ORLANDO, Fla., Jan. 23, 2017 /PRNewswire/ -- PlanSource, a leading provider of cloud-based benefits and HR software, experienced healthy growth in 2016, with increases in annual recurring revenue and customer adoption, new partnerships with leading carriers and brokers, and multiple product innovations.
"In 2016, PlanSource built a firm foundation for further growth," said Dayne Williams, CEO of PlanSource. "Regardless of what direction health care takes in 2017, we will continue to help brokers, consultants and employers respond to and comply with regulatory changes while creating a better benefits experience for thousands of HR teams and their employees."
- Revenue growth – continued annual recurring revenue growth, achieving a 5-year CAGR of 43 percent.
- Increased customer adoption – added nearly 1000 employers to the PlanSource platform. Notable new clients in 2016 include Altru Health System, ClearChoice Dental, The City of Santa Monica, Houston Healthcare, Mozilla and Vallarta Supermarkets.
- New and expanded partnerships – cemented several new partnerships with leading insurance brokers, including Jaeger and Flynn, Frost Insurance and USI Insurance Services, and formed a new partnership with the insurance carrier Cigna.
- Eclipse – hosted its first annual benefits and HR conference for insurance brokers, partners, benefits professionals and industry experts. The sold-out event was held over three days at the St. Regis resort in Park City, Utah, and featured 45 speakers in 25 breakout sessions and six general sessions.
- Executive team – expanded the depth of its executive team by welcoming experienced industry veterans Adam Hameed as Chief Revenue Officer and Mike Cooper as Chief Financial Officer.
- Awards and recognition – earned multiple awards for leadership, company culture and employee wellbeing, including Top 100 Company in Florida, Best Companies to Work for in Utah, and Best Company for Commuters; CEO Dayne Williams was named as a top innovator by Employee Benefit News and as one of 30 people to watch in employee benefits in 2017 by Employee Benefit Adviser.
- Product innovations – through three major product releases, launched numerous tools to help make a better benefits experience, including renewal, implementation and data exchange dashboards, ACA enhancements and educational tools and videos.
- Industry-leading Net Promoter Score – earned a +55 Net Promoter Score, more than doubling the software industry average of +19.
New and expanded partnerships
PlanSource works hand-in-hand with brokers to provide employers of all sizes with the technology they need to offer benefits plans from leading carriers to their employees. Cigna, one of the world's largest insurance carriers, joined the PlanSource Advantage Program, a partnership agreement that streamlines the distribution of products via the PlanSource system and makes it easier and more engaging for companies to provide Cigna plans to their employees. In addition, PlanSource solidified several partnerships with leading insurance brokerages in 2016, including Jaeger and Flynn, Frost Insurance and USI Insurance Services, which will broaden PlanSource's market reach and arm the brokerages with valuable technology.
"With technology and benefits so intertwined, it is reassuring to have a partner like PlanSource," said Anne Burkett, National Practice Leader, HR Technology at USI Insurance Services. "PlanSource's complete solution of HCM and benefits software as well as their dedication to serving the broker community matches perfectly with USI's approach to customized risk management and benefit programs that deliver outstanding results to our clients and their employees."
Product innovation guides PlanSource through its busiest season to date
2016 was the busiest open enrollment season for PlanSource to date, and its technology platform was able to take the unprecedented growth in stride. Tens of millions of actions were processed on the PlanSource platform, including a single day with 2.1 million page requests, and the total number of page requests for the month of November topped 37.7 million.
PlanSource launched three major software releases and numerous enhancement to its products in 2016. Chief among these were:
- Streamlined ACA tools which guided hundreds of customers through the first year of mandated employee coverage offerings and reporting.
- Dashboards which provide broker partners and employers with real-time status on the development of renewals, implementations and data exchange.
- Integrated Evidence of Insurability processes with MetLife and Guardian.
- Multiple educational tools, including GuideMe, an on-demand training guide build directly into the PlanSource system, several new educational videos and an open enrollment communications toolkit for HR teams.
In addition, PlanSource began the development of a new consumer user experience to be released in March of 2017. More information on these and all of the company's product releases can be found at www.plansource.com/releases.
PlanSource is a technology company driven to create a better benefits and HR experience for employers and their employees. By offering flexible and intuitive software for benefits administration, insurance exchanges and human capital management, PlanSource's complete cloud-based technology helps nearly 10,000 employers and 3.5 million consumers with 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.
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