The California head-quartered Secova eServices, an HR and benefits management services company, has announced its plans to open its second knowledge centre in Chennai. It is proposing to raise its headcount from the current 300 to over 400 by the year end.
Secova is expanding its best-shore activities at the 26,000 sq ft facility, with a 400-seating capacity. The new facility, to handle growing business from the company’s worldwide HR and Benefits Management Services, is expected to be operational by October 2007, its co-founder and CEO Venkat Tadanki told reporters on Wednesday.
It has added 12 new clients in the past one year, including four Fortune 500 companies. These customer wins have helped the company register an annualised growth of over 50%. Secova’s customers typically range in size from 5,000 employees to over 50,000 employees, he added.
The global market for Human Resource Outsourcing (HRO) is at $76 billion and growing at an annualised rate of 14% of which the US HRO is at $40 billion, Mr Tadanki said.
With benefits administration alone accounting for $12 billion, he said Secova is uniquely positioned to support clients in the mid to large sized segment offering customised solutions that address their specific needs.
Secova eServices, founded in 2004, offers specialised services focused in the area of health and welfare benefits administration services, ranging from enrolment-both online and through call centres, healthcare advocacy, life event management, dependent eligibility audit, COBRA (Common Omnibus Budget Reconciliation Act) to absence management, wellness and disability programs and Total Rewards management.
The company processes over 80 million eligibility records, $1 billion in healthcare premia, and manages over 450 vendor/carrier relationships annually on behalf of its clients. Source: IndiaTimes