Revamped Zenefits is currently putting its regulatory woes behind it and offering an all-in-one digital, cloud-based HR platform for small and medium businesses, with a particular focus on helping them with health insurance coverage. Designed to manage the modern workforce, Zenefits delivers an all-mobile HR experience by tightly integrating its applications with different providers including insurers on the Zenefits platform.
Specifically, Zenefits makes it easy to manage all the HR functions like on-boarding, payroll, benefits, vacation time, etc, through a series of specialised apps. Each Zenefits app automatically shares its data with the other apps you use on the Zenefits platform, and all are easily accessed through a single online dashboard, eliminating thousands of hours in administrative work and enabling small businesses to run smoother.
The ‘value add’ that Zenefits provides is it makes it seamless and easy for employers to purchase health insurance, and payroll services via their platform.
Zenefits does not charge any fees to its customers. Instead, it makes money by serving as an insurance broker on any insurance that is bought through it. The key reason people prefer buying insurance through Zenefits is because it’s integrated in one place and everything can be achieved online.
The difference is the ‘value add’ that Zenefits provides for your business. It makes it seamless and easy for employers to purchase health insurance, and payroll services via their platform.
Simplifying processes for the end user and taking it fully online means that business owners can now spend less time on paperwork and more time focusing on growing their business.
Zenefits also has a critical focus on identifying ‘what next’ questions by simply running its own business on Zenefits. In doing so, it continuously removes the pain points it experiences eventually benefiting its customers.
The Digital Insurer's View
Zenefits approach is quite interesting. It provides an all-in-one HR ecosystem of apps for businesses, providing on-boarding, payroll and well-being services free of cost. It then actively partners with insurance carriers to technology providers to small business advisors who further enhance the value that Zenefits delivers while simultaneously creating revenue opportunities for itself necessary to sustain the whole ecosystem.
The key reason this model clicks is – it solves a real pain point for SMEs while simultaneously enriching the financial lives of its customers by helping them conveniently manage their employee related finances without additional hassles. In fact, the value of the insurance offered to the customer is relatively high, while the cost of availing additional services (Zenefits) is free. This ecosystem is here to stay and we will see many more like this (Look at Flare from Australia) in the coming future.
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