADP Corestream partnership, HR Directors can send their employees to a single benefits site to make their life easier—here employees can get everything from their medical insurance to a discount on their smart phone.”
Voluntary Benefits Technology Isn’t Voluntary—If You Want to Compete