Subject category:
Entrepreneurship
Published by:
Amity Research Centers
Length: 11 pages
Data source: Published sources
Abstract
Parker Conrad and Laks Srini founded Zenefits, a Software company, on January 1st 2013 in San Francisco, California. Small businesses across the US were set to buy insurance through the Zenefits platform in exchange for the free software to manage their HR systems. Zenefits acted both as an insurance broker and a technology vendor. This innovative business model enabled the small to medium businesses to manage their HR services effectively. Zenefits believed to disrupt the traditional health insurance brokerage market in addition to automating the HR processes for small businesses. Zenefits valued at more than $650 million was the fastest growing start-up of 2014. It was also one of the fastest growing Software-as-a-service companies. It expanded in fast pace and obtained licenses in all 50 states of the US. The major challenge for Zenefits was the regulatory issues and serving the customers efficiently amidst rapid growth. Will Zenefits sustain growth with the cloud based technology in automating the various HR processes? Will it be successful and carve a niche for itself in disrupting the health insurance brokerage market?
About
Abstract
Parker Conrad and Laks Srini founded Zenefits, a Software company, on January 1st 2013 in San Francisco, California. Small businesses across the US were set to buy insurance through the Zenefits platform in exchange for the free software to manage their HR systems. Zenefits acted both as an insurance broker and a technology vendor. This innovative business model enabled the small to medium businesses to manage their HR services effectively. Zenefits believed to disrupt the traditional health insurance brokerage market in addition to automating the HR processes for small businesses. Zenefits valued at more than $650 million was the fastest growing start-up of 2014. It was also one of the fastest growing Software-as-a-service companies. It expanded in fast pace and obtained licenses in all 50 states of the US. The major challenge for Zenefits was the regulatory issues and serving the customers efficiently amidst rapid growth. Will Zenefits sustain growth with the cloud based technology in automating the various HR processes? Will it be successful and carve a niche for itself in disrupting the health insurance brokerage market?