PlanSource Shares Momentum from 2021; Industry-Leading Tech Provider Reports Record Growth and Launches Transformative AI/ML Products
PlanSource launched 3 new AI-focused products to reduce costs for employers and relieve the burden HR teams continue to face in 2021
ORLANDO, Fla. – February 22, 2022 – PlanSource, a leading provider of cloud-based benefits administration technology, today shared a recap of 2021 and direction for 2022. More than 700 new employers selected PlanSource to simplify and automate their employee benefit program in 2021, with the average group size growing by 36%. Total consumer growth on the platform for 2021 increased by 26%. PlanSource works with over 500 brokers and resellers, in 2021 added new resellers such as Veritas Prime, Maestro Health and Voluntary Benefit Advisors.
In 2021, PlanSource released 3 new products as part of the new IQ Suite using Artificial Intelligence and Machine Learning to deliver hyper-personalized experiences and greater HR efficiency. The new products are:
- DecisionIQ – Leveraging Data from Milliman matched with machine learning, this feature empowers smarter, more confident benefits decisions for employees by using AI to provide benefits guidance throughout the shopping experience.
- DependentIQ – Aimed at saving employers time and money, ensuring only those eligible for benefit plans are covered, DependentIQ is an AI-based eligibility management solution which takes the manual task of HR auditing eligibility reports by automating the process, improving compliance, minimizing risk with an average 17x return on investment.
- InsightsIQ – InsightsIQ simplifies the reporting process by automating data visualization so HR professionals can focus their time and energy on analysis and decision making. Neatly organized in dynamic dashboard options, InsightsIQ allows for historical trending, peer comparisons and other previously difficult metrics to measure.
PlanSource is known for its expertise and commitment to strategic partnerships with insurance carriers, brokers, consultants and leading HCM providers. In 2021, PlanSource added Ameritas and New York Life to the Boost experience which continues to revolutionize the industry with API integrations. In addition to carrier partnerships, PlanSource launched its Partner Marketplace with expanded benefit options for employers. PlanSource is organizing the marketplace to offer customers a variety of benefit offerings like mental health, women’s health, healthcare navigation, financial and lifestyle benefits. Examples of partners included in the Marketplace today are: Accolade, Allstate Identity Protection, Boon Health, Genomic Life, Givinga, ID Watchdog, Maven Clinic, MetLife Legal and NortonLifeLock.
In 2022, through broker, partner and market feedback, PlanSource will grow the marketplace program exponentially to give employers greater choice in offering popular benefits to their employees. It’s clear that understanding the growing landscape of companies offering solutions to employers is paramount to a strong customer experience. PlanSource also announced a new partnership and integration with Sage to deliver a comprehensive, cloud-based benefits solution to Sage customers seamlessly embedded into Sage People.
PlanSource continually strives to improve the consumer experience, especially in Q4 when most companies host their open enrollment for benefits. In Q4, PlanSource delivered strong performance in its Employee Contact Center — achieving 99% service-level agreement (SLA) on answered calls and 6 second average speed to answer. Additionally, PlanSource is proud to share a recent NPS (Net Promoter Score) of +30.2, a rating that measures loyalty from customers and partners.
Retaining and attracting top talent continues to be an incredibly important initiative for PlanSource. In 2021, PlanSource added 350+ new team members globally and is currently hiring for more than 50 positions. Additionally, product innovation and acceleration continues to be a priority, with more than 240 team members focused exclusively on R&D in 2022.
PlanSource is well positioned to have a record amount of growth in 2022, with major investments being made to platform and infrastructure. “I am invigorated by the growth that we experienced in 2021. The investments and innovations we are making to our platform will create a better experience for HR teams and their employees,” said Tom Signorello, CEO of PlanSource. “2022 will be a great year for PlanSource, as we expect to see record growth and expand our position in the market through strategic partnerships.”
Vice President of Marketing & Communications
PlanSource is a technology company that automates and simplifies every aspect of employee benefit programs, so employees and HR teams can make smarter, more confident benefits decisions. More than 5 million consumers receive their benefits through the PlanSource platform, which provides the best experience possible for benefits communications, shopping, enrollment, billing, compliance and ongoing administration. With an end-to-end benefits platform and suite of technology-enabled services, PlanSource helps people maximize the benefits of their benefits, so they can live happier, healthier lives. Learn more at plansource.com.
PlanSource is a registered trademark of PlanSource, Inc., and PlanSource owns other registered and unregistered trademarks. Other names used herein may be trademarks of their respective owners.
The Devon Group for PlanSource
732.706.0123 ext. 700
Vice President of Marketing and Communications, PlanSource