Benefitfocus
Future of Benefits Administration

When it comes to workplace benefits, the prevailing paradigm has long emphasized the notion that more benefits options equate to a better benefits package – and that employers should measure their success by the sheer quantity of choices they extend to their workforce. However, Benefitfocus, a leader in helping organizations and the people they serve get the most out of their health care and benefit programs, is ushering in a new era that prioritizes a shift from quantity to quality and from an assortment of offerings to those that help result in a demonstrable improvement in health and financial outcomes.

Through its exceptional service model and innovative benefits administration technology, Benefitfocus is championing a more connected approach that helps to simplify the complexity of benefits and deliver an engaging benefits experience.

“We aim to enable employers who want a simpler environment where they know how their benefits offerings make an impact on their people and business,” says Andrew Frend, President of Benefitfocus.

Benefitfocus not only challenges the status quo by helping employers simplify and expand their ability to offer quality benefits to their employees but also by helping alleviate much of the administrative burden that may be preventing HR leaders from focusing on the strategic initiatives often required to effectively manage health care and benefits costs as part of a competitive offering.

The cost of benefits is a significant concern, as nearly 30 percent of total compensation costs are attributed to them. Managing these benefits has also become increasingly intricate due to the involvement of multiple vendors, with over 70 percent of employers working with three or more benefit providers, resulting in administrative complexities. Compounding the challenges, 68 percent of employers believe employees underutilize available services and benefits.

Benefitfocus addresses these issues with its holistic benefits administration solution and engagement platform.
•End-to-end benefits administration – designed to simplify benefits enrollment, communication and administrative tasks, while data exchange functionality helps simplify the complexities associated with multiple benefits vendors.
•Billing and payroll – streamline processes to help prevent any premium leakage, reduce costs and improve efficiency.
•Data analytics – empowers employers with actionable insights, allowing them to optimize the impact and return on investment of their benefits programs.

Besides addressing the immediate complexities, Benefitfocus’ solutions focus on driving employee engagement, enabling employees to maximize the value of their benefits throughout the year and combating underutilization. Their connected approach to benefits management encompasses the “choose,” “use,” and “views” phases of engagement.

In the “choose” phase, Benefitfocus helps employees make informed benefit decisions and navigate complex situations, such as when a qualifying life event necessitates changes in benefits. Transitioning to the “use” phase, employees are provided with guidance on how to access, maximize and use their benefits effectively: find quality health care providers, for example, or understand the potential cost implications of receiving particular medical services. The “views” aspect of the benefits experience provides employees with a consolidated view of their benefits – from health savings accounts to retirement plans and life insurance – that helps them track and manage their health and financial well-being with ease.

Whether it’s aiding employees in making informed benefit choices and optimizing benefit use or simplifying benefits management for HR professionals, Benefitfocus demonstrates its commitment to improving people’s lives with benefits – and ensuring their benefits experience is as smooth and rewarding as possible.