PlanSource experiences record growth in 2022, launches new product for benefits engagement and has record Open Enrollment season

ORLANDO, Fla. – February 21, 2023 – PlanSource, a leading provider of benefits engagement technology, today shared a recap of 2022 and direction for 2023. More than 750 new employers selected PlanSource as their benefits engagement platform representing over 500,000 employees. PlanSource’s annual recurring revenue (ARR) grew by more than 20% YOY with new business bookings growth at 27% YOY.

In 2022, PlanSource focused on customer service excellence, engagement, innovation and modernization of the benefits platform to bring exciting updates to customers and partners.

PlanSource’s commitment to Customer Experience:

• Customer Launch and Customer Experience Focus – The Operations team at PlanSource focused on velocity, efficiency and quality in 2022 to improve the customer experience. PlanSource’s NPS (Net Promoter Score) has increased to +47 proving that customers and partners are thrilled with the improvements. More than 96% of new customers went live on PlanSource by the targeted go-live date and existing customers rated PlanSource 4.3 out of 5 for open enrollment satisfaction. In Q4, PlanSource delivered strong performance in its Employee Contact Center – achieving 99% service-level-agreement (SLA) on answered calls with less than 1% abandonment rate.

“I want to congratulate the PlanSource customer success team on an excellent job during open enrollment this year and especially for the call center. This is the best open enrollment we have experienced” said Paula Legendre Stop, The Fresh Market.

• Platform Enhancements to Experience for HR Leaders and Employees – The platform performed with 99.99% uptime throughout Open Enrollment with 30% increase in consumer traffic thanks to several major enhancements in software and infrastructure investments in 2022. To better prepare HR teams for Open Enrollment, PlanSource invested in the Guided Renewal Self-Service Experience that automates and simplifies the annual renewal process eliminating weeks of effort for HR Teams and Brokers.

Focused innovation was also critical for PlanSource, New products and features launched in 2022 include:

• The Source – an employee engagement platform that increases benefit usage and improves the total employee experience by putting everything employees need into one convenient spot, their phone. From benefits education to company news and messaging, The Source enables customers to meet employees in the palm of their hands. In early 2023, PlanSource will build on this product by adding an integration with a digital engagement and communications platform that leverages data-driven, personalized messaging to drive the right person to the right benefit resource at the right time – optimizing the employee experience, maximizing benefits utilization and delivering measurable outcomes.

“Having one place where employees can log in, access ID cards, HR information, wellness topics and much more is what makes The Source so unique and valuable,” said Christy Guilbault, Entertainment Partners. “I love that we will be able to reach people where they are, on their phone and communicate what is important and relevant to them about their benefits.”.”

• HCM Integrations – PlanSource is known for its expertise and commitment to strategic partnerships with insurance carriers, brokers and leading HCM providers. In 2022, PlanSource launched a partnership with both Paylocity and SAP, and established an integration for its platform with SAP^® SuccessFactors^® Customers that use either HCM platform now have access to real-time API integrations that provide a seamless HR and employee experience.
• New Partner Marketplace – HR leaders were challenged in 2022 to expand benefit offerings and increase benefit usage. To assist these customers, PlanSource officially launched the Partner Marketplace in 2022, a curated list of strategic “best-fit” partners. PlanSource has carefully selected partners important to brokers and existing customers who offer value-added products to provide employees with a more well-rounded benefit offering and a seamless experience across the entire benefits ecosystem. More than 80 partners are now participating including companies such as ARAG Legal Insurance, Carrot Fertility, Experian, NortonLifeLock, Parentaly and SavvyFi.
• PlanSource’s Carrier Integration Program: Boost – In addition to adding important Marketplace partners to our connected ecosystem, PlanSource added Aetna to the Boost partner experience which will continue to modernize the industry with real-time API integrations. In 2022, PlanSource activated more than 1,400 API integrations to new and existing customers, further improving the customer and employee experience.
• Medical Program Engagement – PlanSource has also launched a new medical carrier program focused on leveraging The Source to connect medical plan enrollment with medical plan usage and awareness, all at the time of purchase. Employees will be connected to important carrier-provided tools and content to better understand how to use and connect to the insurance versus just traditionally choosing the product and moving on.

Engaging and empowering top talent continues to be a priority for PlanSource. In 2022, PlanSource accelerated career growth with 22% of team members receiving promotions and new career opportunities internally. With a strong focus on Diversity, Equity and Inclusion, female representation in leadership roles increased to 48% globally and women hold 40% of leadership roles within PlanSource. PlanSource focused on employee’s whole self by introducing a range of unique benefits focused on preventative care, the importance of purpose, and enhancing paid time off and family leave benefits. Additionally, PlanSource launched PlanSource Cares – a program committed to caring for self, family, team and community. PlanSource was certified as a Most Loved Workplace and named a winner of the Campus Forward award by Ripplematch for the investment made in the early talent program.

PlanSource has incredible momentum going into 2023 with major investments being made in the platform and overall experience for customers and partners. “I am proud of what our teams accomplished in 2022. The innovations we are making in our platform to expand into engagement and utilization truly sets us apart from the competition and proves we are a leader in the industry,” said Tom Signorello, CEO of PlanSource. “2023 is going to be a monumental year for PlanSource as we expand into new categories, launch new partnerships and continue on our growth journey.”