The new component to the vSimplify system provides insurance brokers and financial service providers with a marketing platform through which, with the plan sponsor’s approval, they can sell their products to participants.
The voluntary benefits component includes a variety of insurance, banking and legal products, such as:
- term life
- cancer coverage
- auto and home insurance
- home mortgages
- home equity loans
- a credit card
- legal benefits plans.
According to a press release, vSimplify’s platform enables plan sponsors to select the products and services to be marketed to their employees.
vSimplify’s core function is its online HR and benefits management system, which replaces manual HR processes with automation.
The automated system features an online enrollment engine and employee self-service functions.