CHARLESTON, S.C., March 1, 2021 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ: BNFT), an industry-leading benefits technology
platform that simplifies benefits administration for employers,
health plans and brokers, has published an ebook containing
highlights of a study identifying superior customer experiences,
strategies, operating models and capabilities health insurers can
adopt to address engagement expectations of a changing member
population.
The study was sponsored by Benefitfocus and conducted by ACORD,
the global standards-setting body for the insurance industry. The
results, published in an e-book titled "Health Benefit Platforms:
Where Efficiency Meets Engagement," presents three key
findings:
- The changing consumer, investor and regulatory landscape is
driving health benefit platform adoption.
- Platform-centric business models deliver more value at every
stage of the customer lifecycle.
- To succeed with a platform-centric strategy, health insurers
must embrace change and take bold action.
This research explored the significance of the platform business
model for selling and servicing consumers with insurance products.
A platform business model creates value by facilitating exchanges
between two or more interdependent groups, usually consumers and
producers. In order to make these exchanges happen, platforms
harness and create large, scalable networks of users and resources
that can be accessed on demand.
"The Benefitfocus enrollment platform is helping everyone
involved in benefits enrollment and administration increase
efficiency and achieve a higher level of member and employee
satisfaction," said Steve Swad, Benefitfocus President and CEO.
"ACORD's research team has identified for health insurers the
strategic advantages a technology platform can provide to
drastically reduce manual administration while delivering a
seamless, personalized experience to every member."
ACORD's research team studied filings, presentations and reports
from leading insurance organizations, analyzed third-party and
governmental sources and conducted proprietary interviews, research
and evaluations of 2,400 individual websites. The team reviewed
strategies, tactics and outcomes for companies over a period of 10
years, from 2009-2019.
"Our research shows a material correlation between
platform-centric business models, expense optimization, and value
creation across industries," said ACORD President and CEO
Bill Pieroni. "At the same time,
non-claims expenses in the health insurance segment have risen
dramatically. Clearly there is an opportunity for health insurers
to optimize operations and value capture through increased leverage
of digital platforms—while also enhancing customer experience."
The Latest Health Plan Industry Trends
At Health Plan
Place 2020 — an exclusive digital event presented by Benefitfocus
for leaders from the nation's top health plans — ACORD President
and CEO Bill Pieroni presented an
exposition of findings from this study.
Other presentations included coverage of:
- Trends impacting your business — and the innovations you need
to respond.
- Opportunities to drive growth and cultivate customer
loyalty.
- Strategies for growth and member retention during these
unprecedented times.
To view all these presentations on demand, visit the
website.
Connect with Benefitfocus
To read this e-book, click
here.
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About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits
industry through innovative technology solutions that bring
efficiency, cost savings and simplicity to employee benefits
administration. Our powerful cloud-based software, data-driven
insights and thoughtfully designed services help employers,
insurance brokers, health plans and suppliers address the
complexity of benefits enrollment and engagement, while bringing
easier access to health, wealth and lifestyle products
through a world-class benefits experience. Our mission is
simple: to improve lives with benefits. Learn more
at www.benefitfocus.com, LinkedIn and Twitter.
About ACORD
ACORD (Association for Cooperative
Operations Research and Development) is the global
standards-setting body for the insurance and related financial
services industries. ACORD facilitates fast, accurate data exchange
and efficient workflows through the development of electronic
standards, standardized forms, and tools to support their use.
ACORD engages thousands of insurance and reinsurance companies,
agents and brokers, software providers, financial services
organizations and industry associations in more than 100 countries.
ACORD maintains offices in New
York and London. Learn more
at www.acord.org.
DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS
Except for historical information, all of the statements,
expectations, and assumptions contained in this press release are
forward-looking statements. Actual results might differ materially
from those explicit or implicit in the forward-looking statements.
Important factors that could cause actual results to differ
materially include: volatility and uncertainty in the global
economy and financial markets in light of the evolving COVID-19
pandemic and uncertainties arising from the recent U.S. elections;
our continuing losses and need to achieve GAAP profitability;
fluctuations in our financial results; our ability to maintain our
culture, retain and motivate qualified personnel; the immature and
volatile market for our products and services; risks related to
changing healthcare and other applicable regulations; risks
associated with acquisitions; cyber-security risks; the need to
innovate and provide useful products and services; our ability to
compete effectively; 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.