MyBenefitSource Launches Insurance & Financial Services Group

Added : ( Wed Jan 30 2002 )

- New Division Compliments Current Payroll, Employee Benefit Administration Offerings

ATLANTA (Jan. 29, 2002) – MyBenefitSource (MBS), an H&R Block company and leader in integrated payroll and benefit administration services, today announced the launch of the Insurance & Financial Services Group, a new division devoted to providing client companies with the best insurance and financial products available on the market.

The Insurance & Financial Services Group will complement the company’s current slate of integrated payroll and benefit administration services, as well as provide automated and seamless transactions between employees’ payroll and individual insurance carriers and financial service providers.

“Being a fully-licensed insurance broker is a key differentiator between MBS and other payroll bureaus,” said Ric Coury, vice president of the insurance & financial services group for MBS. “In addition to being a one-stop-shop for payroll and benefits administration, we also provide insurance and brokerage services for core health products, Cafeteria Plans, other voluntary products, pay-as-you-go Workers’ Comp insurance, 401(k)s and personalized financial planning from a dedicated team of highly-skilled professionals. Because we’re not tied to any one carrier, we can design benefit plans perfectly tailored to our clients’ needs.”

After brokering products for their clients, MBS provides the benefit administration for these products. Included in the cost is 24/7 self-service through a customized Web site. The benefit administration system is integrated with a sophisticated payroll system.

“What sets us apart from other brokers and insurance companies is the integration of our payroll system with our benefits administration system. Payroll is the engine that drives the employee life cycle. When employee data is added or changed in the payroll system, whether a new hire or termination, or just a change of address, the revised data is automatically updated in the benefit administration system. Because these two systems talk to each other, the time-consuming reconciliation of monthly insurance carrier invoices becomes as simple as pushing a button,” he said.

As part of the financial planning focus, the new division will provide its clients with personalized consultation on subjects such as 401(k)s, financial planning, investments and compensation deferment techniques. MBS provides free Financial Wellness seminars to their clients’ employees providing valuable financial planning advice.

About MyBenefitSource
MyBenefitSource, an H&R Block company, provides payroll and benefits services through Web-based SingleSourceTechnology to help clients effortlessly manage their HR business processes. MyBenefitSource is unique among payroll bureaus in that they are also a licensed, full-service broker providing core benefits, cafeteria plans, 401(k)s, pay-as-you go Workers Comp, and other insurance and financial products. For more information, please visit www.MyBenefitSource.com.

About H&R Block
H&R Block Inc. is a diversified company with subsidiaries providing a wide range of financial services and products. In 2001, H&R Block served 19.2 million taxpayers - more than any tax or accounting firm - through its more than 10,400 offices located in the United States, Canada, Australia and the United Kingdom. H&R Block served another 2.3 million tax clients through its award-winning TaxCut® software program and through its online tax preparation services. Investment services and securities products are offered through H&R Block Financial Advisors Inc., member NYSE, SIPC. H&R Block Inc. is not a registered broker-dealer. H&R Block Mortgage Corporation and Option One Mortgage Corporation offer a wide range of home mortgage products. Quarterly results and other information are available on the company's Web site at www.hrblock.com.

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Contact:

PJ Cannon,
Vice President of Marketing
MyBenefitSource
770-409-7936
pjcannon@mybenefitsource.com Submitted by: Ed Ruth Add your press release for free.

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