CHARLESTON, S.C., May 12, 2021 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ: BNFT), an industry-leading benefits technology
platform that simplifies benefits administration for employers,
health plans and brokers, has added a full suite of
benefits offerings from Standard Insurance Company (The Standard),
a leading provider of financial protection products and services
for employers and individuals, to the growing range of products and
services on its Benefit Catalog.
The Standard's portfolio of voluntary group benefits such as
accident, critical illness, hospital indemnity, disability and life
insurance help employees thrive by offering additional financial
protection in the event of the unexpected. Their portfolio also
includes dental and vision benefit plans that provide employees
with increased choice, flexibility and value.
"Benefitfocus believes interest in additional insurance plans
will continue to grow from employers and employees alike, as
employees seek a range of benefits to achieve their desired sense
of health and financial wellbeing," said Matt Levin, Benefitfocus president & CEO.
"With the addition of The Standard to our Benefit Catalog, we
continue to enhance its position as a truly robust portfolio of
health, wealth and lifestyle benefits to be integrated into the
employee enrollment and engagement experience."
Recent analysis of the 2021 Open Enrollment period concluded on
Dec. 31, 2020 showed a rise in
enrollment in supplemental insurance plans, a likely result of the
effects caused by the COVID-19 pandemic. With the coronavirus
affecting millions of Americans and often leading to
hospitalization, employers sought additional benefits to help
employees confront its financial impact. Benefitfocus also saw an
increase in the purchase of hospital indemnity benefits and
voluntary life insurance offerings through its Benefit Catalog.
These observations reflect a growing demand for the sort of
solutions offered by The Standard.
"This integration continues The Standard's commitment to
strategic partnerships with select BenAdmin providers, and we're
delighted to expand our relationship with Benefitfocus," said
Dayna Kirk, vice president of Customer Service and Voluntary
Benefits for The Standard. "We're pleased that our voluntary group
benefits will be included on Benefits Catalog to offer additional
choices that enhance the consumer enrollment experience."
Benefit Catalog
Benefitfocus' Benefit Catalog
provides employers, brokers and health plans the ability to offer
customers more than 85 market-leading specialty benefits products
from more than 45 leading brands. This product catalog
provides a simplified enrollment experience that brings all
categories of voluntary benefits together in one place. Find
out more about Benefit Catalog here.
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, Facebook, Instagram
and Twitter.
About The Standard
The Standard is a family of
companies dedicated to helping customers achieve financial
well-being and peace of mind. In business since 1906, we are a
leading provider of financial protection products and services for
employers and individuals. Our products include group and
individual disability insurance, group life, dental and vision
insurance, voluntary (employee-paid) benefits, absence management
services, and retirement plans and annuities for employers and
individuals. For more information about The Standard,
visit standard.com or follow us
on Facebook, Twitter or LinkedIn.
The Standard is the marketing name for StanCorp Financial Group,
Inc., and its subsidiaries: Standard Insurance Company, The
Standard Life Insurance Company of New
York, Standard Retirement Services, Inc., StanCorp Mortgage
Investors, Inc., StanCorp Investment Advisers, Inc., StanCorp Real
Estate, LLC, and StanCorp Equities, Inc.
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.