Planyear Secures $12M Seed Funding to Revolutionize Benefits Consulting with AI

Planyear's Transformative Journey in Benefits Consulting

Planyear, a pioneering AI-native platform aimed at reshaping benefits consulting, has officially secured
$12 million in a recent seed funding round led by True Ventures. This substantial investment marks a significant
milestone for the company and aims to significantly enhance the capabilities of its BEACON platform, which is designed to automate the administrative workloads that traditionally consume a vast portion of benefits consultants' time.

Founded by experienced professionals who understand the challenges typical of the benefits consulting field, Planyear was created from within a working brokerage. The team experienced first-hand the frustration of managing spreadsheets and excessive paperwork instead of focusing on serving client needs. Their solution, the BEACON platform, aims to not only streamline operations but also to empower consultants to spend more time providing strategic advice and nurturing client relationships.

"AI is begining to reshape the insurance brokerage landscape," notes Craig Hasday, the President of National Employee Benefits Practice at EPIC. With its ability to automate numerous tasks, the BEACON platform allows firms to increase both the efficiency and accuracy of their client interactions, while also improving control over crucial data and insights into pricing and coverage trends. This improvement is expected to lead to not only reduced response times but also increased overall profitability, ultimately enhancing the client experience.

The statistics surrounding the benefits consulting industry are staggering, with firms managing over $1.4 trillion in annual healthcare spend, yet still relying on outdated manual processes. Planyear’s innovative AI approach directly addresses these bottlenecks, such as handling repetitive support requests, client plan spreading, census data standardization, and even the creation of tailored employee communications materials, including benefits microsites. Early reports from clients indicate a remarkable 75% drop in manual data entry efforts and a 50% acceleration in renewal processes after the adoption of the BEACON platform.

Tariq Hilaly, the CEO of Planyear, emphasizes the mission of the company—“Benefits consultants entered this profession to assist people with healthcare decisions, not to be bogged down by tedious data entry.” With a promise of regaining valuable time, the platform aims to restore balance by allowing professionals to focus on their core competencies: advising clients effectively and efficiently.

Additionally, as benefits consultants typically spend a large chunk of their time on administrative tasks, there has been a noticeable impact on consultant wellbeing, leading to increased burnout. Structural imbalances from this repetitive workload limit the ability of these professionals to provide the personalized guidance that modern employers expect.

The funding from True Ventures will allow Planyear to accelerate its expansion in key operational areas while also enhancing support for employers, agents, and insurance carriers. The company plans to bolster its sales team and continually innovate its AI offerings to remain abreast of rapidly evolving technology dynamics.

To sum it up, Planyear stands at the forefront of a much-needed transformation in the benefits consulting landscape. It blends deep industry experience with sophisticated AI solutions to create operational efficiencies that are not simply about automating tasks but are about reinstating the essential advisory roles that consultants excel in. As the company aims to empower consultants to reclaim their time, it sets a new standard in providing the strategic advisory excellence expected in today's fast-paced market. To learn more about how Planyear is changing the game, visit Planyear's official site.