Benefitfocus offers the technology, knowledge, and services that employers, employees, carriers, and brokers need to make better decisions about the benefits they carry and offer. Using the power of data, Benefitfocus creates personalized shopping experiences based on individual needs. Its engaging self-service solution allows users to understand their plans as well as the associated costs. Additionally, the company allows employers to manage benefits programs accurately and efficiently through an integration tool that helps to automate a vast majority of administrative tasks during enrollment.
The company states several statistics on its website about benefits and the need for an efficient solution. According to Forbes, “80% of CFOs say they feel powerless when it comes to managing their company’s healthcare spending.” Columbia Business School suggests that “4 out of 5 people choose the wrong health plan for their situation.” Aflac notes that, “$750 annually is wasted by employees due to benefit mistakes.” Thus, Benefitfocus allows for a world-class benefits experience.
Earlier this month, Benefitfocus added several new providers to BenefitsPlace including, BrightDime, CommonBond, GoodRx, Gradvisor and Kashable. Ray August, President and CEO of Benefitfocus, said, “We’ve seen the average number of benefit types offered by employers grow to 15 or more. BenefitsPlace significantly reduces employers’ risk, making it easier than ever to manage the growing number of plans that gives consumers better choice. We are driving down complexity for the employer’s benefits administration and standardizing data integrations with product providers.”
BENEFITFOCUS FAST FACTS:
- Created: 2000
- Headquarters: Charleston, South Carolina
- Industry: Benefit Enrollment, Employee Benefits, SaaS
- Company Size: 1000-5000+ employees
- Revenue: 66.8 million+
- Stock Symbol: BNFT (NASDAQ)
- Nice to Know: BenefitsPlace is transforming the U.S. employee benefits industry
- President & CEO: Ray August
- CFO: Jonathon Dussault
- CTO: Jim Restivo
- SVP of Customer Success: Annmarie Fini
LEARN MORE ABOUT BENEFITFOCUS:
Learn more about Benefitfocus.
BENEFITFOCUS IN THE NEWS:
- Benefitfocus Adds BrightDime, CommonBond, GoodRx, Gradvisor & Kashable to BenefitsPlace, Establishes Data Integration Standards
- Benefitfocus Data Shows Employers in Education, Health Care, Manufacturing and Retail Continue to Shift More Health Insurance Costs to Employees
- Benefitfocus Extends Stock Ownership to All Employees