Benefitfocus Announces MarketPlace™ for Carriers
The announcement came during
"Medical carriers are the driving force behind our entire benefits ecosystem. Over the last two decades, we've built trusted and deep relationships with our carrier community, empowering them to better serve their customers. The innovation and expanded capabilities of MarketPlace for Carriers is the direct result of their feedback," said
MarketPlace for Carriers will create efficiencies across the benefits value chain with a single automated platform from quote-to-pay, including four components: rating and quoting, enrollment and administration, billing and payments and data exchange. MarketPlace for Carriers will effectively connect and enable brokers by providing an integrated product catalog with rating and quoting capabilities. The platform will also allow both carriers and brokers to manage their entire business portfolio with real-time dashboards to monitor billing, participation, enrollment status and other key performance indicators. With MarketPlace for Carriers, brokers will be able to quote and onboard new clients efficiently while also delivering the HR and administrative services requested by their clients, all on the same platform and with a consistent experience. The Benefitfocus Platform underlying MarketPlace for Carriers is being delivered as a cloud service with real-time data capabilities via EDI and APIs that ensure world-class data accuracy for each
The end result is one platform that will create value in three ways:
Optimized workflow: Carriers can increase operational efficiency via a single platform purpose built for medical carriers with automation and real-time integrations across systems while equipping their broker community with the sales, management and service delivery tools they require.
Growth-focused opportunities: Carriers will have the opportunity to differentiate their benefits portfolio with BenefitsPlace,
Transformed business through AI: The automation and integration of the entire quote-to-pay lifecycle provided by the
"The capabilities being developed in MarketPlace for Carriers reflect our deep commitment to the carrier market and the insights gained from our carrier customers who serve more than 150,000 employers," said
For more information on Marketplace for Carriers, click here.
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: our ability to compete effectively; the need to innovate and provide useful products and services; management of growth; the immature and volatile nature of the market for our products and services; 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
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