BenefitVault Inc. is a Philadelphia-based healthcare financial technology (Insurance FinTech) providing premium payment service for the insurance industry. Founded by Josh Spivak and is led by Cary Toner CLU, ChFC who was also Founder of iPipeline. The firm is stocked with insurance industry and financial technology professionals. Benefit is positioned to be the PayPal for the new insurance industry. The BenefitVault payment service replaces the complicated administrative process called “Payroll Deduction.” Previously, the employer was responsible for withholding insurance premium funds from employees’ paycheck, escrowing these funds, and then paying and reconciling multiple insurance bills at the end of every month. BenefitVault replaces this labor-intensive process by issuing Individual Premium Accounts (IPAs) to each individual. BenefitVault allows individuals to fund their IPA through a direct deposit, credit card, or by bank account draft (ACH). Employees’ funds accrue in their IPA and then BenefitVault manages the payment of these bills to the insurance carriers. The BenefitVault on-boarding process is being integrated into numerous insurance stores (exchanges) and enrollment platforms.
