BenefitElect, Inc. Strengths, Domain Expertise, and Key Differentiators
BenefitElect’s key strengths lie in its deep domain expertise and its advanced, 4th generation benefits administration platform, which offers unparalleled flexibility to meet both industry-wide and organization-specific needs. The platform’s ability to manage life events year-round, ensure real-time data validation, and integrate seamlessly with other systems positions it as a highly adaptable and scalable solution for businesses of all sizes. Its strong focus on real-time visibility and automation enables HR professionals to optimize benefits administration with greater accuracy and efficiency.
As regulatory complexities and workforce expectations evolve, BenefitElect’s robust technology and strategic approach to benefits management will continue to drive its competitive advantage in the HR solutions market.
BenefitElect, Inc. Recent Developments
BenefitElect's latest release, introduced bug fixes and improvements across various areas, including Open Enrollment, Close Open Enrollment, and Close Open Enrollment Reporting. These updates enhance user experience and ensure smoother operations for administrators.
BenefitElect, Inc. Mergers and acquisitions (M&A) Activities
No M&A activities in the last 12 months.
BenefitElect, Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying BenefitElect, Inc. applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of BenefitElect, Inc. and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified BenefitElect customers.
BenefitElect, Inc. Overview
Ownership: - x
Number of Employees: 35
Functional Market: Workforce Analytics, Benefits Administration,
Key Verticals: Automotive, Banking and Financial Services, Communication, Construction and Real Estate, CPG, Distribution, Education, Government, Healthcare, Insurance, Leisure and Hospitality, Life Sciences, Manufacturing, Media, Non Profit, Oil Gas Chemicals, Professional Services, Retail, Transportation, Utility,
BenefitElect, Inc. Key Cloud and HCM Applications
BenefitElect
BenefitElect, Inc. HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2023 | 2024 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
BenefitElect, Inc. Revenue Breakdown by Type:
BenefitElect, Inc. HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2024 HCM Revenues, By HR Segment, $M | |
BenefitElect, Inc. HCM Applications Revenues By Verticals, $M:
BenefitElect, Inc. Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2024 Total Revenues, $M | 2024 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
BenefitElect, Inc. Direct vs Indirect sales
| Type | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
BenefitElect, Inc. Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified BenefitElect, Inc. Customers
No. of BenefitElect, Inc. Customers: x
No. of BenefitElect, Inc. HCM Applications Customers: x
No. of BenefitElect, Inc. Cloud HCM Customers: x
No. of BenefitElect, Inc. Cloud HCM Subscribers: x
BenefitElect’s customer base is steadily expanding, primarily serving organizations in the United States. Although specific customer numbers remain undisclosed, the company has built a growing and loyal client base that increasingly relies on its innovative benefits administration solutions.
BenefitElect, Inc. Market Opportunities, M&A and Geo Expansions
BenefitElect is well-positioned to capitalize on several key opportunities as demand for advanced, integrated benefits administration solutions continues to grow. The company’s 4th generation platform enables seamless connectivity between diverse systems, such as HR, payroll, third-party administrators, and carriers, positioning it as a flexible and scalable solution for a wide range of industries. Its ability to manage life events year-round and ensure real-time data validation and integration provides a strong competitive advantage in an increasingly complex benefits landscape.
BenefitElect, Inc. Risks and Challenges
In 2024, the transition from Chris Lonergan to Douglas Lonergan as CEO introduces uncertainty regarding the company’s long-term vision, operational continuity, and potential shifts in strategic priorities. Leadership changes can impact internal decision-making, corporate culture, and investor confidence, particularly in a highly competitive benefits administration market where consistency and trust are critical.
BenefitElect, Inc. Ecosystem, Partners, Resellers and SI
In 2024, BenefitElect’s ecosystem is poised for enhanced growth and efficiency through its deepening partnership with AkkenCloud. By integrating its industry-leading benefits administration platform with AkkenCloud’s advanced staffing management solutions, BenefitElect is positioning itself at the forefront of workforce and benefits automation. This collaboration streamlines benefits enrollment, compliance reporting, and carrier connectivity, offering businesses a seamless, real-time data exchange through API-driven integration.
In March 2021, BenefitElect forged a strategic partnership with TempWorks Staffing Software. This collaboration aims to deliver intuitive and agile benefits administration and employee data management technology to staffing firms. By combining their expertise, BenefitElect and TempWorks Software offer staffing firms the tools to optimize efficiency, profitability, and achieve their business goals. This partnership demonstrates BenefitElect's dedication to expanding its market reach and providing tailored solutions to industry-specific needs.
They have a partnership with RiskRT and data collected by BenefitElect is transmitted to RiskRT to confirm ACA and IRS compliance
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
https://www.appsruntheworld.com/FAQ
