benefitexpress™, a leading provider of cloud-based technology software and services for employee benefits administration, announced today a new lifestyle Benefits Marketplace powered by Corestream’s leading platform for connecting employees with personalized lifestyle benefits.
The Benefitexpress Marketplace comes at no cost to companies and enables employers to offer more lifestyle benefits without the administrative burden while increasing employee engagement. Seamlessly integrated with benefitexpress’ proprietary administration platform, My Benefit Express™, employees can elect from a wide selection of lifestyle products to create a unique set of benefits personalized for their needs. Types of products include employee loan programs for short term loans or student loan repayment, employee purchase programs, legal assistance, pet insurance, identity theft, home and auto insurance and a large array of employee discounts.
Corestream’s platform streamlines and automates benefit selection, payroll integration, contract negotiation and remediation, remittance of payments and reconciliation of premiums for individual employees, allowing employers to regularly add valuable employee benefits without taking on additional administrative work or costs. A program of planned year-round communications with targeted and personalized campaigns drive employee engagement.
“We are pleased to bring new solutions to help our clients and their employees during these unprecedented times. The Marketplace provides more options for our clients’ employees when they need them most,” says Michael Sternklar, CEO of benefitexpress. “The variety of products and the ease of payment through payroll deductions simplify and streamline the employee experience. For example, employees may need quick access to funds and their current solution might be to withdraw from their 401(k). A better option through the Marketplace could be a low-cost loan that the employee can pay back via automatic payroll deductions. This alleviates risks of taking money from a 401k to provide a short-term financial safety net.”
“Today we’re happy to announce with benefitexpress the first in a series of collaborative efforts that will bring more lifestyle benefits to employees more easily than ever,” said Neil Vaswani, CEO of Corestream. “Helping bring broader benefits to more employees is particularly important during these challenging times. Our proven capabilities in this space coupled with benefitexpress’ leading benefit administration software and service immediately delivers additional value-added solutions to their current and future clients and broker partners. Our ongoing work together will produce an even greater number of lifestyle benefits that are accessible by employees with ever-greater ease.”