PlanSource Marks 10-Year Anniversary with Rapid Growth
Robust increase in annual revenue, strategic acquisition, expanded partnerships, and product innovations for leading benefits technology provider
ORLANDO, Fla., Feb. 14, 2018 /PRNewswire/ -- PlanSource, a leading provider of cloud-based benefits and HR technology, is celebrating its tenth anniversary by surpassing expectations, with sizeable increases in annual recurring revenue and customer adoption fueled by numerous product innovations, a strategic acquisition of a leading benefits services provider and new partnerships with leading carriers, brokers and HCM technology companies.
Revenue growth – 41% increase in annual recurring revenue with GAAP revenue increasing over 33%. Increased customer adoption – more than 750 employers joined the PlanSource platform in 2017, including notable employers such as Bassett Furniture, Boral Industries, Eastern Shore of Maryland Educational Consortium and Johns Hopkins Healthcare. Strategic acquisition – acquired Next Generation Enrollment, leading provider of benefits services. New partnerships – signed partnerships with several nationwide insurance carriers, including Cigna, Liberty Mutual and Mutual of Omaha; technology leaders BambooHR, NetSuite/Oracle and Ultimate Software; and brokerages such as Cross Insurance, OneDigital Minneapolis and Stratovize. Product innovations – launched mobile-friendly employee enrollment experience, Advanced Payroll Deductions solution, total compensation statements and multiple enhancements to its reporting suite. Eclipse conference – sold out its second annual benefits and HR conference for insurance brokers, partners, HR professionals and industry experts. Industry-leading Net Promoter Score – earned a +74 Net Promoter Score, nearly tripling the software industry average.
"Despite uncertainties surrounding the health care market and the future of the ACA, we achieved great things in 2017, and are poised to make 2018 another successful year," said Dayne Williams, CEO of PlanSource. "Helping people get the right insurance coverage and benefits is an important undertaking, essential to better health outcomes. It's a job we take seriously and I am very proud of the PlanSource team for their dedication to providing an exceptional experience to our customers, their employees and families who benefit from our products."
Software + services = the best benefits experience available A recent significant strategic initiative was the acquisition of Next Generation Enrollment, a leading provider of benefits services. The acquisition brought PlanSource a range of services to help automate the process of employee benefits administration, including benefits outsourcing, contact centers, COBRA administration, billing reconciliation and payment, HSA/FSA/HRA administration, dependent verification and employee communications. By combining these complementary services with its intuitive and sophisticated software, PlanSource provides a comprehensive solution that helps companies manage all their HR and benefits programs throughout the year.
New and expanded partnerships enlarge product offerings and open new markets PlanSource cemented a number of partnerships in 2017 with insurance carriers, brokers and technology providers that expand its benefits offerings and provide an entry to new markets. One major initiative was an expanded partnership with payroll and HCM leader Ultimate Software. As part of the Ultipro Developer Network program, the two companies have a state-of-the-art API that allows for real-time integration between their systems, providing a single point of entry for employees and HR teams into their HR, payroll and benefits. Notable organizations making use of the API include Artic Catering, Sage Automotive Interiors and Supplemental Health Care.
"It is essential for HR teams to get a complete view of their HR and benefits programs so they can build a cohesive strategy," said Travis Burke, VP of Corporate Development and Alliances, of Ultimate Software. "We are excited to work with PlanSource to offer employers a seamless connection between payroll, HR and benefits. As a long-time partner, we know that PlanSource has earned its reputation as a leader in the benefits space. We are confident that the next stage of our partnership will give companies a solid edge and help their employees navigate the complex world of HR and benefits."
With partnership activity continuing to increase, PlanSource launched a central hub for all of its partner interactions called PartnerSource. The site includes resources and information on PlanSource HCM partners, select insurance carriers in the PlanSource Advantage Program and QuickConnect, which allows customers to select, order and quickly implement a range of add-on products, such as financial wellness programs, student loan repayment, identity theft protection and online total compensation statements.
Mobile-responsive employee experience headlines year filled with product innovations In 2017, PlanSource rolled out four major software releases containing numerous enhancements to the company's benefits administration technology. Headlining these innovations was the launch of a newly designed employee user experience. The new employee experience was developed using responsive design. This means that employees can shop for and enroll in benefits on any device, whether it is a laptop, tablet or phone and, unlike a mobile app that needs to be downloaded, the site will simply adapt and work on any size screen. It was built to make the benefits shopping and enrollment experience as easy and intuitive as possible, including elements and concepts that consumers are already familiar with, such as a shopping cart and a checkout process.
In addition to the new employee experience, other product initiatives include:
Advanced Payroll Deductions – a new feature that automates the process of calculating and tracking payroll adjustments using sophisticated logic that accounts for retroactive deductions, catch-up contributions and refunds. Report center enhancements – the reports area of the PlanSource system was redesigned with a modern look and a more intuitive workflow, and updates were made to many of the standard reports HR teams use to track and monitor benefits programs. Total Compensation Statements – in addition to traditional printed statements, PlanSource now offers online total compensation statements that employees can access directly from the benefits administration system to get a complete, personalized view of their benefits and other financial rewards.
The PlanSource technology platform experienced record heavy traffic in 2017, but took the unprecedented growth in stride, with 100% uptime in the busy open enrollment months of October and November.
About PlanSource PlanSource is a technology company driven to create a better benefits and HR experience for employers and their employees. Nearly 3.5 million consumers receive their benefits through the PlanSource platform, which provides flexible and intuitive software and services for benefits administration and human capital management. By combining industry-leading software and a full suite of professional services, PlanSource provides companies of all sizes with a complete solution for benefits shopping, enrollment, billing, compliance and administration. Learn more at www.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.