TPA Stream is a software company in the employee benefit industry. Their suite of products for benefit administrators connects systems, transforms data, and unlocks revenue. Chris Luiz sat with CEO and Co-Founder, Jacob Sheridan, to learn more about how TPA Stream is impacting the industry.
What is TPA Stream’s client focus?
“Our client focus includes third-party administrators, insurance companies, and health insurance brokers.”
What does your product do?
“We are a SaaS for employee benefits. We connect systems, transform data and unlock revenue.”
How much capital have you raised?
“We have raised over $7 million from a group of investors including North Coast Ventures, JumpStart Ventures, and Queen City Angels.”
Was the company born from within or outside the industry?
“TPA Stream started when our Co-Founder, Eric Sukalac, had a problem with his own health insurance. He developed a program to solve this issue which led to our first product, Claims Harvesting. Since then, we’ve been focused on identifying needs in the market where we can connect legacy systems, transform data, and generate more revenue for our customers.”
What growth metrics have you accomplished over the last 12 months?
“We launched a new product in April of this year, Communications. Communications along with our Consolidated Invoicing product has seen a lot of new customer adoption over the past year.”
Within your domain, what’s the current challenge that the industry is facing?
“The benefit administration segment is seeing significant consolidation. This is leading to lower prices and making it harder for smaller players to compete. Our products enable smaller players to offer differentiated services while also providing tools and services to larger companies to bring together data across acquired businesses.”
How does TPA Stream take a unique approach to providing value?
“Our growth has been fueled by identifying issues that our target clients face and solving them through our unique ability to integrate with legacy systems, transform data, and offer products that generate revenue and increase client retention.”
Can you share any goals for the next 12 months?
“We’re focused on delivering new products to our existing market, like our new communications product, and expanding our platform to solve similar issues in other benefits categories like medical insurance, retirement benefits and more.”
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