Partnership to extend voluntary benefits to thousands of employees nationwide without the implementation and administration nightmare for businesses
March 2018– New York City, NY –Corestream, the leading platform for connecting employees with voluntary benefits, today announced a partnership with ADP Benefits, a global provider of personalized benefits services, that will bring additional options for benefits customization to hundreds of businesses nationwide. ADP selected Corestream because of its proven track record in the benefits marketplace with a series of Fortune 500 companies.
“We’re thrilled to partner with ADP to bring companies, employees, carriers, brokers, and benefits together through a single point of integration with one platform, minus the administrative nightmare.”
“Rising healthcare costs and the demand for an ever-growing suite of customizable benefits, especially among millennials, call for an innovative, broker-friendly solution to increase employee engagement and satisfaction,” said Neil Vaswani, CEO of Corestream. “We’re thrilled to partner with ADP to bring companies, employees, carriers, brokers, and benefits together through a single point of integration with one platform, minus the administrative nightmare.”
Voluntary benefits are elective add-ons that businesses offer their employees to complement existing traditional offerings, such as supplemental health benefits, lifestyle benefits, employee discounts, and auto insurance quoting. Corestream currently manages voluntary benefit deductions for 1.2 million employees. Benefits are paramount to retaining and attracting top talent: according to a recent study, 90 percent of 18 to 34-year-olds (millennials) say they would prefer benefits over a pay raise.1
Voluntary benefits packages are designed to fill healthcare coverage gaps, provide for long-term care and indemnity, and offer discounts on items such as dental, auto, vision, and life insurance. Other voluntary benefits offerings include student loan refinancing, pet insurance, and discounts at local businesses. Over the course of 2017, Corestream reconciled over $100 million in premiums for its partners.
For businesses, a partnership between Corestream and ADP means more companies have the opportunity to customize their voluntary benefits packages, and scale benefits to meet the needs of individual employees, instead of the one-size-fits-all approach. Ultimately this will enable companies to attract top-level talent and help employees connect with their local community. The innovative platform streamlines implementation and administration, and also allows effective communication and engagement, which are key to closing the loop on successful voluntary benefits. These services are all part of this new partnership between ADP and Corestream.
“ADP has a relentless focus on delivering best-in-class user experiences around benefits to help drive employee engagement,” said William Giaconia, vice president, health and benefits products for ADP. “This is especially true with the rapidly evolving nature of work and generations in the workplace. We are excited to partner with companies that help us deliver on this, including Corestream. With the ADP Corestream partnership, HR Directors can send their employees to a single benefits site to make their life easier – here employees can get everything from their medical insurance to a discount on their smart phone.”
Corestream will showcase its latest voluntary benefits platform at booth 18 during ADP’s Meeting of the Minds from March 18-21, 2018 in Orlando, Florida.
At Corestream, we believe that the success of any organization relies on the overall wellness of its workforce, from physical and mental health to financial well-being. Corestream’s revolutionary platform is designed to remove barriers and streamline voluntary benefits administration. We aim to be a powerful tool in the arsenal of HR teams, brokers, vendors, and employees. For more information, visit Corestream.com.
About ADP (Nasdaq:ADP)
Powerful technology plus a human touch. Companies of all types and sizes around the world rely on ADP’s cloud software and expert insights to help unlock the potential of their people. HR. Talent. Benefits. Payroll. Compliance. Working together to build a better workforce. For more information, visit ADP.com