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Empyrean - Benefits Administration 2022
Vendor Analysis
published on Feb 17, 2022
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Report Overview:
This NelsonHall vendor assessment analyzes Empyrean’s offerings and capabilities in Benefits Administration Services.
Who is this Report for:
NelsonHall’s Benefits Administration profile on Empyrean is a comprehensive assessment of Empyrean offerings and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Benefits Administration Services and identifying vendor suitability for security services RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the Benefits Administration Services sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Empyrean’s Benefits Administration Service 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 Empyrean’s offerings and capabilities in Benefits Administration Services.
Empyrean, headquartered in Houston, Texas, is a provider of technology and services for employee benefits administration, benefits education, and communication. It is a subsidiary of Securian Financial Group, Inc (Securian Financial), a North American financial services organization providing insurance, investment, and retirement solutions through a number of subsidiary companies.
The benefits business was founded in 2006 when Empyrean entered the benefits market with the objective of providing service-focused health and welfare benefits administration services, underpinned by its proprietary technology and now positions as a technology-enabled benefits administration company. Empyrean markets its benefits platform and/or benefits administration services to:
- Employers (~80% of business): includes benefits administration services and its proprietary technology to both large and mid-market sized organizations with over 1.5k employees
- Brokers and consultants (~10% of business): includes a white-label offering which primarily consists of Empyrean’s proprietary technology platform, for small employers with 500 – 2.5k employees
- Healthcare exchanges and carriers (~10% of business): includes supplying its proprietary technology to insurance companies to facilitate enrollment and supplying its technology to facilitate private exchanges
Historically, Empyrean targeted large market organizations (with >10k employees) in the U.S. for its benefits administration services. In 2012, it launched a mid-market offering to facilitate growth down-market.
Empyrean has largely grown its benefits administration business organically. In June 2016, it acquired Bloom Health after a three-year partnership whereby Empyrean supplied the back-end engine for Bloom Health’s private exchange. Empyrean was acquired in December 2019 by Securian Financial.
Empyrean has ~400 clients, supporting ~3.6m participants focused on the North American market, serving clients in both the U.S. and Canada.