Only in insurance would you find a middle man poised to serve the middle men. Such is the business of BenefitMall, an online exchange for insurance brokers who sell employee benefits to small businesses. As one of the largest general agencies in the US, the company offers access to thousands of employee benefits plans from more than 125 insurance carriers. Its services are free to brokers as carriers pay to be represented. Insurance brokers use the nationwide service to get real-time quotes online and from sales and support offices in about a dozen states. Management bought the company from investors in 2006, and in 2012, privately held payroll company CompuPay Inc. merged with BenefitMall.
Combined, BenefitMall and Miramar, Florida-based CompuPay will provide complete health insurance, benefits, payroll, and related product and service offerings to small- and medium-sized businesses and their employees throughout the US.
In 2010 the company launched BenefitMall Individual Exchange, an online service designed to help brokers manage their individual businesses remotely. The company also expanded its Third Party Administrator services by introducing the BenefitMall Payroll Exchange in the mid-Atlantic region of the country. Payroll Exchange services include tax filing, new hire reporting, direct deposits, and 401(k) reporting.
Previously BenefitMall spent time as part of Humana before being spun out in 1999. Over the years BenefitMall has grown by making acquisitions of smaller brokerage firms in markets its sees as potential growth areas. These have included purchases in New Jersey, Texas, Florida, and New York – less