Alterity, a leading benefits and insurance advisory firm specializing in private equity transactions, announced today that they have engaged with a large-cap private investment firm with $249B of assets under management to evaluate the overall efficiencies of the health and welfare benefits program for a large B2B technology firm. Part of this engagement includes the evaluation of benefits technology systems. Currently, the company utilizes a combination of administration platforms, including a large national health insurance exchange. By implementing a new benefits technology vendor, the organization will streamline its benefits enrollment and reporting processes, which will create efficiencies in its internal human resources practice.
Alterity released a request for proposal (RFP) after aggregating information on the existing administration systems and internal practices of the company. The objective is to consolidate administration in order to maintain one system of record for benefits enrollments and information. Alterity released the RFP to six potential bidders, five of which provided responses. Preliminary proposals indicate that the company will be paying significantly less for administration than the current in-force process. The company has engaged with four of the five companies for demonstrations and will choose the preferred provider in Q2 of 2018. The implementation of the new benefit administration platform is expected to be completed before Q4 of 2018.
About Alterity: The Alterity Group is a leading independent consulting firm offering advisory services designed to meet the unique needs of private equity firms and employers. The firm has relationships with 65% of the top 20 largest private equity firms across the U.S. and Canada. Alterity operates as an extension of deal, operations and procurement teams to help navigate the constantly evolving landscape of employee benefits and insurance to maximize value across portfolios. Alterity is headquartered in New York with offices in Austin, Toronto, and London.