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benefitexpress - Next Generation H&W Administration
Vendor Analysis
published on Jan 05, 2021
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Report Overview:
This NelsonHall assessment analyzes benefitexpress'offerings and capabilities in Next Generation H&W Administration.
Who is this Report for:
NelsonHall’s Cloud HR Transformation Services profile on benefitexpress is a comprehensive assessment of benefitexpress offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of H&W Administration and identifying vendor suitability for H&W Administration RFPs
- Vendor marketing, sales, and business managers looking to managers developing strategies to target service opportunities and benchmark themselves against their peers
- Financial analysts and investors specializing in the H&W Administration sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of benefitexpress’s H&W Administration services offerings and capabilities, and market and financial strengths, including:
- Identification of the company’s strategy, emphasis, and new developments
- Analysis of the company’s strengths, weaknesses, and outlook
- Revenue estimates
- Analysis of the profile of the company’s customer base including the company’s targeting strategy and examples of current contracts
- Analysis of the company’s offerings and key service components
- Analysis of the company’s delivery organization including the location of delivery locations.
Key Findings & Highlights:
This NelsonHall vendor assessment analyzes benefitexpress’s offerings and capabilities in H&W Administration services.
benefitexpress is a U.S. headquartered provider of H&W administration services and health exchange services, based in Schaumburg, Illinois.
benefitexpress first was formed in 2001 as an H&W administration SaaS provider dedicated to H&W administration. It has been steadily growing its service offerings, and today it offers comprehensive benefits outsourcing services dedicated to servicing the North American market. In March 2016, LLR Partners ("LLR"), a Philadelphia-based private equity investment firm, acquired benefitexpress. Following the acquisition, it grew its leadership team bringing expertise from large outsourcing vendors like Mercer, Willis Towers Watson, AonHewitt, and Fidelity to shape its strategy. Since the acquisition, it has continued to develop its proprietary technology, My Benefit Express™, enhancing its user experience, building a recommendation engine, developing a lifestyle benefits marketplace and mobile app, expanding communications tools, and growing its leadership team.
In August 2016, it acquired a software company, benefitsCONNECT, to expand its broker relationships and acquired a large number of small-market sized clients. This expanded its broker relationships by 150. benefitsCONNECT is designed to be a hands-on solution for small market employers with less than 1,500 benefits-eligible lives. In this service model, the client or supporting broker handles most aspects of administration such as reviewing pending items, managing day to day EDI transmissions and discrepancy reports, and sending employee communications.
benefitexpress today is a private company with ~350 employees and targets organizations operating in the U.S. with between 2k to 15k employees. It has ~80 fully outsourced benefits administration clients supporting 1.5m participants and dependents. Additionally, it supports ~3,000 small-market employer groups with ~1.8m participants and dependents through its HR Support and licensed technology models.