PlanSource Holdings

The core of PlanSource's business is its cloud-based benefits administration platform, a SaaS solution that automates and streamlines various aspects of employee benefits programs. The platform serves a diverse client base that includes employers of all sizes, insurance carriers, and benefits brokers. The business model is partner-focused, distributing its technology through brokers and resellers rather than selling directly to employers. Revenue is generated from its software and a suite of technology-enabled services, with an estimated annual revenue of $159.5 million.

The PlanSource platform offers a comprehensive solution for benefits shopping, enrollment, billing, compliance, and administration. Key features include tools for employee engagement, helping staff understand their benefits, and automation for compliance with regulations like ACA and COBRA. The platform integrates with various HCM, payroll, and insurance carrier systems to ensure data synchronization. Additionally, PlanSource provides a range of add-on services such as COBRA administration, billing reconciliation, dependent verification, and management of tax-advantaged accounts like HSAs and FSAs. The company reported serving over 3,500 employers and more than 5 million consumers.