Zenefits (YC W2013) Application Video
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Summary
Zenefits is a platform designed to improve how small businesses manage employee benefits, particularly health insurance. It aims to automate and streamline the entire process, from data integration with payroll systems to obtaining instant insurance quotes and setting up deductions, ultimately freeing businesses from the complexities of benefits administration.
Key points- Zenefits integrates with payroll systems to pull HR data, eliminating the need for manual data entry on insurance forms.
- The platform integrates with insurance carriers to provide instant quotes for health insurance.
- Upon enrollment in a policy, Zenefits can automatically set up payroll deductions to ensure smooth processing.
- The technology in the insurance industry is significantly behind, and software can perform the tasks of an insurance broker more effectively.
- Changes in healthcare legislation are expected to reduce insurance broker commissions, potentially leading them to stop serving small groups or charge administration fees.
Chapters
Notable quotes (4)
“we're trying to replicate or actually really improve on everything that a small group commercial insurance broker does for their clients”
“the state of technology in the insurance industry is just woefully behind the times”
“nothing that an insurance broker does that we can't do better in software”
“Provisions in Obama the Obamacare legislation”
0:00hi I'm Parker Conrad I'm founder of zenefits uh zenefits is a platform for small businesses to manage insurance and benefits primarily health insurance and one way to think about this is that we're trying to replicate or actually really improve on everything that a small group commercial insurance broker does for their clients um and that starts with sync Integrations into payroll systems that lets us pull out all the key HR data about a company it's and its employees so that you don't have to sort of write out all that information in pencil on a form that's been faxed to you by your insurance broker um and then we integrate with all
0:31the insurance carriers so that we can get you instant quotes and then if you enroll in in a policy um we can log back into your payroll system and set up all the deductions correctly so that things go smoothly next time you run payroll and what the end goal here is really that as a company founder or HR person or what have you you never have to think about this again it just works and you don't have to worry about it um and there are a couple interesting things about this business the first is that the state of technology in the insurance industry is just woefully behind the
0:59times um and uh I truly believe that um we can do a much better job uh there's nothing that an insurance broker does that we can't do better in software um because we can personalize advice to you and your situation and your employees situations rather than sort of speaking in generalities but the second sort of interesting thing is that starting in 2014 commissions are going to start coming down on uh on health insurance for insurance brokers um as a result of Provisions in Obama the Obamacare legislation and insurance brokers have been complaining for years that they don't make enough money on their small group clients and so a lot of them are
1:32saying that starting in 2014 they're either going to stop working with small groups um or they're going to start charging it per member per month administration fee so one of the really interesting things here is that I could be launching this product at a time when the wheels are really coming off the cart um for the existing Solutions in the marketplace a bit about me and my background um before this company I was co-founder and head of product at SigFig which is the world's largest online financial adviser by AUM about $40 billion when I left the company um and there I managed the team that um built
2:01our sync Integrations um so I have a lot of experience with building that stuff we built it from scratch which is obviously really useful for the current Venture um and you may be wondering you're thinking to yourself well where are the other co-founders are they sort of hiding sort of just out of frame here or something and I am a solo founder right now but uh I won't be for long um I have a non- recruit provision with my former company that uh lasts until the end of October and uh there are like two or three real Rockstar folks that I want to recruit into this latest company that
2:28I think I'll have a good chance of getting and so hopefully by the time the product starts um this will be sort of a three or four person company instead of one person company today thanks bye
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