NU Online News Service, March. 20, 10:03 a.m. – VSimplify Inc., the developer of a Web-based human resources management system, is trying to sign up banks to help distribute its benefits-management platform to businesses.
Until recently, the Fairfield, Conn., company has been selling its services through about three dozen insurance brokers around the United States.
Now vSimplify has established a strategic partnership with Commerce National Insurance Services, which will distribute vSimplify to its business clients in New York, New Jersey, Delaware and Pennsylvania. The agency is a subsidiary of Commerce Bancorp, Cherry Hill, N.J..
Rudy Nadilo, chief executive of vSimplify, says his company is also in talks to offer its HR services through two large regional banks, one in Connecticut and the other in the West, which he declined to identify.
“What intrigues banks is that, once you get into a client with a system like this, you have the ability to offer banking and insurance services beyond what the employer is currently offering and at an attractive rate to employees,” Nadilo says. “It’s all done on line, and you cut out a lot of broker costs.”
Tim Casey, chief information officer for Commerce Bancorp, says vSimplify gives banks a way to expand sales of employee benefits and other financial products to businesses and their employees.
VSimplify will allow Commerce National to market products and services directly to its business clients’ employees on their desktop computers, Casey says.
The vSimplify system automates HR and benefits administration, allowing employers to store employee data, carrier sales and enrollment materials, benefits plans and reports and other information in a collection of administrative tools that employees can access from their computers. The system also permits employees to enroll online for health care, 401k and other benefit programs, and to connect to personalized account statements and payroll information, Nadilo says.