Corestream Integration to Continue Making Valuable Voluntary Employee Benefits Available Through the ADP Platform
Corestream, the leading platform for connecting employees with voluntary benefits, announced that its multi-year agreement with ADP Benefits, a provider of benefits services, was renewed by ADP. Corestream’s integration with ADP has resulted in one of the industry’s most robust benefits administration offerings, seeing positive employer reception and strong employee adoption.
The Corestream and ADP integration creates an online environment for employees to easily learn about and select from an ever-growing number of voluntary and traditional benefits offered by their employer. Corestream technology streamlines and automates benefit selection, payroll integration, contract negotiation and remediation, remittance of payments and reconciliation of premiums for individual employees, allowing busy HR teams to regularly add valuable employee benefits without taking on additional administrative work.
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Voluntary benefits are elective add-ons that businesses offer their employees to complement existing traditional offerings, such as supplemental health benefits, lifestyle benefits, employee discounts and auto insurance quoting. Corestream, which currently manages voluntary benefit deductions for more than 1.5 million employees and has reconciled over $100 million in premiums for its partners, continues to see strong year over year growth. The number of registered Corestream users increased 59 percent, monthly premiums processed increased 33 percent, and its Net Promoter Score (a measurement of customer loyalty on a scale of -100 to 100) reached 86 where anything over 70 is considered “world class.”
“We are proud that together with ADP we’re bringing meaningful voluntary benefits to more employees than ever before,” said Neil Vaswani, CEO of Corestream. “Research shows that each new generation entering the workforce views these benefits with increasing importance. Together, Corestream and ADP support HR teams’ efforts to recruit and retain the best and brightest talent by allowing them to quickly and easily add a greater number and wider variety of voluntary benefits than ever before.”
“We’re very pleased to see such a favorable response to our integrated offering with Corestream,” said Melanie Shook, division vice president of benefits for ADP National Account Services. “In such a tight labor market, even the largest employers struggle to meet the evolving needs of their workforce. With Corestream’s offerings, we’re able to leverage our combined industry expertise and technology-driven automation to provide valuable benefits employees want without adding administrative overhead.”
The voluntary benefits ecosystem is growing rapidly. Many Fortune 500 companies utilize Corestream’s unique platform and integration with ADP to create a single point of entry through which all participants in voluntary benefits–employees, employers, carriers and brokers–can connect and work together.