Benefitfocus Announces MarketPlace Exchange 2.0 for Carriers
CHARLESTON, S.C., Sept. 11, 2019 /PRNewswire/ — Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based benefits management platform and services provider, today announced MarketPlace Exchange 2.0, an innovative connection between MarketPlace Exchange and MarketPlace Enrollment. The introduction of MarketPlace Exchange 2.0 today solves three major carrier business challenges all without adding administrative burden: it enhances their communication and collaboration with members; improves data access and analytics for member populations and employers using disparate enrollment systems; and offers them the ability to clearly differentiate themselves with additional best-in-class voluntary and specialty benefits choices to complement their existing offerings.
Benefitfocus President & CEO Ray August introduced MarketPlace Exchange 2.0 to carriers attending Carrier Place 2019, the executive forum for leaders from the nation’s top health insurance carriers and life and ancillary benefits providers held at The Sanctuary on Kiawah Island Golf Resort, at Kiawah Island, SC.
«MarketPlace Exchange 2.0 bridges the gap between what consumers need to protect their health, wealth and lifestyle, and their employer’s technological and financial limitations. It also offers brokers a single strategic source for specialty products that consumers and employers want to flesh out their portfolios,» August said. «In the end, it means carriers can expand their engagement with members, serve previously unmet needs, and gain a crucial competitive advantage, with no additional responsibility on their end.»
MarketPlace Exchange 2.0 accelerates enrollment and renewals for even the most complex groups submitting files and streamlines enrollment and administration for commercial group and individual markets. This newly built integration within MarketPlace Exchange 2.0 introduces new automation allowing for accelerated file transfer and consolidated reporting, providing employers and carriers with easier access to more data. It also provides a user-friendly content management system to support customized member communication and group-level task lists to manage day-to-day work required to effectively manage each group in the carrier’s network. In addition, MarketPlace Exchange 2.0 provides an integrated suite of dashboards that may be dynamically viewed and configured to support and enhance member analytics and communications. Furthermore, MarketPlace Exchange 2.0 provides carriers the unique opportunity to offer their members BenefitsPlace™, an exclusive catalog of industry-leading products, that complement their own medical and health benefits, all on an AI-powered consumer benefits platform.
This single platform advantage extends the connection for carriers and now enables employers to offer consumers complementary and specialty products from trusted suppliers without added administrative burden. Consumers will have the chance to more easily access the additional benefits they want and need.
Benefitfocus (NASDAQ: BNFT) unifies the 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.