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Hawthorne Benefit Technologies Surpasses $100 Million
in Corporate Benefit Management
San Diego, Calif. – Sept. 26, 2002 – Hawthorne Benefit Technologies, Inc. announced today that its online employee benefits administration program, BeneTrac, www.benetrac.com , has been launched into 135 companies nationally, serving 62,000 health plan members and administers more than $105 million in corporate benefits. Now in its third year of operation, the privately held company has achieved two consecutive quarters of profitability, and is on track to surpass last year's sales revenues by 130 percent.
Insurance veteran Jerry Hawthorne created Hawthorne Benefit Technologies in 1999 to fulfill a need within the industry that he identified after years of heading up one of California's largest insurance brokerages. " A computer-driven approach to health benefits has the potential to drastically change the way employers provide and workers receive their benefits packages. Corporations were exploring these web-driven technologies, but there were technical shortfalls in the products being brought to market," says Hawthorne. "Largely developed by people outside of the insurance industry, most benefits administration programs weren't able to effectively interface or successfully communicate with the large proprietary enterprise systems of insurance companies."
Hawthorne surmised that the incompatibility of the existing products stemmed from a lack of understanding about how insurance companies operate internally and their unique methods of receiving data. "We saw an opportunity that we seized. We utilized our expertise and long-term relationships within the insurance industry and assembled a highly skilled team of software developers with years of experience in HR technology to design and create a new delivery system for administering corporate benefits."
Employers who use the Internet-based BeneTrac system have 24/7 access to plan information and can save thousands of dollars annually in benefits administration by empowering employees themselves to oversee their accounts, including monitoring, editing and accessing their own information. Benefits areas such as health, dental, vision, life insurance, disability, long-term care, flexible spending accounts, cafeteria benefits plans, and 401Ks can all be managed under the BeneTrac program.
Hawthorne Benefit Technologies, Inc. was one of the first West Coast companies to offer a B2B real-time online employee benefits administration and tracking solution (BeneTrac) for human resource managers. After securing a significant share of California business, the company expanded nationally in 2001. Sold exclusively through insurance brokers and benefits consultants, Hawthorne's ASP technologies are designed to combine efficiencies of the Internet with established insurance distribution models. More information about Hawthorne's custom solutions for BeneTrac and BeneQuote, an online quoting system for insurance agents and brokers, is available respectively at www.benetrac.com and www.benequote.com, or by contacting their San Diego offices at 1-877-645-4342.
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