Benefitexpress, a cloud-based employee benefits administration provider, has debuted a new lifestyle benefits product in partnership with Corestream, a benefits technology provider, to connect employees with more voluntary benefit options.
The platform is called My Benefit Express, where employers can provide a variety of lifestyle benefits to improve employee engagement.
Corestream’s platform automates benefit selection, payroll, contract negotiation and remediation, remittance of payments and reconciliation of premiums for individual employees, allowing employers to regularly add employee benefits without taking on the additional administrative work.
“The variety of products and the ease of payment through payroll deductions simplify and streamline the employee experience,” Michael Sternklar, CEO of Benefitexpress, said in a statement. “Employees may need quick access to funds and their solution might be to withdraw from their 401(k).”
One of the offerings included is a low-cost loan that the employee can pay back through automatic payroll deductions.
“This alleviates risks of taking money from a 401(k) to provide a short-term financial safety net,” Sternklar says.
Employees with access to the platform can elect from lifestyle products to create personalized benefit offerings, including loan assistance programs, employee purchase programs, legal assistance and pet insurance.
“Helping bring broader benefits to more employees is particularly important during these challenging times,” Neil Vaswani, CEO of Corestream, said in a statement.
