CHARLESTON, S.C., March 26, 2019 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ: BNFT), a leading cloud-based benefits management
platform and services provider, today announced a significant
expansion of the BENEFITFOCUS® Platform and Benefitfocus
BenefitsPlace®. Announced during the company's annual One Place
keynote address was a fully-deployed, all-new advanced artificial
intelligence (AI) engine, BenefitSAIGE, that supports world-class
data interchange and automation enhancements and powers deeper
platform insights and communications.
With these significant enhancements to the platform,
Benefitfocus accelerates its best-in-class consumer experience by
connecting benefits buyers and sellers in unprecedented ways:
- Leveraging advanced artificial intelligence technologies to
offer deeper insights, designed to enhance the ecosystem experience
for all participants, and driving smart content and recommendations
that improve consumer experience.
- Improving ecosystem productivity through seamless data
exchange, APIs and automation, designed to deliver unparalleled
security and data protection.
- Offering a wider range of benefits products for personal
wellbeing and security tailored for every stage in life.
Easier employee benefits enrollment and employer benefits
administration
Leveraging advanced artificial intelligence technologies such
as rules-based systems, robotic process automation, machine
learning, predictive analytics and natural language processing,
BenefitSAIGE learns from billions of interactions on the
Benefitfocus Platform. An all-new, learning chat bot, offering
24-hour support, is embedded within the company's advanced AI
framework to deliver smart recommendations. Benefitfocus'
platform-wide intelligence makes it easier to enroll in the right
benefits in "smart moments" that matter to consumers.
Alongside the company's intelligence engine sits market-leading
data interchange capabilities. Benefitfocus is transforming
industry data standards. The company's world-class data
capabilities and extensive investments have produced an
unprecedented 99.6% data accuracy on first-pass yield, eclipsing
the industry average of 95%.
"Data accuracy is a critical part of our platform strategy as
data drives the scale and connections of the ecosystem and
increases the productivity of everyone on the platform," explains
Ray August, President & CEO of
Benefitfocus. "Employers expect employee paychecks to be correct,
their deductions to be accurate, access to care when they need it
and for their insurance cards to arrive on time. The American
workforce is counting on these transactions to be right."
"We manage unprecedented volumes of benefits transactions,"
continues August. "We had 2.7 billion data transactions in
2018. From each transaction we are focused on driving
intelligence, and this is why we've invested heavily in
BenefitSAIGE and world-class data."
"BenefitSAIGE is the connective tissue of our platform," states
Jen Clark, Director of Artificial
Intelligence for Benefitfocus. "It powers how we exchange data,
inform consumers, create engaging interactions for all platform
users and unlock the power of the worlds largest benefits community
with our insights. The practical benefit to employers and consumers
is being there, correctly, in the moment they need us to be. And in
doing so, we add value for every platform participant because we do
the heavy lifting and handle all of the connections, so they don't
have to."
While the company's advanced AI capabilities create a better
consumer experience, its platform insights help employers, brokers
and carriers better engage with employees. These insights allow
sellers and brokers to segment employer customers and their
employee populations for improved benefit strategy, communications
and engagement, while giving employers robust visual interactive
tools to quantify the value of their benefits programs and serve
their employees.
All-new mobile app gives consumers more control over their
benefits portfolio
During the One Place keynote address, August and special guest
speakers highlighted additional, new platform functionality and
capabilities, supported by BenefitSAIGE, to enhance consumer
support in the moments that matter, including:
- All-new Benefitfocus Mobile App for simplified consumer
engagement, total rewards details, digital ID cards and benefits
management.
- Personalized offerings and communications 52-weeks a year.
- A new Benefitfocus Wallet that enables flexible payment options
beyond payroll deduction.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies
the entire U.S. benefits industry on a single technology platform
to protect consumers' health, wealth, property and lifestyle. Our
powerful cloud-based software, data-driven insights and
thoughtfully-designed services, enable employers, insurance brokers
and carriers to simplify the complexity of benefits administration
and deliver a world-class benefits experience. Learn more at
www.benefitfocus.com, LinkedIn and Twitter.
Safe Harbor Statement
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: the need to innovate and provide useful products and
services; our ability to compete effectively; the immature and
volatile nature of the market for our products and services; risks
related to changing healthcare and other applicable regulations;
our ability to maintain our culture and recruit and retain
qualified personnel; 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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SOURCE Benefitfocus, Inc.