Press Release: Seasoned Entrepreneurs Launch Health Tech, Transforming "Employee Benefits" for All

August 2, 2023 New York, New York - Seasoned entrepreneurs and executives, Michael Pires and Joe Markland, have launched a new health tech venture, Enrichly HR, with the intention of disrupting the “one-size-fits-all” health insurance-centric employee benefits market.

Enrichly HR is set to transform the employee benefits industry by introducing a fully personalizable suite of offerings that enable employers to help their employees live better, happier, and more enriched lives. The platform enables employee benefits programs that go beyond simply healthcare to foster total life enrichment including physical, mental, emotional, and financial health. Enrichly HR empowers employees to take control of their benefits budgets, and choices, to ensure the benefits they pay for are meeting their unique needs and goals.

"We live in the land of freedom and opportunity, yet it is not lost on the Enrichly team that the U.S. is the only country where employers largely control the benefits choices available to employees. It's a misplaced responsibility and we believe that personalized benefits are the future, and all employees deserve to have the freedom to choose how their benefits dollars are being allocated and spent. Our team is revolutionizing the employee benefits landscape by providing the tools and support employers need to offer benefits programs that will meaningfully improve and enrich all aspects of their employees' lives," said Michael Pires, Co-Founder and CEO.

Employee benefits play a crucial role in attracting and retaining top talent in today's competitive job market. However, traditional benefits offerings are heavily skewed to medical health coverage and often fall short of meeting employees' diverse needs and expectations. Enrichly HR believes one of the major gaps in the market is effectively supporting employee financial challenges, the company is introducing a financial wellness benefit in the suite called “Life Events Savings Accounts” (LESA) which protects employees from unexpected life events and emergencies that cause mental, and emotional strain and that wreak havoc on productivity. The savings accounts can be funded by employer and/or employee contributions and provide employers with an innovative solution to help the estimated 57% of working American adults who are unable to cover a $1,000 unexpected expense. Unlike other programs in the market, Enrichly HR is focused not only on the employer's needs but heavily on the employee experiences and the specific, often widely varying, needs of the individuals who ultimately use these benefits.

"The current model in the market is broken, and everyone is literally paying the price. Premiums and deductibles are rising at uncontrollable rates. The Enrichly HR platform empowers employers to easily, and effortlessly, deliver a benefits program that helps to attract and retain top talent by giving them control of the benefits allocation and ensuring company-sponsored benefits offerings always meet the unique needs and preferences of their diverse workforce." Added Pires

One of the catalysts for this opportunity has been the growing demand and expansion of the individual healthcare markets since the introduction of ICHRA in the Fall of 2019. ICHRA provides an alternative to group health and allows employers to contribute funds to an individual health reimbursement arrangement on a tax-advantaged basis. Enrichly HR simplifies and streamlines the process to allocate and distribute funds while ensuring compliance with regulatory requirements. However, the Enrichly HR team is quick to point out that ICHRA is a small part of the platform. The company has taken an agnostic approach to health coverage and is focused on complimenting not only ICHRA but also group benefits and self-insured plans as well. In other words, regardless of how an employee is getting their health insurance coverage, Enrichly HR provides them the opportunity to personalize their benefits by gaining access to a wide range of offerings and programs they can tailor fit to meet their unique needs and objectives.

“While Enrichly is available directly to employers across the United States we are building a certified partner network comprised of employee benefits insurance brokers, payroll providers, PEOs, and TPAs. The platform's user-friendly interface, intuitive tools, and expansive marketplace enable employers, benefits brokers, and other Network Partners to deliver personalized benefit programs with ease while giving employees the power of choice.” said Joe Markland, Co-Founder and President. “Our Network Partners provide localized support across key regional markets throughout the country, to ensure concierge-like experiences through local connection, knowledge, and service. When Partners join our program, they get an instant personalized benefits division with new and innovative ways to service their clients without added overhead or having to try to build programs on their own. We are on a mission to help enable the personalization of benefits for all employees and the Enrichly HR Network Partners are enabling this at scale.” Added Markland

To support businesses in their transition to Enrichly HR, the platform offers seamless integration with existing payroll and HR systems and support from a network of licensed employee benefits professionals available to guide employers and their employees. The company is also developing advanced Artificial Intelligence (AI) into the platform to enhance employee and employer experiences, support benefits decision-making, and simplify benefits purchasing and administration. The platform's algorithms will analyze employee data, preferences, history, and feedback to offer personalized recommendations that enable employees to optimize benefit program features, spending, and choices to ultimately maximize savings.

For more information about Enrichly HR and how you can transform your employee benefits programs to make your employees truly happy, visit www.getenrichlyhr.com.

Benefits brokers, payroll providers, PEOs, and other organizations interested in joining the Enrichly HR network can learn more by visiting http://www.getenrichlyhr.com/networkpartners

Media Relations Enrichly HR, Inc media@enrichlyhr.com Visit us on social media: LinkedIn