CHARLESTON, S.C., July 17, 2019 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based benefits management platform and services provider, announced today an expansion of its enterprise data exchange capabilities focused on human capital management (HCM) software API integrations. Leveraging the company's position as the benefits industry data standard, as chosen by the global insurance industry data standards body, ACORD, Benefitfocus is expanding its data exchange capabilities to address HCM API integrations. The move supports Benefitfocus' multi-year, multi-million-dollar investment in world-class data.
Benefits enrollment and administration is a critical component of the employee lifecycle and, until now, employers have struggled with heavily manual processes, SFTP interactions, process batches, latency and data sync challenges. Benefitfocus' enterprise HCM API approach addresses these issues and removes points of friction that have challenged the seamless integration of benefits enrollment and administration offerings into enterprise HCM solutions. Through this innovation, employers who utilize contemporary HCM platforms for certain human resources processes will benefit through seamless integration of data, business process and user experience functionality.
"Our enterprise HCM API approach will enable deeper integration across solutions, giving customers a single system-of-record experience," explains Jim Restivo, Chief Technology Officer of Benefitfocus. "We have developed a real-time data exchange approach that can be used across HCM solution providers, while still allowing customers to subscribe to a world-class point solution."
Ray August, Benefitfocus President & CEO, adds, "We are focused on eliminating manual operation pain points across the benefits ecosystem to save customers time and money. Ultimately, this drives higher data accuracy and translates into a better experience for both the benefits administrator and the employee."
Earlier this year Benefitfocus was recognized as a benefits industry innovator from multiple integration partners for its commitment to excellence, impact and collaboration in transforming the benefits industry. The company expects to make its enterprise HCM API generally available later this year.
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 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.
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; our ability to compete effectively; management of growth; 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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