/C O R R E C T I O N -- Benefitfocus, Inc./
In the news release,
Employers and Health Plans Solve Pandemic-Era Health and Benefits Administration Challenges Through Technology
Benefitfocus platform delivers administrative ease with direct impact on health care costs; industry leading customer satisfaction
Highlights of the findings include:
- Increased purchases of hospital indemnity and voluntary life insurance offerings by consumers, believed to be driven by the health impact of COVID-19
- Adjustments to enrollment and management practices, including payment methods, to address changes in the financial condition of both employers and employees
- Elevated use of multi-channel communications to employees, reflecting the rise in remote working and acceptance of digital forms of communications
- Greater adoption of multi-channel engagement techniques to serve the needs of an increasingly diverse workforce.
"The most recent OE season demonstrated that our platform and the services associated with it solved our customers' challenges. In many ways, it was our best OE ever," said
Observations from 2020
Hospital Indemnity and Voluntary Life Offerings
With COVID-19 affecting millions of Americans, employers sought additional benefits to help employees confront the impact of a pandemic that often led to hospitalization.
Adjustments to Enrollment and Management Practices
Numerous employers were forced to reduce operations or temporarily shut down and many small businesses faced a cash flow shortage. They needed alternatives to premium payment methods to continue to provide coverage for their employees. One solution adopted by benefits administrators and health plans was to add credit cards to the list of payment options.
Elevated Use of
With fewer in-person discussions, employers needed other ways to answer employees' questions about enrollment decisions. Numerous employers turned to chat capabilities. A leading real estate investment trust increased chat utilization by more than 80 percent, while a major food producer converted 90 percent of employee enrollment interactions to chat.
Meeting the Needs of an Increasingly Diverse Workforce
With benefits decisions taking on greater urgency in such a turbulent year, meeting the needs of users across demographic and generational groups was vital and placed a greater emphasis on creating a seamless enrollment process, especially when dealing with large numbers of users. A major higher education system conducted its first OE on the
Market-Leading Industry Trends and Insights
Resources to Evaluate Open Enrollment
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits industry through innovative technology solutions that bring efficiency, cost savings and simplicity to employee benefits administration. Our powerful cloud-based software, data-driven insights and thoughtfully designed services help employers, insurance brokers, health plans and suppliers address the complexity of benefits enrollment and engagement, while bringing easier access to health, wealth 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.
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 might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: volatility and uncertainty in the global economy and financial markets in light of the evolving COVID-19 pandemic and uncertainties arising from the recent
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Benefitfocus, Inc., 843-981-8898, email@example.com