Insynctive is a modular, white label, cloud-based platform that helps Service Providers, their clients and their employees. Insynctive automates and manages the documents associated with the Pre-hire, Onboarding, Provisioning and Termination process, drives employee validated data onto the pre-populated forms, to ou HRIS and to the applications and change forms for Benefit Administration for small and large corporations, plus we have our Insynctive Integrated Marketplace™ of pre-integrated third-party products and services.
Insynctive is an active company with a fully developed modular SaaS based product.
We are generating $9k recurring revenue and increasing 30% month over month
Insynctve is a Human Resource Management software Platform focused on SME segment
$4.2M has been invested in company, $1.8M by the CEO
Offering a superior next-generation product that appeals to both employers and channel service providers
Early traction and double digit monthly revenue growth
Seeking $750,000 investment to scale
4M Establishments and 121M Employees in SME Market = $21B annually recurring revenues
Still fairly low technology adaptation
The few companies that have adopted technology, are now educated and looking for a better solution
Problem or Opportunity
SMEs need to automate and upgrade their employee management software solutions
Less than 10% technology adaptation
NEED TO SYNC TO A COMMON EMPLOYEE DATABASE, INTEGRATE WITH THIRD PARTIES
New and old modules/functions (HR Management, Benefits Administration, Payroll, other employee management solutions) need to sync, and integrate with Best of Breed third parties
Suite versus Platform
CHANNEL SERVICE PROVIDERS NEED TO TECHNOLOGY-ENABLE THEIR BUSINESSES AND SERVICES
Health Insurance brokers and other service providers need to be able to “talk technology” and recommend software solutions
MORE CHANNEL PROVIDERS WILL WANT TO BUY AND RECOMMEND FLEXIBLE SYSTEMS
Multiple employer profiles
Solution (product or service)
Insynctive makes complex business processes intuitively simple and all data in sync.
Insynctive is a modular, white label, cloud-based platform that helps Service Providers, their clients and their employees. Insynctive automates and manages the documents associated with the Pre-hire, Onboarding, Provisioning and Termination process, drives employee validated data onto the pre-populated forms, to our HRIS and to the applications and change forms for Benefit Administration for small and large corporations, plus we have our Insynctive Integrated Marketplace™ of pre-integrated third-party products and services.
Direct Competitors – There a few companies, like Ease (formerly EnrollEase), and Employee Navigator are mostly competitors in the small group market, and Maestro Health (purchased by AXA Benefits for $155M), Bernie Portal, BenefitElect, Benefits Express, Zywave, PlanSource, bswift and CompassHRM have been focused in the large group market but their technology is difficult to modify to serve the needs of this increasingly complex businesses and corporation’s market and are not platforms to make the benefit brokerages more efficient, effective and profitable.
Maxwell Health (rasied $70M and was recently sold to SunLife of US) was a newer direct selling solution platform that has morphed into trying to be a benefit broker’s solution provider. One of the challenges facing benefit brokers is that Maxwell is licensed to sell insurance in all 50 states and in part is compensated by the voluntary insurance carriers’ “overrides”. This means they are in direct competition with traditional Benefits Insurance Agencies. Maxwell also works directly with the broker’s clients which is problematic for some.
Tech Brokers – Namely, Gusto (formerly ZenPayroll) and others are online insurance brokers called Tech Brokers are using technology to get a Broker of Record Letter in order to take business from established benefit brokers and our service provider distributor partners. Zenefits has raised $586M in venture capital and fell apart due to internal challenges, Namely ($200M), Gusto ($315M). Namely has a proprietary HR, Benefits and Payroll system plus Time and Attendance and they charge for their system and force complete change-over of the employer’s systems. Gusto has payroll and Benefit Administration but is light on it Onboarding and HR. They are just another competitor in a field littered with fragmentation and no dominant player.
HRIS systems – There are many established HR companies for small to mid-size companies such as BambooHR, and for groups of 1,000 employees to 10,000 employees and larger groups such as Ultimate Software, Workday, SAP, and Oracle. But these groups want their clients to buy their complete solution set and not best of breed.
Payroll Companies – ADP is both a competitor and a partner with Insynctive through the ADP Marketplace and a bi-directional API and Single Sign On (SSO) to ADP Workforce Now which is their mid-market product for the 200,000 to 250,000 businesses with 50 to 1,000 employees. Paychex is a competitor that we have beaten twice for their own clients when they were offering their HRIS and Benefits Administration solution called Benetrac at no additional costs.
The good news is the businesses and corporations are showing the benefits brokers and HR outsourcers, et al that their clients want to do business differently with a fully integrated solution set of best of breed products and services and don’t want to change payroll.
Advantages or differentiators
Why we win:
White Label Solution
Modular Offerings Are Rapidly Deployable
Better Service With Our Software
Configurable Features and Functionality Within Modules
Focused on Integrations to Third Party Systems
Multiple Modular Recurring Revenues (MRR)
Revenue 1 –Set-Up Fees + $1 to $6 PEPM
Revenue 2 –Voluntary Plan Overrides (1% to 3%)
Revenue 3 –Commissions off of integrated Third Party Systems
Revenue 4 –New Features and Functionality
Configurable. Rapidly Deployable. Intuitively Simple.
Cloud Based White Label Platform
Module 1 –Document Automation and Management Checklists Including Workflows
Module 2 –Complete HRIS
Module 3 –Group Benefits Administration
Module 4 –Insynctive Integrated Marketplace™
Leveraging Tech –APIs, Algorithms, AI and Machine Learning
Money will be spent on
Grow Monthly Recurring Revenue Streams Faster
Hire 2 Known Key Channel Experienced Channel Sales
Initiate a Marketing Initiative
Hire Known Experienced Implementation Members In US and Overseas Teams
Roadmap to Scale Revenues Faster
Roadmap to drive new features and functionality that drive new revenues