he strategic partnership between the multinational MDS and Coverflex makes it possible to combine market leadership in insurance with cutting-edge technological innovation in the matter of flexible benefits.
Coverflex established a strategic partnership with MDS, which includes the acquisition of FlexBen, a company that develops technological solutions that facilitate and support companies in defining different types of benefits to be delivered to employees. The agreement allows Coverflex to grow its customer base to 20 thousand employees and reach 25 million euros of GMV (Gross Merchandise Value attributed via Coverflex). In other words: as of today, our technological solution reaches more than 20 thousand people.
The agreement allows Coverflex to grow its customer base to 20 thousand employees and reach 25 million euros of GMV (Gross Merchandise Value attributed via Coverflex). In other words: as of today, our technological solution reaches more than 20 thousand people.
In addition, the operation includes the acquisition by MDS of a participation in the capital of Coverflex, as well as the role of exclusive partner for the provision of insurance solutions. On the one hand, Coverflex now has an even broader offer of insurance solutions for subscription on its platform by employees of its client companies; on the other hand, MDS expands its value proposition in the area of flexible benefits for its customers.
“Joining Coverflex's technological innovation, an all-in-one platform for flexible benefits management, with MDS' decades-long experience is an opportunity for growth and validation for the market that was impossible to miss”, explains Miguel Santo Amaro, co-founder and CEO of Coverflex.
For Ricardo Pinto dos Santos, CEO of MDS Portugal, “the strategic partnership with Coverflex in the area of flexible benefits allows us to put our knowledge at the service of the company and contribute to its development by making available a wide range of the best services and the most advanced solutions for its customers. This partnership is reinforced with the integration of FlexBen into Coverflex, which thus becomes the tech-based company of reference in the area of flexible benefits in Portugal, gaining dimension and international ambition”.
FlexBen was 100% owned by the MDS Group and has in its customer portfolio some of the biggest users of flexible compensation plans in Portugal, as well as some customers in Spain.
Coverflex's all-in-one platform allows all companies - regardless of their size - to design, operationalise and customise their compensation offers beyond salary, with health insurance, meal allowance, social benefits and discounts. Thanks to the solution, organisations can optimise the benefits of their employees, saving time and money. With access to a VISA card, an app and budgets and options defined by the company, each employee can choose benefits tailored to their personal needs. Coverflex calls this "compensation as a service".
Coverflex's all-in-one platform allows all companies - regardless of their size - to design, operationalise and customise their compensation offers beyond salary, with health insurance, meal allowance, social benefits and discounts. Thanks to the solution, organisations can optimise the benefits of their employees, saving time and money. With access to a VISA card, an app and budgets and options defined by the company, each employee can choose benefits tailored to their personal needs. Coverflex calls this "compensation as a service".
The strategic partnership established with MDS also allows Coverflex's customers to benefit from a broad and customised offer of insurance solutions, such as health, life, personal and workers' compensation, capitalisation, PPR, car and financial lines insurance.
Currently, more than 5.000 employees from over 300 companies such as PwC, Bolt, Emma - The Sleep Company, Landing.Jobs, Rows, Paul Stricker, Velocidi and Unbabel are using the Coverflex solution.
