CHARLESTON, S.C., July 17, 2019 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ: BNFT), a leading cloud-based benefits management
platform and services provider, announced today an expansion of its
enterprise data exchange capabilities focused on human capital
management (HCM) software API integrations. Leveraging the
company's position as the benefits industry data standard, as
chosen by the global insurance industry data standards body, ACORD,
Benefitfocus is expanding its data exchange capabilities to address
HCM API integrations. The move supports Benefitfocus' multi-year,
multi-million-dollar investment in world-class data.
Benefits enrollment and administration is a critical component
of the employee lifecycle and, until now, employers have struggled
with heavily manual processes, SFTP interactions, process batches,
latency and data sync challenges. Benefitfocus' enterprise HCM API
approach addresses these issues and removes points of friction that
have challenged the seamless integration of benefits enrollment and
administration offerings into enterprise HCM solutions. Through
this innovation, employers who utilize contemporary HCM platforms
for certain human resources processes will benefit through seamless
integration of data, business process and user experience
functionality.
"Our enterprise HCM API approach will enable deeper integration
across solutions, giving customers a single system-of-record
experience," explains Jim Restivo,
Chief Technology Officer of Benefitfocus. "We have developed a
real-time data exchange approach that can be used across HCM
solution providers, while still allowing customers to subscribe to
a world-class point solution."
Ray August, Benefitfocus
President & CEO, adds, "We are focused on eliminating manual
operation pain points across the benefits ecosystem to save
customers time and money. Ultimately, this drives higher data
accuracy and translates into a better experience for both the
benefits administrator and the employee."
Earlier this year Benefitfocus was recognized as a benefits
industry innovator from multiple integration partners for its
commitment to excellence, impact and collaboration in transforming
the benefits industry. The company expects to make its enterprise
HCM API generally available later this year.
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.
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; management of growth; our ability to maintain our
culture and recruit and retain qualified personnel; the immature
and volatile nature of the market for our products and services;
risks related to changing healthcare and other applicable
regulations; 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/benefitfocus-launches-enterprise-hcm-api-data-exchange-capabilities-300886505.html
SOURCE Benefitfocus, Inc.