Benefitfocus Platform Innovations to Be Unveiled to Insurance Carriers at Carrier Place 2019
President & Ceo Ray August to Discuss End-To-End Investment in Health and Benefits Ecosystem
Benefitfocus, Inc., a leading cloud-based benefits management platform and services provider, will host its Carrier Place 2019 executive forum for leaders from the nation’s top health insurance carriers and life and ancillary benefits providers, beginning Wednesday, September 11, 2019. The two-day event, held at The Sanctuary on Kiawah Island Golf Resort at Kiawah Island, SC, will feature sessions covering the company’s strategic platform model for carrier customers, which serve as an anchor for Benefitfocus’ ecosystem of employers, brokers, partners and consumers. Benefitfocus President & CEO, Ray August, will summarize during his opening keynote the dramatic impact of ongoing investments in the platform.
“Over the past year and a half, we have led a strategic pivot in our business, centered around consumers,” said August. “We are transforming from a passive relationship with employees to an active, highly engaged lifetime relationship with consumers. At Carrier Place, we are demonstrating how our platform vision and market-leading capabilities are creating new ways for medical carriers to open greater access to benefits, build trust and deliver the right member experience and level of engagement through artificial intelligence.”
At the core of the platform is Benefitfocus’ AI engine, BenefitSAIGE. BenefitSAIGE effectively parses data to provide Smart Moments that reflect the circumstances of each individual via alerts, actions and offers. It is the catalyst to engage employees and their families throughout the year by providing reminders about employer sponsored benefit offerings products.
The fuel for the BenefitSAIGE engine is data provided by the Benefitfocus platform – the leading pipeline for data movement in the benefits industry. It processes more than 2 billion data-exchange transactions per year, transfers employee payroll deductions of more than $18 billion to nearly 100 different human capital management (HCM) integrations and captures more than $12 billion in online payment transactions on behalf of our carrier customers.
The Benefitfocus platform connects the value chain underlying the industry’s largest ecosystem. In addition to long-standing partnerships with carriers, suppliers and employers, Benefitfocus has reinvigorated its broker program as part of its business transformation. This expanding network and future value to those within it has caught the attention of industry analysts. Reetika Fleming, Research Vice President at HFS Research, stated:
“HFS sees hyperconnected ecosystems coming together broadly around consumers and businesses. In the near future, this will impact the fundamental structure of the insurance industry, which is already becoming more fluid to enable new customer interaction points for carriers. Benefitfocus is taking an ambitious and progressive stance on becoming one of those ecosystems with BenefitsPlace. It has a fantastic starting point bringing together employers, suppliers, consumers, and brokers, and most importantly, their data to enable meaningful interactions that drive new sources of value to customers.”
By demonstrating the power of connections, Benefitfocus’ ecosystem is generating significant business success. Suppliers now provide 85 products on BenefitsPlace, its exclusive catalog of industry-leading health, wealth, property and lifestyle products, four times as many products as were available last year. In the broker space, Benefitfocus is now partnering with more than 450 Premier Brokers, after starting the year with just 53 partners.
“We are progressing to the next stage of our journey by investing in the industry’s first, quote-to-pay solution within the medical insurance carrier market, which enables them to better serve entire group populations through efficiency and automation, and compete effectively,” August added. “Our road map also points to other innovative platform solutions that we will announce in the near future.”