Vendor Analysis
published on Sep 01, 2014
Report Overview:
An analysis of Empyrean's H&W services including H&W administration, spending account administration, and COBRA administration.
Who is this Report for:
NelsonHall's H&W Services Vendor Assessment for Empyrean Benefit Solutions (Empyrean) is a comprehensive assessment of Empyrean's H&W offering and capabilities, designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of H&W and identifying vendor suitability for H&W RFPs
- Vendor marketing, sales, and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the H&W sector.
Scope of this Report:
The report provides a comprehensive and objective analysis of Empyrean's H&W offering, capabilities, and market and financial strength, 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:
Empyrean Benefit Solutions (Empyrean), founded in 2006 and headquartered in Houston, Texas, is a U.S. based benefits administration provider focusing on the provision of health and welfare (H&W) services.
The company's H&W service offering includes H&W administration (enrollment, life events processing, eligibility management / determination, direct billing, total compensation statements); spending account administration (FSA, HSA, HRA, commuter benefits); and COBRA administration.
Until last year, Empyrean was primarily focused on targeting large market organizations for its H&W services defined as those with >10k employees. In H2 2012, the company launched a specific mid-market offering, EnrollmentPoint, to facilitate business growth.
In total, Empyrean has ~220 benefits administration clients across its entire book of business and serves ~1.2m participants.