New products help employers reduce friction, lower cost, and increase employee engagement
CHARLESTON, S.C., May 30, 2019 /PRNewswire/ -- Benefitfocus, Inc. (BNFT), a leading cloud-based benefits management platform and services provider, today announced its newest BenefitsPlace™ insurance carrier partnership with MassMutual, a leading provider of voluntary benefits. Employers using the BenefitsPlace platform will now have the ability to elect to offer MassMutual's Universal Life and Whole Life insurance products, along with the company's innovative financial wellness tool, MapMyFinances.
MassMutual joins other top insurance carrier brands and voluntary benefits product suppliers on the industry's largest benefits platform. Employers and their trusted advisors rely on Benefitfocus to simplify the business of benefits and seamlessly deliver the largest offering of best-in-class benefits products to protect employees and their families. The BenefitsPlace platform offers a range of health, wealth, lifestyle and property insurance benefits for consumers' personal wellbeing and protection for each stage of life.
"MassMutual is a valuable addition to our platform because its goal – helping consumers make the best possible benefits choices for themselves and their families – truly embodies our vision of delivering the right benefits to consumers in the moments that matter," said Ray August, President & CEO of Benefitfocus. "Our focus on growing the industry's best benefits platform goes beyond scale to ensure we're improving lives. As the industry prepares for the 2020 open enrollment season, our BenefitsPlace platform will help employees and their families choose the right benefits products for themselves from the best-known brands, like MassMutual, and have the security of knowing their needs are well-protected."
"Our recent research found that 48 percent of middle-income Americans worry about their household's financial situation at least once a week, while 23 percent worry every day," said Jon Shuman, Head of Worksite Sales & Distribution, MassMutual. "Those numbers indicate widespread financial stress, so it's no wonder financial wellness benefits are in great demand among employees. The good news for employers is that offering a greater variety of voluntary benefits can help, as 58 percent of employees say they feel more financially secure because of benefits offered through their jobs. We're proud to join the BenefitsPlace platform, and hope our products and services will help boost employees' financial confidence."
Benefitfocus (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 and carriers to simplify the complexity of benefits administration and deliver a world-class benefits experience. Learn more at www.benefitfocus.com, LinkedIn and Twitter.
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit www.massmutual.com.
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; management of growth; our ability to compete effectively; our ability to maintain our culture and recruit and retain qualified personnel; the immature and volatile nature of the market for our products and services; 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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