Built on the Salesforce App Cloud, application helps Zenefits ensure only licensed brokers can sell insurance; company plans to make app available to industry for free.
San Francisco (June 28, 2016) — Zenefits, a leading all-in-one HR solution for small businesses, today announced it has developed and deployed a new application that provides comprehensive licensing controls for its more than 250 insurance brokers and advisors. Zenefits now plans to make the application available – for free – to all insurance brokerages nationwide.
“This is Zenefits taking an industry-leading role in compliance,” said Zenefits CEO David Sacks. “We want the entire industry to benefit from the technology we’ve built to solve our own licensing issues. We are becoming the Compliance Company.”
Built on the Salesforce App Cloud, Zenefits’ licensing controls application prevents any current or prospective client account from being assigned to a broker or advisor who does not have a valid insurance license in the correct state. To ensure employee license information is always up to date within the system, Zenefits recently integrated this technology with a feed from the National Insurance Producer Registry (NIPR) Producer Database, a central repository of producer licensing information.
“Zenefits’ best-in-class controls ensure licensing compliance at scale, supporting our employees in living up to the high compliance standards we’ve set for the company,” said Joshua Stein, the chief compliance officer of Zenefits. “With more than 10,000 licenses, we process thousands of verifications every month. Automating the licensing controls has streamlined that to ensure greater accuracy and save a tremendous amount of time. We’re excited to share this technology with the rest of the broker community.”
“While many companies are leveraging the cloud to build apps at the speed of business, those in regulated industries have struggled to take full advantage of the cloud due to regulatory and compliance constraints,” said Brian Goldfarb, senior vice president of App Cloud, Salesforce. “App Cloud empowers companies like Zenefits to quickly build the cloud apps their businesses need, with the trust Salesforce is known for.”
Zenefits’ licensing controls application also helps the company manage the complex process around license renewals. Licenses are required for each type of insurance (lines of authority) in each state, and the types of licenses required can vary state-to-state. Each license carries its own renewal timeline, which can make tracking and managing renewals difficult. Zenefits’ licensing controls automatically notify the licensee and their supervisor when renewal deadlines approach. If a license is not renewed in time, the controls prevent the broker from transacting on related accounts and in-flight deals until the renewal is processed.
“Insurance licensing rules serve as an important consumer protection. The steps taken by Zenefits to ensure staff are properly licensed and in compliance is a smart solution, especially for a large organization with many licensed agents,” said Michael Lujan, California Association of Health Underwriters (CAHU) President 2015-2016. “Using a platform like Salesforce to help validate licensing for system transactions makes sense for agencies that have similar challenges tracking their large staff licensing and compliance.”
Additional detail about how the licensing controls application works is highlighted in the video below. In the Fall, Zenefits will announce how insurance companies can freely access the licensing controls application and integrate with the NIPR Producer Database.
Zenefits is the nation’s #1 All-in-One HR Solution for small business. By integrating HR systems, payroll, and benefits into one comprehensive dashboard, Zenefits makes it effortless to handle everything from payroll and compliance to hiring new employees. With a combination of technology and broker services, Zenefits delivers increased choice and transparency, which helps maximize dollars spent on healthcare. Connecting all the disparate HR systems required to run a small business, Zenefits eliminates thousands of hours of paperwork. For thousands of small business owners nationwide – from restaurants and fitness clubs, tech companies and clothing stores, dentist and doctors’ offices, architects and schools, Zenefits helps entrepreneurs do what they do best: grow their business. For more information, visit www.zenefits.com/licensingplus/.