CHARLESTON, S.C., July 16, 2020 /PRNewswire/ -- Benefitfocus,
Inc. (NASDAQ: BNFT), a technology platform provider enabling
rapid innovation for employers, health plans and consumers, has
added a portfolio of financial protection solutions from Lincoln
Financial Group (NYSE: LNC) to the ever-growing range of products
and services in its Benefit Catalog.
As a leader in the group benefits industry, Lincoln Financial's
solutions include accident, critical illness, vision, dental,
disability and life insurance. They can be accessed via
Benefit Catalog's integrated consumer enrollment experience
that employers and brokers offer to their employees.
"When looking for new partners for our Benefit Catalog, we
always strive to find companies and solutions that support our
mission of improving lives with benefits. Lincoln Financial has a
long history of offering high-quality products and outstanding
customer service. They are a natural addition," said Ray August, President & CEO of Benefitfocus.
"Their benefit choices and consumer education capabilities help
employees feel confident when selecting and using Lincoln Financial
benefits."
Lincoln Financial
As a leading provider of workplace
benefits like short- and long-term disability and leave management,
Lincoln Financial serves employers of all sizes and industries with
more than 36,000 clients representing over 12 million covered
lives. With employees more focused than ever on benefits that
protect their families in the wake of COVID-19, Lincoln Financial
has a proven history of developing employer-focused, tailored and
innovative solutions to meet the complex needs of their
customers.
"Our partnership with Benefitfocus presents a tremendous
opportunity for employers to not only offer a comprehensive
employee benefits purchasing experience, but to ensure employees
understand how these benefits can support their health and
financial wellness," said Bob Reiff,
senior vice president, head of Distribution and Client Solutions,
Lincoln Financial. "We want to help people put the right financial
protections in place, so an accident or illness doesn't derail
their savings or disrupt their ability to provide for their
family."
Lincoln Financial's supplemental insurance products, including
disability, accident and critical illness insurance, can provide
peace of mind and help ease financial stress, which is even more
important in today's uncertain environment. Through this
partnership, employees will have access to the educational tools
and materials they need to confidently select and take ownership of
their coverage.
Use of New Industry-Leading Data Exchange
Standards
Lincoln Financial and Benefitfocus are
deploying the data exchange standards developed by LIMRA, the
trade association supporting research and solutions for the
financial services industry, focused on post-enrollment data
for the employee benefits market.
Representatives of Benefitfocus, Lincoln Financial and other
leading insurance carriers and benefits administration companies
served on the committee that created the standards. By using the
LIMRA Data Exchange Standards (LDEx), Benefitfocus moves beyond its
existing industry leading data integration and quality standards of
99.8%+ accuracy to reduce errors, drive consistency and streamline
the process.
Benefit Catalog
Benefit Catalog is a comprehensive
portfolio of curated health, wealth, property and lifestyle benefit
products available in the market, provided by vetted suppliers that
consumers can trust. The Catalog includes over 85
ready-to-implement voluntary and specialty benefits products from
more than 45 leading brands that employers, brokers and health
plans can offer employees in a consumer enrollment and use to
enhance their benefits offering.
Benefitplace
The Benefit Catalog is part of
Benefitplace, our single solution to simplify the benefits journey,
powered by AI. Whether serving employers, health plans, brokers or
partners, this solution is designed to meet the market needs for
every member of the ecosystem.
Benefitplace embodies Benefitfocus' total solution approach,
which helps employers eliminate manual tasks and automate
end-to-end benefits administration, from onboarding and
administration to offboarding and rehiring.
Connect with Benefitfocus
Access Benefit Catalog.
Like Benefitfocus on Facebook
Follow @Benefitfocus on Twitter
Follow Benefitfocus on LinkedIn
Follow Benefitfocus on Instagram
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies
the entire benefits industry on a single technology platform to
protect consumers for life. Our powerful cloud-based software,
data-driven insights and thoughtfully designed services enable
employers, insurance brokers, health plans and
suppliers to simplify the complexity of benefits
administration and deliver health, wealth, property 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.
INSURANCE NOTICE
Certain products available on the
BENEFITFOCUS BENEFITPLACE™ platform may be regulated through
various state agencies as insurance products. Regulated insurance
products are offered through brokers affiliated with BenefitStore,
Inc. (doing business as 627 Benefits Insurance Agency in
California and 627 Insurance
Broker Agency in New York), a
licensed insurance agency and wholly owned subsidiary of
Benefitfocus, or through your, your association's, or your
employer's appointed broker as applicable. Any insurance coverage
is subject to the issuer's underwriting standards, fees and other
terms and conditions associated with specific offering or services
as determined by the issuer or provider.
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 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; risks related to changing healthcare and
other applicable regulations; the immature and volatile nature of
the market for our products and services; our ability to compete
effectively; our ability to maintain our culture and recruit and
retain qualified personnel; privacy;
security and other risks associated with our business; 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.
About Lincoln Financial Group
Lincoln Financial Group
provides advice and solutions that help empower people to take
charge of their financial lives with confidence and optimism.
Today, more than 17 million customers trust our retirement,
insurance and wealth protection expertise to help address their
lifestyle, savings and income goals, as well as to guard against
long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group
is the marketing name for Lincoln National Corporation (NYSE:LNC)
and its affiliates. The company had $247
billion in end-of-period account values as of March 31, 2020. Lincoln Financial Group is a
committed corporate citizen included on major sustainability
indices including the Dow Jones Sustainability Index North America
and FTSE4Good. Dedicated to diversity and inclusion, Lincoln earned perfect 100 percent scores on
the Corporate Equality Index and the Disability Equality Index.
Lincoln has also been recognized
in Newsweek's Most Responsible Companies and is
among Forbes' World's Best Employers, Best Large
Employers, Best Employers for Diversity, Best Employers for Women
and ranked on the JUST 100 list. Learn more
at: www.LincolnFinancial.com. Follow us
on Facebook, Twitter, LinkedIn, and Instagram.
Sign up for email alerts at http://newsroom.lfg.com.
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SOURCE Benefitfocus, Inc.