TAMPA, Fla. and PHILADELPHIA, Sept. 30, 2019 /PRNewswire/ -- Corestream, the leading platform for connecting employees with voluntary benefits, today announced LLR Partners' investment in the company, which Corestream will use to further accelerate its adoption among Fortune 500 companies and innovation of its popular SaaS platform. Corestream will continue to operate under the leadership of co-founder and CEO Neil Vaswani. In a separate press release today, Corestream announced the renewal of its multi-year agreement with a leading benefits services provider to deliver integrated voluntary benefits as part of that provider's platform.
Corestream's cloud-based HR technology platform creates a single point of integration through which all participants—carriers, brokers, employers and employees—can seamlessly work together to streamline and automate the selection and administration of voluntary benefits. Its unique design scales to meet the needs of even the largest employers, regardless of how many voluntary benefits they add to their employee offering over time. Corestream currently manages voluntary benefit deductions for over 1.5 million employees and reconciled over $100 million in premiums for its partners over the course of 2018.
"Corestream is leading a rapidly evolving market, where employers look to offset high deductible health plans, address gaps in insurance coverage, meet the modern workforce's demand for voluntary benefits, and offer them at scale, which legacy solutions are unable to do," said Sasank Aleti, principal at LLR Partners. "The company's 50 percent compound annual growth rate and world class Net Promoter Score of 86 indicated to us that Neil and his team created one of the most innovative technology platforms in the space and a better way to connect employees to their benefits."
Corestream allows employers to easily communicate with and offer employees over 100 types of voluntary employee benefits from established providers, including supplemental health insurance, real-time auto and home insurance quoting, payroll purchasing, pet insurance, employee discounts, ID theft, legal and vision. The Corestream platform provides a single point of integration for HR professionals, employees, brokers and carriers to streamline and automate the voluntary benefits administration process. Corestream's employer-branded portal handles everything on the back-end, including payroll integration, contract negotiation and mediation with providers, remittance of payments, reconciling premiums for each individual employee and more.
"The employee benefits space remains a ripe opportunity for employers to modernize their technology investments and the stakes are getting higher," said Michael Trilli, Aite Group's Insurance Research Director. "Employers need a platform that removes friction plaguing human resource professionals and the enrollment experience for their employees, but they also need a platform that is flexible to react to market needs and offer differentiated benefit packages to retain and attract their workforce. I believe these three things offer value to all in the voluntary benefits ecosystem."
"The LLR team has spent the last 20 years helping high-growth technology businesses get to scale," said Neil Vaswani, CEO of Corestream. "That depth of experience, combined with their substantial expertise in the benefits administration sector, made LLR the right partner to help support Corestream's ongoing growth trajectory and vision."
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 wellbeing. 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 LLR Partners
LLR Partners is a middle market private equity firm committed to creating long-term value by growing its portfolio companies. LLR invests in several industries, with a focus on technology, healthcare and services businesses. Founded in 1999 and with more than $3.5 billion raised across five funds, LLR is a flexible provider of capital for growth, recapitalizations and buyouts. For more information about LLR and insights on scaling growth companies, visit www.llrpartners.com.
Kristy DelMuto, LLR Partners
Bhava Communications for Corestream