How Steele Keeps Costs Affordable for Employers

Everyone knows Steele can make your complex world of employee benefit administration simpler. But do you know how Steele earns money to pay our wonderful employees and benefit counselors and to pay to keep the lights on? Steele has four major areas where they earn money to pay the bills: Benefits Technology, Employee Engagement, ACA Compliance, and Carrier Commissions and Tech Credits.

Steele invoices customers for maintenance of benefits technology. The Selerix platform streamlines the benefits administration process. We bill our customers monthly or quarterly for these services.

We also invoice customers for the employee engagement services involving text and email. We can segment and target specific groups of employees for tailored communication or send automated messages announcing the start and end of open enrollment to all your benefit-eligible employees. Some customers pay us for setting up, directing, and handling their annual open enrollments but choose not to use the benefits technology platform or the employee engagement services.

ACA compliance is another area where we bill customers for a range of production and filing their ACA forms. Some customers want us to produce, print, stuff, and mail to their employees their ACA forms and upload the ACA forms to the IRS.

Finally, we earn carrier commissions and tech credits on the premiums written on the insurance products sold. In some instances, these tech credits can be deducted from our customers’ technology bills thus making a more affordable solution available.



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