Group insurance industry leader partners with Benefitfocus to offer comprehensive set of group benefit choices to Benefitplace customers
CHARLESTON, S.C., July 16, 2020 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a technology platform provider enabling rapid innovation for employers, health plans and consumers, has added a portfolio of financial protection solutions from Lincoln Financial Group (NYSE: LNC) to the ever-growing range of products and services in its Benefit Catalog.
As a leader in the group benefits industry, Lincoln Financial's solutions include accident, critical illness, vision, dental, disability and life insurance. They can be accessed via Benefit Catalog's integrated consumer enrollment experience that employers and brokers offer to their employees.
"When looking for new partners for our Benefit Catalog, we always strive to find companies and solutions that support our mission of improving lives with benefits. Lincoln Financial has a long history of offering high-quality products and outstanding customer service. They are a natural addition," said Ray August, President & CEO of Benefitfocus. "Their benefit choices and consumer education capabilities help employees feel confident when selecting and using Lincoln Financial benefits."
As a leading provider of workplace benefits like short- and long-term disability and leave management, Lincoln Financial serves employers of all sizes and industries with more than 36,000 clients representing over 12 million covered lives. With employees more focused than ever on benefits that protect their families in the wake of COVID-19, Lincoln Financial has a proven history of developing employer-focused, tailored and innovative solutions to meet the complex needs of their customers.
"Our partnership with Benefitfocus presents a tremendous opportunity for employers to not only offer a comprehensive employee benefits purchasing experience, but to ensure employees understand how these benefits can support their health and financial wellness," said Bob Reiff, senior vice president, head of Distribution and Client Solutions, Lincoln Financial. "We want to help people put the right financial protections in place, so an accident or illness doesn't derail their savings or disrupt their ability to provide for their family."
Lincoln Financial's supplemental insurance products, including disability, accident and critical illness insurance, can provide peace of mind and help ease financial stress, which is even more important in today's uncertain environment. Through this partnership, employees will have access to the educational tools and materials they need to confidently select and take ownership of their coverage.
Use of New Industry-Leading Data Exchange Standards
Lincoln Financial and Benefitfocus are deploying the data exchange standards developed by LIMRA, the trade association supporting research and solutions for the financial services industry, focused on post-enrollment data for the employee benefits market.
Representatives of Benefitfocus, Lincoln Financial and other leading insurance carriers and benefits administration companies served on the committee that created the standards. By using the LIMRA Data Exchange Standards (LDEx), Benefitfocus moves beyond its existing industry leading data integration and quality standards of 99.8%+ accuracy to reduce errors, drive consistency and streamline the process.
Benefit Catalog is a comprehensive portfolio of curated health, wealth, property and lifestyle benefit products available in the market, provided by vetted suppliers that consumers can trust. The Catalog includes over 85 ready-to-implement voluntary and specialty benefits products from more than 45 leading brands that employers, brokers and health plans can offer employees in a consumer enrollment and use to enhance their benefits offering.
The Benefit Catalog is part of Benefitplace, our single solution to simplify the benefits journey, powered by AI. Whether serving employers, health plans, brokers or partners, this solution is designed to meet the market needs for every member of the ecosystem.
Benefitplace embodies Benefitfocus' total solution approach, which helps employers eliminate manual tasks and automate end-to-end benefits administration, from onboarding and administration to offboarding and rehiring.
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits industry on a single technology platform to protect consumers for life. Our powerful cloud-based software, data-driven insights and thoughtfully designed services enable employers, insurance brokers, health plans and suppliers to simplify the complexity of benefits administration and deliver health, wealth, property 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 and Twitter.
Certain products available on the BENEFITFOCUS BENEFITPLACE™ platform may be regulated through various state agencies as insurance products. Regulated insurance products are offered through brokers affiliated with BenefitStore, Inc. (doing business as 627 Benefits Insurance Agency in California and 627 Insurance Broker Agency in New York), a licensed insurance agency and wholly owned subsidiary of Benefitfocus, or through your, your association's, or your employer's appointed broker as applicable. Any insurance coverage is subject to the issuer's underwriting standards, fees and other terms and conditions associated with specific offering or services as determined by the issuer or provider.
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 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; risks related to changing healthcare and other applicable regulations; the immature and volatile nature of the market for our products and services; our ability to compete effectively; our ability to maintain our culture and recruit and retain qualified personnel; privacy; security and other risks associated with our business; management of growth; 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.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $247 billion in end-of-period account values as of March 31, 2020. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, Lincoln earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index. Lincoln has also been recognized in Newsweek's Most Responsible Companies and is among Forbes' World's Best Employers, Best Large Employers, Best Employers for Diversity, Best Employers for Women and ranked on the JUST 100 list. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
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SOURCE Benefitfocus, Inc.