Benefitfocus-Sponsored Research Identifies Strategic Value of the Platform Service Model for Health Insurers
Benefitfocus, Inc. (NASDAQ: BNFT) has released an e-book summarizing a study on enhancing customer experiences in health insurance. Sponsored by Benefitfocus and conducted by ACORD, the study highlights three key findings about platform adoption: the impact of changing consumer and regulatory landscapes, the value of platform-centric business models, and the necessity for insurers to embrace bold changes. The research, conducted over a decade, emphasizes the correlation between these models and expense optimization in the health insurance sector, presenting opportunities for improved efficiency and customer satisfaction.
- Identification of strategic advantages for health insurers adopting platform-centric business models.
- The e-book presents actionable insights for enhancing customer engagement and operational efficiency.
- Non-claims expenses in the health insurance sector have increased significantly, indicating a rising cost burden.
CHARLESTON, S.C., March 1, 2021 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, has published an ebook containing highlights of a study identifying superior customer experiences, strategies, operating models and capabilities health insurers can adopt to address engagement expectations of a changing member population.
The study was sponsored by Benefitfocus and conducted by ACORD, the global standards-setting body for the insurance industry. The results, published in an e-book titled "Health Benefit Platforms: Where Efficiency Meets Engagement," presents three key findings:
- The changing consumer, investor and regulatory landscape is driving health benefit platform adoption.
- Platform-centric business models deliver more value at every stage of the customer lifecycle.
- To succeed with a platform-centric strategy, health insurers must embrace change and take bold action.
This research explored the significance of the platform business model for selling and servicing consumers with insurance products. A platform business model creates value by facilitating exchanges between two or more interdependent groups, usually consumers and producers. In order to make these exchanges happen, platforms harness and create large, scalable networks of users and resources that can be accessed on demand.
"The Benefitfocus enrollment platform is helping everyone involved in benefits enrollment and administration increase efficiency and achieve a higher level of member and employee satisfaction," said Steve Swad, Benefitfocus President and CEO. "ACORD's research team has identified for health insurers the strategic advantages a technology platform can provide to drastically reduce manual administration while delivering a seamless, personalized experience to every member."
ACORD's research team studied filings, presentations and reports from leading insurance organizations, analyzed third-party and governmental sources and conducted proprietary interviews, research and evaluations of 2,400 individual websites. The team reviewed strategies, tactics and outcomes for companies over a period of 10 years, from 2009-2019.
"Our research shows a material correlation between platform-centric business models, expense optimization, and value creation across industries," said ACORD President and CEO Bill Pieroni. "At the same time, non-claims expenses in the health insurance segment have risen dramatically. Clearly there is an opportunity for health insurers to optimize operations and value capture through increased leverage of digital platforms—while also enhancing customer experience."
The Latest Health Plan Industry Trends
At Health Plan Place 2020 — an exclusive digital event presented by Benefitfocus for leaders from the nation's top health plans — ACORD President and CEO Bill Pieroni presented an exposition of findings from this study.
Other presentations included coverage of:
- Trends impacting your business — and the innovations you need to respond.
- Opportunities to drive growth and cultivate customer loyalty.
- Strategies for growth and member retention during these unprecedented times.
To view all these presentations on demand, visit the website.
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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 and Twitter.
About ACORD
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations in more than 100 countries. ACORD maintains offices in New York and London. Learn more at www.acord.org.
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.
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