Imagine a country where employers of 100 or fewer staff had the same opportunities as large ones to bestow financial protection on their staff, help recruit/retain talent and to tax efficiently protect their businesses?
Well, the UK is that country. Over 98% of all businesses in the UK have fewer than 100 staff. But, in terms of employee benefits, they are not deemed sufficiently important to provide a competitive market.
We disagree. These businesses are vital for our economy. We know. We are one of those businesses and we provide employee benefits to our staff.
benefits.market is our contribution to the debate
For the first time ever, benefits.market provides an affordable marketplace for corporate benefits and makes them available to employers of all sizes: particularly those with fewer than 100 employees.
pensionsync has reduced the complexity of Workplace Pensions for employers and bureaus: saving time and money, while increasing data security.
benefits.market extends these same principles to employee benefits to create a completely new market.
benefits.market is securely connected to pensionsync: the data exchange used by leading payroll software companies to deliver data to automatic enrolment pension providers.
Every employer that uses pensionsync is given a free benefits.market account. Once activated, the technology automatically generates comparison tables based on analysis of payroll data, as payroll data flows through pensionsync.
The powerful combination of pensionsync + benefits.market has the capability to both lower the burden of automatic enrolment for employers and their payroll agents, and simultaneously find and present value for money group risk insurance and protection policies.
benefit.market’s technology can generate prices for insurance policies and display them in comparison tables in fractions of a second, removing the need for employee benefit consultants to perform the same tasks manually. Employers can often grossly overestimate the cost of these foundation life and sickness benefits, and can be reluctant to appoint an advisor to obtain quotes. Furthermore, advisors are not motivated to seek out and win business from smaller employers because of the smaller commissions associated with SME group policies. These barriers (to efficient life insurance distribution for smaller employers) are overcome by our technology.
We are part of the second cohort of the FCA’s Sandbox scheme. Part of Project Innovate, the Sandbox provides firms with support to navigate the financial regulatory system, and aims to create a ‘safe space’ in which businesses can test innovative products and services in a live environment while ensuring that consumers are protected.
Download our PDF press release about our involvement in the FCA’s sandbox
If you have any questions for us about benefits.market, then please contact us.