New enhancements leverage AI for tailored product suggestions and simplify billing process
CHARLESTON, S.C., Dec. 18, 2019 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based benefits management platform and services provider, today announced several platform enhancements that provide consumers with an enhanced benefits enrollment insights and give administrators an easier, more intuitive benefits management process. This ongoing expansion of Benefitfocus' capability to drive world-class data and consumer peace of mind supports both open enrollment success and year-round insight-driven benefits decision making.
"These enhancements demonstrate our continuing investment in the consumer experience and in advanced intelligence, data-driven tools that make our ecosystem so effective at helping people better evaluate their options about their benefits," said Benefitfocus CTO Jim Restivo. "This is valuable not only to the end user, but also to all other stakeholders on our platform – brokers, medical carriers and employers – because a streamlined, flexible benefits enrollment experience helps everyone."
Benefits Across the Benefitfocus Ecosystem
These enhancements are the latest results of Benefitfocus' goal to provide a world-class data experience for all members of its platform. Brokers and employers will receive improved tools to help them manage their employee population with greater flexibility. Carriers receive the same streamlined benefits enrollment experience in serving their customers, along with foundational improvements in the billing and payment functionalities.
As stakeholders on the platform, benefits buyers and sellers will both benefit from these new capabilities:
BenefitSAIGE expands relevant Shop & Offers: Benefitfocus' artificial intelligence (AI) engine now provides tailored suggestions for consumers for specialty products that can be elected outside of their initial or open enrollment via the Shop & Offers page. This affords consumers advanced decision support at any time, quickly showing relevant offerings, based on their input, to help guide the shopping experience.
Automated SelfPay Notifications: Benefitfocus has developed a set of standard, automatic user notifications that will be used for all SelfPay benefits and eliminate the burden of multiple notifications from vendors. Consumers will receive the essential purchase and payment notifications that have become a standard part of the online shopping experience, providing further confidence in their online benefits enrollment experience.
Unique Person Identifier: Benefitfocus has developed an algorithm that automatically generates a Unique Person Identifier, or UPID, for each individual on its platform. This helps simplify the employee experience by using alternative unique identifiers, as opposed to government issued identification numbers, which present privacy concerns.
MarketPlace Billing Enhancements: Benefitfocus is investing heavily in foundational work that will pave the way for expedited delivery of future enhancements to the MarketPlace Billing application. Benefitfocus has also added new functionality that will further help carriers identify members who have made changes to their auto-draft invoice payment settings.
Consumer Feedback Feeds Innovation
These enhancements were driven by feedback received via Benefitfocus' Consumer NPS survey, which is helping to shape the evolution of its consumer experience by delivering solutions that are designed to help provide insights, increase productivity and improve lives. Benefitfocus encourages ongoing feedback on these new enhancements, via the One Place 365 Ideas Community, which also allows participants to submit ideas for additional improvements.
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Benefitfocus (NASDAQ: BNFT) unifies the entire 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: the need to innovate and provide useful products and services; the immature and volatile nature of the market for our products and services; our ability to compete effectively; management of growth; 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.