New features support continued digital transformation of benefits management; instill confidence during transition to new administration
Charleston, S.C. – Dec. 15, 2016 – Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits management software, today announced its Winter Software Release, the fourth and final quarterly release of the year. The new release signals the continued drive toward digital transformation and the need for enterprise-level benefits management to support consumerization of employee benefits and the flexibility technology brings. For example, reporting enhancements streamline administration of this year’s more personalized benefit packages, which include a variety of voluntary benefits that can help curtail costs and provide employees added financial protection.
“Our customers tell us they need greater flexibility to manage costs and compliance uncertainty, while continuing to provide more personalized benefits plans that attract and retain talent,” said Benefitfocus President and COO Ray August. “We’re pleased that this latest release prepares them to confidently address these market dynamics with the tools and insights needed to effectively manage benefits.”
The software release features enhanced reporting and data insights that help HR leaders optimize plan fit and performance. Readily configurable to address potential compliance changes, the new features help increase engagement, improve productivity and reduce costs in several areas:
- HR administration – new reporting enhancements improve productivity by highlighting premium billing adjustments and reducing time spent reconciling carrier bills.
- Compliance – smart features simplify 1094-C and 1095-C reporting by applying benefits selections and eligibility patterns to automate Offer of Coverage and Safe Harbor and Certifications of Eligibility codes, freeing time for HR administrators to focus on exceptions.
- Employee experience – with additional automation, benefits administrators can easily communicate to discrete populations within the workforce with relevant, timely messages.
The release also optimizes platform performance in preparation for 2018 fall open enrollment season when an even greater volume of interactions are expected to cross the platform. This year, the platform scaled to manage millions of benefits transactions from its more than 825 large employer customers and 50+ insurance carriers.
To learn more about the Winter Release, prospective Benefitfocus clients can schedule a personalized walk through of the platform. Current Benefitfocus clients can access an overview of the Winter Software Release and learn more about the platform’s capabilities by visiting Benefitfocus’ customer portal, One Place 365.
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