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Company: Corestream, Tampa, FL USA
Category: ;Achievement in HR Technology

Entry Title: Disruption in the Voluntary Benefits Space

Achievement Essay:

The world of work has evolved, and HR has had to evolve with it. One major evolution is the increasing focus on voluntary benefits offerings to meet the unique needs of employees. Voluntary benefits are now seen by forward-thinking employers as critical to attracting top talent and keeping existing employees happy, ultimately retaining talent.

However, HR departments have faced a major challenge when it comes to voluntary benefits. Traditional benefits administration platforms, or human capital management systems, 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 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. Employees gain an environment in which they can comfortably learn about and select voluntary benefits, and HR teams avoid additional administrative work since the Corestream platform handles tasks 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 creates an active marketplace for employers to communicate with and educate employees throughout the year.

As a result, HR teams can focus on serving their employees rather than getting mired in the administrative details. With Corestream, HR departments are empowered 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. And voluntary benefits brokers and carriers are able to offer more of the very voluntary benefits employers want to offer to their employees.

In fact, in 2017, ADP Benefits, a global provider of personalized benefits services, recognized the advantages Corestream offered and decided to partner with Corestream. With a robust suite of APIs, Corestream was able to easily integrate with ADP to create a new platform through which employees could learn about and select both traditional and voluntary benefits within one single portal.

This partnership is the first of its kind and breaks down legacy walls and barriers within the benefits industry.

Previously, HR departments were forced to at best juggle multiple benefits platforms, and at worst try to manage and administer benefits manually. With the pioneering partnership between ADP and Corestream, tens-of-thousands of employees in hundreds of businesses across the United States now have an evergrowing number of additional benefits options from which to choose, and HR departments are freed from the traditional administrative nightmare.

Currently, Corestream manages voluntary benefits for over 1.2 million employees and reconciled over $100 million in premiums for its partners in 2017 alone. Corestream is also 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.

Achievement Summary

HR departments face a challenge in managing the administrative nightmare that goes into
implementing, managing and scaling voluntary benefits, now the standard for attracting and retaining
top-level talent.

The voluntary benefits space isn’t standardized, so each broker or provider has their own plan designs, billing processes, protocols, policies and disclaimers. Existing benefits administration platforms or human capital management systems aren’t equipped to handle this.

Corestream’s platform and suite of APIs provide a single point of integration for HR teams to handle
payroll integration, contract negotiation and mediation, remittance of payments, reconciliation, and
active marketplace management.

As a result, HR teams can focus on serving their employees rather than managing administrative work.

In 2017, ADP Benefits chose to work with Corestream to create a single portal through which their
customer base of hundreds of businesses and tens-of-thousands of employees could learn about and enroll in both traditional and voluntary benefits.

Webpage Links:

https://www.inc.com/associated-press/small-companies-quirky-perks-retention.html

https://corestream.com/

https://www.youtube.com/watch?v=BJhZ4fkd93w&feature=youtu.be

https://www.businesswire.com/news/home/20180319005884/en/Corestream-Teams-ADP-Deliver-Best-in-Class-Employee-Benefits

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