Benefitfocus Adds The Standard's Suite of Voluntary Benefits to Benefit Catalog

Rhea-AI Summary

Benefitfocus, Inc. (NASDAQ: BNFT) has expanded its Benefit Catalog by incorporating a comprehensive suite of voluntary benefits from The Standard. This addition includes products such as accident, critical illness, hospital indemnity, disability, life insurance, and dental and vision plans, aiming to enhance employee financial protection. The move aligns with rising demand for additional benefits due to the COVID-19 pandemic, as highlighted by a recent analysis showing increased enrollment in supplemental insurance plans. Benefitfocus aims to improve the employee enrollment experience through this partnership.

Positive

• Expanded Benefit Catalog to include a wide range of voluntary benefits from The Standard.
• Increased demand for supplemental insurance products amid COVID-19 highlights market opportunity.
• Enhanced employee choice with new products such as critical illness and hospital indemnity insurance.

Negative

• None.

CHARLESTON, S.C., May 12, 2021 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, has added a full suite of benefits offerings from Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals, to the growing range of products and services on its Benefit Catalog.

The Standard's portfolio of voluntary group benefits such as accident, critical illness, hospital indemnity, disability and life insurance help employees thrive by offering additional financial protection in the event of the unexpected. Their portfolio also includes dental and vision benefit plans that provide employees with increased choice, flexibility and value.

"Benefitfocus believes interest in additional insurance plans will continue to grow from employers and employees alike, as employees seek a range of benefits to achieve their desired sense of health and financial wellbeing," said Matt Levin, Benefitfocus president & CEO. "With the addition of The Standard to our Benefit Catalog, we continue to enhance its position as a truly robust portfolio of health, wealth and lifestyle benefits to be integrated into the employee enrollment and engagement experience."

Recent analysis of the 2021 Open Enrollment period concluded on Dec. 31, 2020 showed a rise in enrollment in supplemental insurance plans, a likely result of the effects caused by the COVID-19 pandemic. With the coronavirus affecting millions of Americans and often leading to hospitalization, employers sought additional benefits to help employees confront its financial impact. Benefitfocus also saw an increase in the purchase of hospital indemnity benefits and voluntary life insurance offerings through its Benefit Catalog. These observations reflect a growing demand for the sort of solutions offered by The Standard.

"This integration continues The Standard's commitment to strategic partnerships with select BenAdmin providers, and we're delighted to expand our relationship with Benefitfocus," said  Dayna Kirk, vice president of Customer Service and Voluntary Benefits for The Standard. "We're pleased that our voluntary group benefits will be included on Benefits Catalog to offer additional choices that enhance the consumer enrollment experience."

Benefit Catalog
Benefitfocus' Benefit Catalog provides employers, brokers and health plans the ability to offer customers more than 85 market-leading specialty benefits products from more than 45 leading brands. This product catalog provides a simplified enrollment experience that brings all categories of voluntary benefits together in one place. Find out more about Benefit Catalog here.

About Benefitfocus 
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, Facebook, Instagram and Twitter.

About The Standard
The Standard is a family of companies dedicated to helping customers achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life, dental and vision insurance, voluntary (employee-paid) benefits, absence management services, and retirement plans and annuities for employers and individuals. For more information about The Standard, visit standard.com or follow us on Facebook, Twitter or LinkedIn.

The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries: Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, Inc., StanCorp Mortgage Investors, Inc., StanCorp Investment Advisers, Inc., StanCorp Real Estate, LLC, and StanCorp Equities, Inc.

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 U.S. elections; our continuing losses and need to achieve GAAP profitability; fluctuations in our financial results; our ability to maintain our culture, retain and motivate qualified personnel; the immature and volatile market for our products and services; risks related to changing healthcare and other applicable regulations; risks associated with acquisitions; cyber-security risks; the need to innovate and provide useful products and services; our ability to compete effectively; 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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SOURCE Benefitfocus, Inc.

FAQ

What new benefits has Benefitfocus added to its catalog?

Benefitfocus has added a suite of voluntary benefits from The Standard, including accident, critical illness, hospital indemnity, disability, and life insurance.

How does the addition of The Standard's products affect Benefitfocus's market position?

The addition strengthens Benefitfocus's market position by providing a robust portfolio of health and financial benefits, addressing growing employer and employee demand.

When was the announcement made regarding the new benefits?

The announcement was made on May 12, 2021.

What is the significance of the partnership between Benefitfocus and The Standard?

The partnership aims to enhance the consumer enrollment experience by offering more choices in voluntary benefits.

How has the COVID-19 pandemic influenced Benefitfocus's product offerings?

The pandemic has led to increased interest in supplemental insurance plans, prompting Benefitfocus to expand its offerings to meet this demand.