CHARLESTON, S.C., Sept. 11, 2019 /PRNewswire/
-- Benefitfocus, Inc. (NASDAQ: BNFT), a leading
cloud-based benefits management platform and services
provider, today announced significant enhancements to
the BENEFITFOCUS MarketPlace™ for Carriers, its platform for
personalized health insurance enrollment and automated
administration. Medical carriers will have one platform to support
them, from beginning-stage business rating and quoting to end-stage
billing and payments, while serving the diverse needs of their
customers.
The announcement came during Carrier Place, Benefitfocus'
executive forum for leaders from the nation's top health insurance
carriers as well as life and ancillary benefits providers, held at
Kiawah Island, S.C.
"Medical carriers are the driving force behind our entire
benefits ecosystem. Over the last two decades, we've built trusted
and deep relationships with our carrier community, empowering
them to better serve their customers. The innovation
and expanded capabilities of MarketPlace for Carriers is the
direct result of their feedback," said Ray
August, President & CEO of Benefitfocus. "For the first
time ever, carriers will have an end-to-end quote-to-pay
capability that automates everyone in the benefits value chain and
gives consumers easy access to trusted voluntary benefits via an
all-new smart and intuitive mobile experience. The
enhancements being developed for MarketPlace for Carriers represent
over $50 million of investment that
Benefitfocus makes in our platform every year."
MarketPlace for Carriers will
create efficiencies across the benefits value
chain with a single automated platform from quote-to-pay,
including four components: rating and quoting, enrollment and
administration, billing and payments and data exchange. MarketPlace
for Carriers will effectively connect and enable brokers by
providing an integrated product catalog with rating and quoting
capabilities. The platform will also allow both carriers and
brokers to manage their entire business portfolio with real-time
dashboards to monitor billing, participation, enrollment status and
other key performance indicators. With MarketPlace for Carriers,
brokers will be able to quote and onboard new clients efficiently
while also delivering the HR and administrative services requested
by their clients, all on the same platform and with a consistent
experience. The Benefitfocus Platform underlying MarketPlace for
Carriers is being delivered as a cloud service with real-time data
capabilities via EDI and APIs that ensure world-class data accuracy
for each Benefitfocus customer.
The end result is one platform that will create value in three
ways:
Optimized workflow:
Carriers can increase operational efficiency via a single platform
purpose built for medical carriers with automation and real-time
integrations across systems while equipping their broker community
with the sales, management and service delivery tools they
require.
Growth-focused
opportunities: Carriers will have the opportunity to
differentiate their benefits portfolio with BenefitsPlace,
Benefitfocus' exclusive catalog of industry-leading health, wealth,
property and lifestyle products. With BenefitsPlace, a carrier can
capture market share and create a competitive advantage when
selling to both self-insured and national accounts.
Transformed business through
AI: The automation and integration of the entire quote-to-pay
lifecycle provided by the Benefitfocus platform will help
accelerate and transform a carrier's business. MarketPlace for
Carriers integrates an AI-powered experience for each consumer via
the BenefitSAIGE™ AI engine. BenefitSAIGE provides meaningful
guidance to consumers throughout enrollment and throughout the year
with Smart Moments and Insights to highlight benefits reflecting
the personal interests of each consumer.
"The capabilities being developed in MarketPlace for Carriers
reflect our deep commitment to the carrier market and the insights
gained from our carrier customers who serve more than 150,000
employers," said Laura Gorry, Vice
President and General Manager at Benefitfocus. "We are
excited to offer a platform that clearly differentiates our medical
carriers, enables their brokers, serves their employers and engages
each employee with a unique, personalized benefits experience.
MarketPlace for Carriers goes beyond benefit administration and
enrollment with insight-driven Smart Moments and personalized
communications."
For more information on Marketplace for Carriers, click
here.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire U.S. benefits
industry on a single technology platform to protect consumers'
health, wealth, property and lifestyle. Our powerful cloud-based
software, data-driven insights and thoughtfully-designed services,
enable employers, insurance brokers, carriers and
suppliers to simplify the complexity of benefits
administration and deliver a world-class benefits experience. Learn
more
at www.benefitfocus.com, LinkedIn and Twitter.
Except for historical information, all of the statements,
expectations, and assumptions contained in this press release are
forward-looking statements. Actual results or performance might
differ materially from those explicit or implicit in the
forward-looking statements. Important factors that could cause
actual results to differ materially include: our ability to
compete effectively; the need to innovate and provide useful
products and services; management of growth; the immature and
volatile nature of the market for our products and services; our
ability to maintain our culture and recruit and retain qualified
personnel; risks related to changing healthcare and
other applicable regulations; privacy; security and other risks
associated with our business; and the other risk factors set forth
from time to time in our SEC filings, copies of which are available
free of charge within the Investor Relations section of the
Benefitfocus website
at http://investor.benefitfocus.com/sec-filings or upon
request from our investor relations department. Benefitfocus
assumes no obligation and does not intend to update these
forward-looking statements, except as required by law.
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SOURCE Benefitfocus, Inc.