CHARLESTON, S.C., Sept. 9, 2020 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading technology platform provider enabling rapid innovation for employers, health plans and consumers, today announced that the University of Texas System (UT System), comprising eight universities and six health institutions, completed full implementation across all institutions with the Benefitfocus Benefitplace™ solution.
Benefitplace provides the UT System an innovative, end-to-end platform to replace its highly customized legacy mainframe system. The platform modernizes the UT System's benefits administration and member engagement with innovative, user-friendly and easy-to-integrate solutions. It can reduce costs for the UT System by helping to streamline and automate data exchange. Benefitfocus' experienced business and technical subject matter experts can provide platform and technology support for the UT System, allowing its Office of Employee Benefits more time to focus on important benefit programs for its institutions and employees.
"This implementation represents 125,000 UT System employees and retirees who are now experiencing our state-of-the-art enrollment system. We are proud to be their innovative technology and business partner, that improves lives with benefits," said Steve Swad, President and CEO of Benefitfocus. "We believe this project also represents a new standard for public sector benefits administration and is another example of our ability to successfully deliver our technology solution in the middle of an unprecedented pandemic."
The University of Texas System includes 14 institutions, an enrollment of nearly 240,000 students and produces 60,000 graduates annually. It is one of the largest public university systems in the United States, with more than 21,000 faculty – including Nobel laureates and members of the National Academies – and more than 85,000 health care professionals, researchers and support staff.
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Benefitfocus (NASDAQ: BNFT) unifies the entire U.S. benefits industry on a single technology platform to protect consumers for life. Our powerful cloud-based software, data-driven insights and thoughtfully-designed services enable employers, insurance brokers, health plans and suppliers to simplify the complexity of benefits administration and deliver health, wealth, property and lifestyle products through 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: our ability to compete effectively; the need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; 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; privacy; security and other risks associated with our business; management of growth; 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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