“Administering employee benefits is fun and easy!”—said no business owner ever.
The myriad types of insurance coverage available, from short- and long-term disability to medical, dental, and vision, plus flexible spending accounts, 401k plans, and more create incredible complexity, especially for the companies that are enrolled in self-administered employee benefits—which is most companies with more than 50 employees.
Because of that complexity, mistakes are common. It’s estimated that one in four companies using self-administered plans are incorrectly deducting premiums and fees from employee paychecks. That not only costs companies but can lead to claim denials.
After seeing and working on this issue from both the carrier and corporate client sides, one enterprising entrepreneur set out to build a solution. Here’s the story of Joe Gagnon and his startup venture, SAB Co. Software.