Alegeus Sees Continued Strong Momentum for its SaaS-Based Benefit Funding and Payment Platform

·3 min read

Company’s unique white label platform & partnership model is driving partner growth of 3-4X the overall market; Alegeus partners seeing account growth of more than 20 percent year over year

WALTHAM, Mass., August 10, 2022--(BUSINESS WIRE)--Alegeus, the market leader in healthcare payment solutions, today announced continued strong momentum for its unique white label platform and partnership model — which is driving outsized growth and success for both Alegeus and its partners.

Alegeus services the U.S. healthcare market, partnering with the industry’s largest health plans, third party benefit administrators, supplemental insurance providers, retirement & financial service brands, and other consumer-directed health benefit account administrators. These firms leverage the Alegeus platform to deliver account-based benefit programs such as HSAs, FSAs, HRAs, COBRA, wellness incentives, lifestyle benefits and more. With differentiated account capabilities, exceptional end-to-end experiences, all backed by a unique partnership model, Alegeus partners are growing significantly faster than the overall market—and with the highest NPS (net promoter scores) in the industry.

  • HSA account and asset growth: Alegeus partners grew their HSA portfolios by more than 30 percent, vs. 5-6 percent growth industry-wide

  • FSA/HRA growth: Alegeus partners grew their national account volumes by 11 percent, vs. low single-digit growth industry-wide

  • Market penetration: In less than five years, Alegeus clients have doubled their overall market penetration

  • Widespread partner success: Success is not isolated to a small number of partners; more than three quarters of Alegeus partners experienced positive growth in 2022

  • Customer satisfaction: An independent survey of employer HR leaders suggests that Alegeus partners have the highest NPS scores in the industry

"These outstanding outcomes are a direct result of the value these accounts represent to consumers and their evolving financial needs, our partners’ ability to succeed and capture market share, and our unique technology and partner-enablement model. Because we never compete directly with our partners in the market, everything we do is solely focused on helping our partners win. Our technology enables them to deliver a unique and powerful experience to their clients," said Leif O’Leary, CEO, Alegeus. "The combination of our best-in-class technology and partnership support model, coupled with our partners’ end-to-end service and solutions, is delivering the highest growth and customer satisfaction in the industry. Truly in this case, one plus one equals three."

As of July, the U.S. unemployment rate was at 3.5 percent and according to the latest data from the Labor Department’s Job Openings and Labor Turnover Survey, the number of available positions in the U.S. was 10.7 million. With many employers anxious to attract and retain talent, the need for innovative talent and retention programs and the demand for account-based benefit solutions will continue to grow.

"We continue to see growing market potential for account-based solutions as well as new products like lifestyle accounts and rewards-based programs," said Bill Catuzzi, founder and CEO, Clarity Benefit Solutions. "By partnering with Alegeus to offer their technology, backed by our simply smarter approach to employee benefits, administration and service, we believe Clarity is well positioned to capture this growth."

About Alegeus

With more than 25 years of growth and innovation, Alegeus is the market leader in SaaS-based benefit funding and payment solutions. Our highly flexible, white-label platform powers account-based benefit programs such as HSAs, FSAs, HRAs, COBRA, wellness incentives, lifestyle benefits and beyond. We deliver exceptional user experiences and differentiated capabilities that help our partners strengthen their product offerings, operate more efficiently, and unlock their full growth potential. Our partnerships with the industry’s leading health plans, third-party administrators, financial services and benefit solution providers give Alegeus unparalleled reach in the market, with access to more than 100 million commercially insured Americans. Alegeus is headquartered in Waltham, Mass., with operations centers in Orlando and Bangalore, and a large remote workforce.

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Contacts

Media:
Nicole Das
518-265-8734
alegeus@pancomm.com