Press Releases

BenefitMall and CompuPay merger backed by Austin Ventures

Wed, 02 May 2012 00:00:00 -0500

Combination creates a leading national provider of employee benefit and payroll solutions

(Dallas, TX and Miramar, FL - May 2, 2012) BenefitMall and CompuPay (together, the “Company”) today announced a merger of the companies through an equity financing led by Austin Ventures (“AV”). The investor group also includes HarbourVest Partners. The combination of BenefitMall and CompuPay creates a leading national provider of employee benefit and payroll solutions. The Company will offer complete health insurance, benefits, payroll, and related products and services to small-to-medium sized businesses (“SMBs”) and their employees throughout the United States. The transaction closed on May 1, 2012, and financial terms were not disclosed.

“We are very pleased to facilitate the combination of BenefitMall and CompuPay and to provide the capital to accelerate the Company’s growth. AV had a successful investment through our partnership with the BenefitMall management team from 1999 to 2006 and AV Principal Scott Donaldson worked closely with CompuPay from 2003 to 2005. We have enjoyed longstanding relationships with both management teams and we are excited to partner with them again to build a significant player in the employee benefits and payroll market for SMBs,” said Joe Aragona, a General Partner with AV.

BenefitMall, headquartered in Dallas, Texas, is the largest general agency in the United States with 32 offices in 11 states serving a network of more than 20,000 brokers nationwide. CompuPay, headquartered in Miramar, Florida, is the second largest privately held payroll processor in the United States with 23 offices in 14 states serving customers in all 50 states. In total, the Company will serve a growing national client base of more than 160,000 SMBs with over 2.7 million employees.

Bernard DiFiore, Chief Executive Officer of BenefitMall, will be the CEO of the Company. Charles Lathrop, Chief Executive Officer of CompuPay, will be the President and Chief Revenue Officer of the Company. Both DiFiore and Lathrop will join the Board of Directors of the Company. Scott Kirksey, Chief Financial Officer of BenefitMall, will be the CFO of the Company and will join DiFiore and Lathrop to form the Company’s Executive Committee.

“We are thrilled to be joining forces with CompuPay and once again partnering with AV,” DiFiore said. “In addition to the clear strategic benefits of combining two highly complementary organizations, the integration of benefits and payroll will deliver substantial value to all of the Company’s constituencies including our clients, client employees, brokers, channel partners, and carriers.”

Lathrop expressed, “The combination of CompuPay’s referral-selling model for payroll and BenefitMall’s extensive broker network presents very exciting opportunities for growth. As trusted advisors to their clients, brokers are uniquely positioned to introduce multiple value-added products and services. CompuPay’s full service payroll capabilities and dedication to extreme customer service will be ideal complements to employee benefit plan offerings.”

“With a very strong balance sheet and access to significant additional capital, the Company is well positioned to grow rapidly. We intend to invest in our people, products, services, and distribution channels to expand organically and through acquisitions,” Kirksey added.

About BenefitMall
BenefitMall, the leader of integrated employee benefit solutions, provides industry leading technology and a national network of local offices that support the Broker distribution channel. Headquartered in Dallas, Texas and in business for more than 30 years, BenefitMall is the nation’s largest general agency offering sales support in 32 U.S. markets serving 11 states. Selling more than $1 billion in insurance premiums annually through a national network of more than 20,000 independent registered Brokers, BenefitMall offers thousands of plans from more than 125 leading insurance carriers. With more than 175,000 in-force groups, BenefitMall supports nearly two million employees and their dependents.
Visit www.benefitmall.com for more information

About CompuPay
CompuPay Inc. was founded in 1980 and today is the second largest privately held payroll company in the U.S. and fourth largest overall. Its growing network of local offices processes payroll for tens of thousands of companies ranging in size from one to over 10,000 employees in all 50 states. The company offers payroll and employer-related services such as workers’ compensation insurance, employee benefits, retirement plans and Section 125 and 132 plans to clients seeking highly flexible, innovative solutions to meet their growing business needs.
Visit www.compupay.com for more information.

About Austin Ventures
Austin Ventures (“AV”) has worked with talented entrepreneurs to build valuable companies for over 25 years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on business services and supply chain, financial services, new media, Internet, and information services, AV invests at all stages of company development, from $100,000 in “planned experiments” in early-stage ideas to $100+ million investments in expansion rounds and recapitalizations. AV’s strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs.
Visit www.austinventures.com for more information.

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Bernard DiFiore Joins Business Council for the Arts Board - Named as a New Member of the Board of Directors

Thu, 16 Feb 2012 09:47:00 -0600

(Dallas, TX – February 16, 2012) Bernard DiFiore, BenefitMall’s President and Chief Executive Officer, has been named as one of the new members of the board of directors of the Business Council for the Arts, along with Phil Samson, a Dallas-based principal at PwC LLP, the U.S. firm of the worldwide PricewaterhouseCoopers organization.

“These new board members will further diversify the experience and talents that our leaders bring to the Business Council for the Arts,” said Katherine Wagner, CEO of Business Council for the Arts. “Both are widely respected business leaders that will provide our board and management team with new insight and perspectives into connecting business and culture here in North Texas.”

“I am pleased to join such a great organization and look forward to collaborating with the board members to strengthen and improve the involvement of the business community in the arts,” commented DiFiore.

The Business Council for the Arts is a nonprofit organization dedicated to merging art and economic development in the DFW region. With about 100 members, the council busies itself in organizing research and awareness projects like an economic impact study, Public ArtWalk Dallas, and the Leadership Art Institute.

About BenefitMall

BenefitMall, the leader of integrated employee benefit solutions, provides industry leading technology and a national network of local offices that support the Broker distribution channel. Headquartered in Dallas, Texas and in business for more than 30 years, BenefitMall is the nation’s largest general agency offering sales support in 32 U.S. markets serving 11 states. Selling more than $1 billion in insurance premiums annually through a national network of more than 20,000 independent registered Brokers, BenefitMall offers thousands of plans from more than 125 leading insurance carriers. Service offerings include small group, large group, individual, senior and stop-loss. Additionally, BenefitMall has more than 25 years of experience providing TPA services in the Mid-Atlantic region and integrating benefits administration with FSA, HRA, HSA, COBRA and payroll services. With more than 175,000 in-force groups, BenefitMall supports nearly two million employees and their dependents. For more information, please visit www.benefitmall.com.

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Bernard DiFiore, BenefitMall President and CEO, Joins Panel at NAHU’s Capitol Conference

Thu, 19 Jan 2012 09:40:00 -0600

(Dallas, TX – January 19, 2012) Bernard DiFiore, BenefitMall’s President and Chief Executive Officer, is invited to participate in a panel discussion with health care professionals at the annual National Association of Health Underwriters (NAHU) Capitol Conference on January 24, 2012 in Washington, D.C. DiFiore, along with his peers, will offer advice and solutions to making health care more affordable for the general American population during a one-hour panel discussion.

“With the constant changing environment of our industry, it is more important than ever to collaborate with our colleagues to strengthen and improve our national health care system. I am pleased to once again join the members of NAHU for the betterment of our broker community and American consumers,” DiFiore said.

Several hundred NAHU members will gather January 23 – 25, 2012 to find solutions to rising health care costs and talk about the future of the industry. Participants will have the opportunity to attend breakout sessions, network with colleagues and lawmakers, and hear from panelists and speakers, such as Representative John Boehner of Ohio.

NAHU members have joined together in Washington, D.C. for more than 20 years to discuss the ever-changing world of health care and to inform policymakers of the important role of health insurance brokers and agents. This year, the three-day NAHU 2012 Capitol Conference will focus on the theme, Taking Care of Business: Our Response to Health Care Reform Moving Forward.

About BenefitMall

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MDLiveCare Announces National Distribution Partnership with BenefitMall

Tue, 01 Nov 2011 16:16:00 -0500

SUNRISE, Fla. (Nov. 1, 2011) – BenefitMall, a national General Agency, announced a new suite of online health care services provided through MDLiveCare. The new relationship expands the opportunity for brokers to offer employers and self-insured organizations a service to reduce medical benefit costs, while providing employees with 24x7x365 access to quality, convenient and affordable medical care from the comfort of their home or office.

MDLiveCare connects employees with board-certified physicians and licensed therapists via telephone, secure e-mail, or webcam conference. Responding within an average of 20 minutes of an employee’s request, MDLiveCare providers can address non-emergency medical needs, including prescriptions and lab test orders when required. MDLiveCare’s HIPAA- and PCI-compliant service platform assures patient confidentiality. Complete documentation for each encounter is also provided via an integrated Personal Health Record that can be synchronized with other patient records via Microsoft Health Vault.

“BenefitMall’s goal is to help our brokers offer new solutions to their employer groups at affordable costs, while assisting our carrier partners in reducing costs,” said Tiffany Stiller, BenefitMall’s Vice President of Carrier Relations. “MDLiveCare meets that goal and BenefitMall is delighted to be selected as the first national General Agency to offer this innovative service through its network.”

Randy Parker, MDLiveCare CEO, said, “Our clients and the employees they serve have been realizing excellent results in outcomes, as well as time and cost savings. We are excited about this partnership with BenefitMall as we continue to expand our distribution footprint across the country.”

About MDLiveCare
Founded in 2006, MDLiveCare offers affordable, 24x7x365 healthcare consultations by Web-cam, phone or email, providing convenient access to medical attention after hours, at work, while traveling and in underserved communities. The Company has a nationwide network of U.S. board-certified physicians, providing general medicine and as well as licensed therapists and certified life coaches. Individual and group plans are available, and a technology platform for physicians who want to incorporate online patient care into their practices. To learn more about MDLiveCare, please visit www.mdlivecare.com.

About BenefitMall

BenefitMall is the complete Broker services company providing products, services and tools to make selling employee benefits more efficient. Headquartered in Dallas, Texas and in business for more than 30 years, BenefitMall is the nation’s largest general agency offering sales support in 32 U.S. markets serving 11 states. Selling more than $1 billion in insurance premiums annually through a national network of more than 20,000 independent registered Brokers, BenefitMall offers thousands of plans from more than 125 leading insurance carriers. Service offerings include small group, large group, individual, senior and stop-loss. Additionally, BenefitMall has more than 25 years of experience providing TPA services in the Mid-Atlantic region and integrating benefits administration with FSA, HRA, HSA, COBRA and payroll services. With more than 175,000 in-force groups, BenefitMall supports nearly two million employees and their dependents. For more information, please visit www.benefitmall.com.

BenefitMall Appoints New Vice President of Payroll Services to Oversee Payroll Initiative Nationwide

Mon, 31 Oct 2011 00:00:00 -0500

(Dallas – October 31, 2011) BenefitMall, the nation’s leading Broker services company, has expanded its offerings to include Payroll Services, and has announced the new role of Vice President of Payroll Services. BenefitMall’s Payroll Exchange Services provide Brokers and their small business clients an efficient and integrated service that eases the administrative burden of providing benefits to their employees.

Arnold Ramirez, BenefitMall’s newly appointed Vice President of Payroll Services, brings 20 years of Payroll/HR industry experience to the BenefitMall Team. Ramirez started his payroll career at ADP in 1991 in San Antonio, Texas. His accomplishments over 12 years at ADP, include 11 President’s Clubs, 4 Board of Directors and twice being the Year’s #1 Sales Representative in the country. He maintained Sales and Management roles in Texas and the Western United States, culminating in a role as Regional Sales Director out of Denver, Colorado.

Most recently, Ramirez was president of Revenue Xceleration, a consulting company for the Employer Services industry. Over the last eight years Ramirez has worked with over 60 small to national Payroll and HR companies across the country. He has focused on revenue growth within these organizations, while recruiting, hiring, managing and developing personnel on both the sales and operational side of the business.

As BenefitMall’s Vice President of Payroll Services, Ramirez will be responsible for directing BenefitMall’s Payroll Division and expanding the payroll services to BenefitMall markets. Bernard DiFiore, President and CEO of BenefitMall commented, “With our most recent addition of payroll service offerings, we continue with our plans to support Brokers in the distribution of complete integrated employee benefits solutions. Arnold is a dedicated leader with excellent experience that will guide BenefitMall and our Broker partners in capitalizing upon this opportunity. We are proud to have him on our team.”

About BenefitMall

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BenefitMall Launches a New www.benefitmall.com

Tue, 07 Jun 2011 00:00:00 -0500

Where Business and Success Now Click.

(Dallas, TX – June 7, 2011) BenefitMall, one of the nation’s leading broker services companies, launched an all new website to give brokers the resources and information that is relevant to all aspects of their business, including broker, carrier, employer, individual and family specific information, directly from www.benefitmall.com.

Without ever having to login to BenefitMall’s website, Brokers can experience an improved and more resourceful new homepage that provides quicker access to tools that can help them more effectively manage their day-to-day business. From quicker access to regional specific events, to easier navigation to carrier information for group, alternative and senior products, Brokers can find exactly what they need with fewer clicks and less searching. Brokers can also benefit from BenefitMall’s new Industry Insights section on the new homepage, where they can stay current and up-to-date on the latest news regarding federal legislation and regulatory activities directly from BenefitMall’s Executive Team.

“BenefitMall has been diligent in its unwavering commitment to both broker and carrier partners, and we continue to aggressively invest in our suite of technology tools. Our new online Broker Workspace launched earlier this year and our newly launched benefitmall.com are just stepping stones in our long term plans to continue to grow and meet the challenges of our changing industry,” commented Bernard DiFiore, President and CEO of BenefitMall.

As the marketplace changes and the benefits business becomes more complicated, BenefitMall continues to move forward by refining and evolving their technology to make the everyday life of their brokers more productive. By backing their tools with experienced people who know the business, BenefitMall is more than a general agency, its’ a true business partner.

About BenefitMall

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BenefitMall Launches a More Organized Better Informed Broker Workspace

Tue, 01 Mar 2011 00:00:00 -0600

One of the Most Robust Online Business Centers in the Industry

(Dallas, TX – March 1, 2011) BenefitMall, one of the nation’s leading broker services companies, launched their new Broker Workspace, a personalized command center where brokers can do everything from view the status of their cases, to accessing exclusive quoting tools, search for documents, and much more, making it one of the most robust online business centers available in the market today.

In their ongoing efforts to establish themselves as a thought leader in the industry, BenefitMall has created a Broker Workspace with the tools and resources brokers need to streamline their day-to-day business. More organized, and better informed, the new BenefitMall Broker Workspace provides a completely unique and exclusive quoting tool that provides quoting options for group, individual, senior, stop loss and payroll business. After a quote has been run, brokers can follow their case through its complete lifecycle. This includes at-a-glance quote information, specific case information, one-click access to client case details, as well as sold business and commission information all in one convenient location.

BenefitMall’s Broker Workspace also offers instant e-mail notifications that not only notify brokers of their case status, but alert them when a case is up for renewal and when new documents relating to their cases have been uploaded to their Workspace. For brokers who receive commissions paid by BenefitMall, will also receive notifications when a new commission has been paid and posted in their Workspace. By logging into their BenefitMall Broker Workspace, brokers can even customize the way they and their employees receive emails sent to them from BenefitMall in the new Subscription Management Center.

BenefitMall has created an in-depth demo that provides a comprehensive overview of the tools and features available to brokers in their Broker Workspace. To learn more about these new features and enhancements, click here to view the online demo.

“We are committed to providing our Broker Partners with the ability to manage all facets of their business, whether it’s viewing the status of a submitted case, tracking a case recently added or up for renewal, to viewing their gross sales and commission information, the BenefitMall Broker Workspace can do all that – and much more. One of our main motivations in revamping the Broker Workspace was to provide brokers with an online business center catered to their business needs. Not only can they view the life cycle of a case, but they can see all of their sales and commission information, all in one convenient location. It truly is a work-place,” commented Michelle Sheffield, Chief Information Officer of BenefitMall.

About BenefitMall

BenefitMall is the complete broker-oriented sales solution that provides brokers with products, services and tools to make selling employee benefits to small businesses more efficient. Headquartered in Dallas and in business for over 20 years, BenefitMall offers small-business brokers thousands of plans from more than 100 leading insurance carriers, either directly through the Company’s sales offices, or via its website, www.benefitmall.com. BenefitMall is the largest General Agency in the country supporting brokers in the selling of employee benefits to small businesses and has sales and support offices located in 33 U.S. markets serving 11 states. BenefitMall sells more than $3 million in new premiums per day through a national network of more than 15,000 independent Brokers who are registered with them.

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BenefitMall Acquires NAS Financial Services

Mon, 15 Mar 2010 00:00:00 -0500

BenefitMall Continues to Expand Service Area and Increase Product Offerings

(Dallas – March 15, 2010) BenefitMall, one of the nation’s leading broker services companies, announced today that it has acquired NAS Financial Services, a General Agency that provides solutions for Group Health, Life and Disability clients.

NAS Financial Services is a wholesale insurance agency assisting clients in the New Jersey, New York and Pennsylvania markets. As a privately owned agency since 1989, NAS Financial Services delivers outstanding service to its Carrier Partners and Brokers in the tri-state area.

“NAS Financial Services is a progressive and successful company that we are pleased to welcome to our team,” said Bernard DiFiore, President and CEO of BenefitMall. “This acquisition is an excellent opportunity for BenefitMall to continue to expand our tri-state service area, as well as our product offerings. It also reaffirms our commitment to the Northeast region, and reinforces our position as the largest employee benefits General Agency in the nation.”

Ken French, co-founder, President and CEO of NAS Financial Services, commented, “As one of the largest national employee benefits General Agencies, BenefitMall offers us the opportunity to expand our products and services across state lines. We’ve built our reputation on delivering superior service and with this next step we remain committed to our loyal customers.”

Jim Stenger, NAS Financial Services co-founder, and Executive Vice President, also stated, “This new partnership will enable us to continue providing our customers with more opportunities to grow their business and even higher levels of service.”

BenefitMall will gain an office in Morristown, New Jersey, which along with its seven existing offices in New Jersey and New York, will increase service provided to Brokers throughout the tri-state area. This acquisition will expand BenefitMall’s ability to reach numerous client prospects and strengthen its Carrier relationships.

NAS Financial Services is a full service General Agency that assists brokers in meeting the needs of their group health, life and disability clients. NAS Financial Services was founded in 1989 in Morristown, New Jersey and serves the New Jersey, New York and Pennsylvania markets.

NAS Financial Services

BenefitMall

BenefitMall is the complete broker-oriented sales solution that provides brokers with products, services and tools to make selling employee benefits to small businesses more efficient. Headquartered in Dallas and in business for 25 years, BenefitMall offers small-business brokers thousands of plans from more than 100 leading insurance carriers, either directly through the Company’s sales offices, or via its website, BenefitMall www.benefitmall.com. BenefitMall is the largest General Agency in the country supporting brokers in the selling of employee benefits to small businesses and has sales and support offices located in 33 U.S. markets serving 11 states. BenefitMall sells more than $4 million every business day through a national network of more than 15,000 independent Brokers who are registered with them.

$7 Billion Potential Savings in Healthcare Reform

Tue, 02 Feb 2010 00:00:00 -0600

BenefitMall Highlighted in Avalere Health Study

(Dallas, TX – February 2, 2009) BenefitMall, the nation’s largest General Agency, was highlighted in a study released on Friday, January 29 by Avalere Health, a Washington D.C. based strategic and analytic consulting firm dedicated to improving the healthcare system. The study explores the needs and challenges faced by the individual and small group markets in the purchase of health insurance. Massachusetts and Maryland were the states reviewed as a comparison case study. The study concluded that while the basic insurance exchange systems currently recommended in proposed legislation bring value to individual consumers, that the small group market is very different. It further stated that new insurance regulations combined with many of the existing private sector capabilities could be the most affordable and efficient route to take with healthcare reform. BenefitMall provides the study referenced capabilities in the Mid-Atlantic market through their General Agency and Third Party Administration services.

“With development of public insurance exchanges estimated by the Congressional Budget Office at approximately seven billion dollars, one would assume that any cheaper, faster, more effective approach that exist today would be heavily reviewed and considered as a viable solution,” commented Bernard DiFiore, President and CEO of BenefitMall.

BenefitMall has actively lobbied on behalf of general agencies and brokers throughout the healthcare debate. They believe the implementation of public exchanges will negatively impact the small group market in two ways – creating an unnecessary expense to build something that already exists, and lessening the value of choice. Currently, small businesses can maximize coverage value from thousands of plans that are available within the private sector. Public exchanges would restrict choice to only a few plans and carriers. The solutions provided by the existing distribution channel provide assistance in evaluating the most cost efficient solutions to purchase, as well as, assistance in administering and servicing the small group at installation and throughout the coverage period. Mr. DiFiore added, “Spending money to create a public exchange focused on the pre-sale of small group health insurance without plans for the post sale support will be a costly step backwards for our industry and the small businesses we serve”.

BenefitMall is hosting the Avalere Health study at www.healthcareexchange.com where they invite others to join them in reviewing and debating an option in healthcare reform that has been overlooked by many over the past months.

About BenefitMall

BenefitMall is the complete Broker services company providing products, services and tools to make selling employee benefits to small businesses more efficient. Headquartered in Dallas, Texas and in business for 30 years, BenefitMall is the nation’s largest general agency offering sales support in 33 U.S. markets serving 11 states. Selling more than $3 million in new premiums per day through a national network of more than 15,000 independent registered Brokers, BenefitMall offers thousands of plans from more than 125 leading insurance carriers. Additionally, BenefitMall has divisions representing many individual, stop-loss and senior products throughout the U.S. With more than 175,000 in-force groups, BenefitMall supports nearly two million employees and their dependents. For more information, please visit our website.

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