⚡ Get All Content for 20% Off ⚡

This Unicorn Wants to Streamline Health Benefits for Small Businesses Payroll platform Gusto is adding new tool for easier insurance plan selection.

By Nina Zipkin

entrepreneur daily
Gusto

An HR and financial services company that earned "unicorn" status wants to be "the Kayak for health insurance."

Only a third of the 500 businesses Gusto (previously ZenPayroll) surveyed said they were satisfied with the number of plans they had to choose from, and 57 percent said that they use an independent broker to source the insurance plans. Seventy percent of these small businesses reported that they currently do not offer health insurance because of the costs attached.

Related: 5 Tips for Selecting the Best Health Insurance Plan

Gusto is aiming to take those hurdles out of the equation for business owners. If they already use Gusto's payroll platform, the tool is integrated into the service, and from there, it takes in data about the company's location, average employee salaries and the number of people on staff to generate a list of plans that would work best for each employee given their budgets and other health needs.

In a release from Gusto, CEO and co-founder Joshua Reeves likened the new health benefit process to booking travel online. "Our benefits are entirely online and paperless. We combine the expertise of our brokers with proprietary software to automatically recommend the best plans for an employer's budget."

Related: How to Map Out the Maddening World of Health Care Plans

All users in California now have access to the new platform and customers in California, Colorado, Florida, Illinois, New Jersey, New York, Ohio and Texas can transfer their current insurance policy over to Gusto.

Nina Zipkin

Entrepreneur Staff

Staff Writer. Covers leadership, media, technology and culture.

Nina Zipkin is a staff writer at Entrepreneur.com. She frequently covers leadership, media, tech, startups, culture and workplace trends.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Remote Side Hustle a 43-Year-Old Musician Works on for 1 Hour a Day Earns Nearly $3,000 a Month: 'All From the Comfort of Home'

Sam Ziegler wanted to supplement his income as a professional drummer — then his tech skills and desire to help people came together.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.

Leadership

Former Interrogator Shares 5 Behaviors Liars Exhibit and How to Handle Them

Five deceptive behaviors to look for and how to respond to those behaviors when you encounter them.

Money & Finance

4 Promising Industries Investors Should Be Watching in 2024

Wondering whether your industry is on the decline or set to expand? Read on for these predictions on the best sectors for growth in 2024.