Forma is a benefits platform that enables employers to create customizable Lifestyle Spending Accounts (LSAs) for their employees, allowing them to select health and wellness options that suit their individual needs. This approach addresses the complexity of traditional benefits programs by streamlining administration and enhancing employee satisfaction, resulting in an 85% annual utilization rate of offered benefits.
Funding
$57.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+2Founders
Product
Problem
Traditional employee benefits programs often lack personalization, leading to low utilization rates and reduced employee satisfaction. Managing multiple vendors and administering diverse benefits can be complex and time-consuming for HR departments.
Solution
Forma provides a flexible benefits platform that allows employers to create and manage customizable Lifestyle Spending Accounts (LSAs) for their employees. The platform enables employees to choose benefits that align with their individual needs and preferences, increasing engagement and satisfaction. Forma streamlines benefits administration by consolidating pre-tax accounts, HRAs, and LSAs into a single platform, reducing the administrative burden on HR teams. The platform offers various payment options, including the Forma Store, the Forma Visa Card, and claims administration, providing employees with convenient access to their benefits.
Target Audience
Forma targets employers of all sizes looking to offer more personalized and engaging benefits packages, as well as benefits brokers seeking to provide innovative solutions to their clients.
Features
- Customizable spending accounts tailored to individual employee needs
- Consolidated platform for managing pre-tax accounts, HRAs, and LSAs
- Forma Store offering personalized, premium-sourced benefits
- Forma Visa Card for convenient, out-of-pocket expense coverage
- Automated claims administration with customizable rules
- Dashboard and reporting tools for tracking budget, usage, and claims approvals
- Integration with existing HR systems for seamless data exchange
- Mobile app for employees to easily manage their benefits