Company: Corestream, Tampa, FL USA
Category: HR Technology Solution Provider of the Year
Solution Provider Essay:
The world of work has evolved, and HR has had to evolve with it. One major evolution is the offering of voluntary benefits to meet the unique needs of employees. Since 2017, voluntary benefits have increasingly become the way for forward-thinking employers to keep their employees happy, and ultimately retain talent.
However, HR departments face a major challenge when it comes to voluntary benefits. Existing benefits administration platforms, or human capital management system, aren’t equipped to implement, manage and scale voluntary benefits. There is no standardization in the space, so HR teams face having to manage different plan designs, billing processes, protocols, policies and disclaimers across the hundreds of different brokers or carriers offering voluntary benefits. This becomes a mounting burden of additional administrative work for HR departments that are already stretched thin.
The Corestream platform is disrupting the voluntary benefits space by tackling this very challenge.
The platform is the first and only one in the industry that provides a single point of integration for voluntary benefits implementation and management, streamlining the administration process and creating value for all participants in the voluntary benefits space from brokers and carriers to employers and employees.
Since 2017, Corestream has made a number of business and technology advances to their platform,continuing their leadership in voluntary benefits administration. With new and enhanced capabilities,Corestream’s platform and suite of APIs is now more capable than ever. Corestream can handle all administrative tasks for voluntary benefits including payroll integration, contract negotiation and mediation with providers, remittance of payments on to carrier partners, advanced administration for reconciling premiums for each employee, and an active marketplace for employers to communicate with and educate employee throughout the year.
When working with HR departments, the Corestream platform complements existing benefits administration platforms by integrating seamlessly to offer a consistent experience for employees already used to how they choose their traditional benefits. HR departments are enabled to rapidly scale both the number of benefits offered and the number of employees reached, continuously adding new or refreshing existing voluntary benefit offerings to meet their employees’ needs without creating more work for themselves. Instead, HR teams can focus on serving their employees rather than getting mired in the administrative details. And voluntary benefits brokers and carriers are able to offer more of the very voluntary benefits employers want to offer to their employees.
Corestream’s platform is so innovative and unique that in 2017, ADP Benefits decided to partner with Corestream to deliver a new best-in-class employee benefits platform, bringing additional options for benefits customization to hundreds of business nationwide. With this pioneering partnership between Corestream, the leader in voluntary benefits, and ADP Benefits, and a global provider of personalized benefits services, employers can now send employees to a single benefits site for both traditional and voluntary benefits offerings. This makes employees’ lives easier by only needing to visit one place to choose both their medical insurance coverage and pet insurance plan. And no longer do HR departments have to juggle multiple benefits platforms or try to manage and administer benefits manually.
Currently, Corestream manages voluntary benefits for over 1.2 million employees, and is the organizational partner for HR Teams, brokers and vendors at numerous Fortune 500 companies including Samsung, CVS, L3, Wawa, ADT, Pfizer, Quest Diagnostics, Michigan State University, Canon, Arby's, GoDaddy, Levis and more. In 2017 alone, Corestream reconciled over $100 million in premiums for its partners.
Solution Provider Summary
-Corestream’s platform and suite of APIs provide a single point of integration for HR teams, handling everything from payroll integration, contract negotiation and mediation, remittance of payments, reconciliation, and active marketplace management.
-Corestream integrates and provides value for all constituents within the voluntary benefits space, from brokers, carriers, and providers to employers and employees.
-Working with Corestream is a winning proposition for all - brokers provide employers with an everexpanding range of voluntary benefits; HR departments continually add to the number of voluntary benefits offered without having to worry about the mountain of administrative work that comes with it; and employees receive the benefits they want - leading to great engagement and longevity with their employer.
-ADP Benefits partnered with Corestream in 2017 to provide hundreds of businesses nationwide the ability to choose both traditional and voluntary benefits through a single, employer-branded portal, streamlining the employee experience.