Igoe Administrative Services Company Profile

Background

Founded in 1977 and incorporated in 1979 by Michael C. Igoe, Igoe Administrative Services is a privately held employee benefits administration firm headquartered in San Diego, California. With over 45 years of experience, the company specializes in administering COBRA, premium billing, cafeteria plans, Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), and commuter benefits for over 2,000 clients nationwide. Igoe is committed to delivering personalized service, aiming to build long-term client relationships through accurate and timely service commitments. The company emphasizes continuous reinvestment in its people and technology to enhance client experiences.

Key Strategic Focus

Igoe's strategic focus centers on providing comprehensive and efficient employee benefits administration services. The company specializes in:

COBRA Administration: Managing continuation of health coverage for employees post-employment.

Premium Billing: Handling direct premium billing services for employers.

Flexible Spending Accounts (FSA): Administering FSAs to help employees manage healthcare expenses.

Health Reimbursement Arrangements (HRA): Overseeing HRAs to reimburse employees for medical expenses.

Health Savings Accounts (HSA): Facilitating HSAs for employees enrolled in high-deductible health plans.

Commuter Benefits: Managing commuter benefits programs to assist employees with transportation costs.

Igoe targets employers seeking dependable and efficient administration of these benefits, aiming to simplify complex processes and ensure compliance with relevant regulations.

Financials and Funding

As a privately held company, Igoe Administrative Services does not publicly disclose detailed financial information. However, estimates suggest the company generates annual revenues between $5.8 million and $18.3 million, with an employee count ranging from 36 to 45. The company has experienced consistent growth, reportedly achieving nearly 10% annual growth over the past five years, primarily through referral-based business.

Technological Platform and Innovation

Igoe emphasizes the integration of advanced technology to enhance service delivery. The company offers an online portal and a mobile application, providing participants, employers, and brokers with efficient tools for managing spending accounts, submitting claims, and accessing resources. These platforms are designed to streamline administrative processes and improve user experience.

Leadership Team

Laura K. McKinlay: President & CEO. Laura leads the company's corporate strategy and overall operations. She has over a decade of experience in flexible benefit and COBRA administration, having previously served as Chief Operating Officer. Laura holds a bachelor's degree in Theological Studies from Wheaton College.

Michael C. Igoe: Founder & Chairman. Michael founded Igoe Administrative Services in 1979, aiming to provide quality, professional administrative services to employers and their employees. He holds BS and BA degrees in Finance and Economics from Arizona State University and has been a frequent speaker for ECFC and Lorman Education.

Jason P. Jaqua: Chief Technology Officer. Jason joined Igoe in 2002 and is responsible for directing the company's technology strategies and infrastructures. He holds a Bachelor of Science in Computer Information Science and has over 20 years of experience in software development, systems administration, networking, and database administration.

Leslie Farrer: Chief Operations Officer. With over 20 years of customer service experience, Leslie has managed customer service departments and call centers with staffs exceeding 35 employees. She attended Brigham Young University, majoring in Business Administration, and has supplemented her education through various courses in human relations and customer service.

Renee McKown: Chief Customer Officer. Renee has been with Igoe since 2006, overseeing customer retention and sales growth. She manages the Client Relations Department and has built a reputation as an innovative problem-solver. Renee possesses certifications in COBRA and spending account regulatory compliance.

Competitor Profile

Market Insights and Dynamics

The employee benefits administration industry is characterized by a competitive landscape with numerous firms offering a range of services, including COBRA administration, FSAs, HRAs, HSAs, and commuter benefits. The market is driven by the need for employers to provide comprehensive benefits packages while ensuring compliance with complex regulations.

Competitor Analysis

Igoe Administrative Services faces competition from several firms, including:

Penflex: Specializes in pension plan administration with approximately 30 employees and estimated revenues of $5.2 million.

Pension Benefit Information: Offers pension benefit services, employing around 107 individuals with estimated revenues of $23.9 million.

Kushner: Provides employee benefits consulting with about 24 employees and estimated revenues of $4 million.

Creative Benefits: Focuses on comprehensive benefits solutions, employing approximately 95 staff members and generating estimated revenues of $86.9 million.

Comprehensive Services: Offers a range of administrative services with around 64 employees and estimated revenues of $14.8 million.

Strategic Collaborations and Partnerships

Igoe has established partnerships to enhance its service offerings. Notably, the company received the APEX Award for Operational Excellence from Alegeus in 2021, recognizing exceptional results in retaining clients and growing participant HSA balances. This award highlights Igoe's commitment to delivering high-quality services and fostering strong client relationships.

Operational Insights

Igoe differentiates itself through personalized service, aiming to build long-term client relationships by meeting service commitments accurately and on time. The company's focus on reinvesting in its people and technology allows it to offer efficient and reliable benefits administration services. By maintaining a customer-driven approach, Igoe positions itself as a dependable partner for employers seeking comprehensive benefits administration solutions.

Strategic Opportunities and Future Directions

Looking ahead, Igoe Administrative Services has opportunities to expand its client base by leveraging its reputation for personalized service and operational excellence. The company can explore technological advancements to further streamline administrative processes and enhance user experiences. Additionally, staying abreast of regulatory changes and adapting services accordingly will be crucial for maintaining compliance and meeting client needs.