Benefitfocus, Inc. (NASDAQ: BNFT) announced new benefits software solutions for consumers, employers, insurance carriers and brokers during the company’s One Place 2015 Conference this past week. The annual conference brought together health insurance, benefits, technology and HR professionals for three days of exclusive strategy sessions, software training and networking events.
The new product announcements centered on the all-new BENEFITFOCUS® Marketplace, a powerful private exchange platform with innovative features, including: an elegant user experience, communications portal, mobile app, advanced administration capabilities, automated billing and payment, data analytics, an integrated wellness solution, voluntary benefits integration and more.
“The Benefitfocus Marketplace is designed not just to be more intuitive, but to be more effective and enjoyable for both administrators and end users shopping for benefits,” said Benefitfocus President and CEO Shawn Jenkins. “We are providing a flexible solution that streamlines business operations, and we are also providing for families by reimagining the way people look at their health, wealth and future in a way that empowers informed benefits decisions.”
Data is the foundation of Benefitfocus’ industry-leading technology that provides customers the ability to navigate healthcare disruption and serve a multi-generational workforce with optimized benefits plans. Jenkins revealed Benefitfocus’ new offerings during his keynote address at One Place – the company’s annual customer and thought leadership event.
The meticulously designed platform delivers a personalized benefits experience for end users while giving administrators breakthrough insights into benefits program performance and costs. The platform combines a data-driven, consumer shopping experience with an extensible, cloud-based benefits administration system.
Highlights from Benefitfocus’ 2015 announcements include:
All New User Experience
The redesigned consumer enrollment experience includes a personalized smart welcome page, guided shopping with “Best Match” plan recommendations, and tools to calculate coverage needs and cost comparisons. It provides a consumer-friendly shopping experience that guides users through enrollment processes and enables them to see their benefits, costs and even their paystub on a single page. The new interface will also be available on a mobile app expected to become generally available in the summer of 2015.
Core & Advanced Analytics
Benefitfocus has developed solutions to make it easy for benefits administrators to aggregate large quantities of data in a way that is useful and pragmatic. New for 2015, BENEFITFOCUS® Core & Advanced Analytics compiles healthcare data from multiple sources and translates it into actionable information that can help employers identify healthcare cost drivers and design plans that better meet the needs of their workforce. Benefitfocus expects to offer both a core and an advanced analytics option to meet different data user requirements.
Enhanced Benefits Administration Capabilities
Benefitfocus’ passion for serving benefits administrators was evident in new functionality that helps them harness the depth and power of the platform with an elegant interface. Enhancements to the Benefits Administrator Role include: payroll audit and reconciliation, budget and plan performance dashboards, expanded employee profiles and a new Data Exchange that provides administrators with transparency to transactions on the platform. The new EDI Dashboard provides visibility into every scheduled, running and executed 5X™ data exchange for any window of time, giving administrators actionable details to ensure employees enroll successfully.
The company also rolled out the all new BENEFITFOCUS® eBilling & Payment solution which synchronizes enrollment and billing information to streamline the monthly billing process, automate adjustments and increase accuracy of payments.
The consumer experience is also enhanced with a new communication portal that provides a personalized dashboard that makes it easier for consumers to find important information quickly. It also gives benefits administrators the ability to customize content and push HR notifications to users based on demographics, life-event changes and other factors. The system also makes it easy for administrators to enrich their benefits plans with a wide selection of plug-ins from Benefitfocus’ extensible ecosystem of solution partners.
Emphasizing the value of its marketplace ecosystem, Benefitfocus also announced a new partnership with leading health and wellness platform company, RedBrick Health. The new Wellness Ecosystem will provide an integrated wellness solution that allows employers to incorporate health assessments and rewards programs directly into the benefits enrollment experience to increase engagement and streamline administrative tasks.
Benefitstore gives employers and insurance carriers a whole new way to offer voluntary benefits with the help of a dedicated team. Benefitstore offers employers, insurance carriers and brokers a curated selection of voluntary insurance products, including: critical illness, hospital indemnity, accident, legal, permanent life, pet, auto, home and more.
Benefits Service Center
While Benefitfocus is advancing its software solutions, its user experience enhancements also include person-to-person service with BENEFITFOCUS® Benefits Service Center. The Service Center offers a team of dedicated support specialists who are trained on Benefitfocus technology and client-specific benefit plan design. The Service Center provides on-call services such as employee benefit support, telephonic enrollment, application support, dependent eligibility verification, event-driven notifications and print material fulfillment.
Private Exchange Marketplaces
Benefitfocus, now powering 23 private exchanges, unveiled next-generation technology driving four private exchanges: individual, small employer, large employer and retiree. Highlights include the ability to simplify the pre-sales and onboarding process with a metadata-driven architecture, product filtering, anonymous shopping for administrators, intuitive plan renewal functionality, dual shopping strategy support for traditional and package shopping and public exchange integration for individuals to enroll in Qualified Health Plans.