Corestream

According to the U.S. Department of Labor Statistics, 1 in 4 workers still intend to quit in 2022 with 67 percent agreeing that well-being benefits are a top priority when looking for a new job. Today, employers are reassessing their workforce retention strategies and offering multiple voluntary benefits programs to combat staff attrition and retain talent. However, for every individual program they choose to provide, employers must integrate each benefit provider with their IT and human resource information systems (HRIS) to bridge the gap between operational decisions and prevalent workforce needs.

Synchronizing employee journeys and administrative decision-making with its Voluntary Employee Benefits platform that provides access to a large number of benefits providers at a single point of integration is Corestream. The front-end technology of Corestream’s platform resembles an e-commerce marketplace where employees can learn about all the benefits before enrolling in the ones that meet their specific needs. Corestream’s middleware SaaS solution enables employers to scale their benefits package without integrating their payroll and HRIS systems with every provider.

“We reduce the administrative friction of sponsoring employee benefits and allow employees to choose the appropriate voluntary benefits program that can enhance their personal and professional life,” says Neil Vaswani, co-founder and CEO of Corestream.

From an employee experience standpoint, Corestream delivers education and communication support, where it teaches the client’s employees about the advantages of each program, allowing them to make informed decisions. Built into the platform, a payment processing solution deducts a percentage of employee salaries and transfers it to the benefits provider on time, making the payment process seamless. The platform is further strengthened by personalization capabilities that recommend the best-suited programs that can be delivered to workforces the right way at the right time.

One of Corestream’s core competencies is its ability to deliver impactful benefits within 60 to 90 days. It begins client engagements by implementing a benefits program, followed by its configuration, and ends with a notification that alerts all employees of its availability. During this process, employers select the benefits they want to offer their employees and work with Corestream to enable payroll deduction and employer branding, which involves private labeling of the platform and the online marketplace. Through these implementations, Corestream has built a proven track record of delivering a two-fold increase (at least) in employee tenure for every client.

We reduce the administrative friction of sponsoring employee benefits and allow employees to choose the appropriate voluntary benefits program that can enhance their personal and professional life

Recently, Corestream assisted a business that wanted to expand their benefits portfolio, modernize the enrollment experience, and deploy relevant technologies to support the communication and marketing of the benefit programs to employees. The challenge arose as they did not have the in-house resources to effectively implement their desired programs. Adding to the roadblock was the low employee engagement in the initial four programs, each averaging three percent participation. When Corestream was brought on, it created a website and launched its platform, collecting information on the incumbent benefits to add six additional programs that gave employees more options in choosing plans that could have a real impact on their lives. Corestream also solved administrative problems with four existing programs and deployed a communication platform with a modernized user experience to enhance participation, raising it from three percent to eight percent. Currently, the client has about 18 percent of employees participating in each benefits program.

This success is one of many that Corestream has ignited through the efficient combination of its product development discipline and ability to communicate with employees. As a reliable and go-to service provider, Corestream is helping employers boost their talent retention through the robust, intuitive, and unified delivery of employee benefits.