Benefitfocus Adds Standard’s Voluntary Benefits Suite to Benefits Catalog
Expansion of Catalog Offerings Aligns with Growing Need for Employee Well-Being
CHARLESTON, SC, May 12, 2021 / PRNewswire / – Benefitfocus, Inc. (NASDAQ: BNFT), a leading-edge benefits technology platform that simplifies benefit administration for employers, health plans and brokers, added a full suite benefit offers from Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals, to the growing range of products and services on its Catalog of benefits.
Standard’s portfolio of voluntary group benefits such as Accident, Critical Illness, Hospital Benefits, Disability and Life Insurance help employees thrive by providing additional financial protection in the event of a loss. ‘unexpected. Their portfolio also includes dental and vision benefit plans that provide employees with greater choice, flexibility and value.
âBenefitfocus believes that interest in supplemental insurance plans will continue to grow, both among employers and employees, as employees seek a range of benefits to achieve a sense of health and financial well-being as well as they wish â, said Matt Levin, CEO of Benefitfocus. “With the addition of The Standard to our benefits portfolio, we continue to improve its position as a truly strong portfolio of health, wealth and lifestyle benefits to be incorporated into the experience of enrollment and employee engagement. “
Recent analysis of the 2021 open registration period concluded on December 31, 2020 showed an increase in registrations for supplementary insurance plans, a probable consequence of the effects caused by the COVID-19 pandemic. With the coronavirus affecting millions of Americans and often leading to hospitalization, employers have sought additional benefits to help employees cope with its financial impact. Benefitfocus has also seen an increase in purchases of hospital benefits and optional life insurance offerings through its catalog of benefits. These observations reflect a growing demand for the kind of solutions offered by The Standard.
âThis integration continues The Standard’s commitment to strategic partnerships with certain BenAdmin vendors, and we are delighted to extend our relationship with Benefitfocus,â said Dayna Kirk, vice president of customer service and voluntary benefits for The Standard. . “We are pleased that our voluntary group benefits are included in the Benefits Catalog to provide additional choices that enhance the consumer registration experience.”
The Benefitfocus Benefits Catalog offers employers, brokers and health insurance plans the ability to offer their clients over 85 leading benefit products from over 45 leading brands. This product catalog offers a streamlined registration experience that brings all categories of voluntary benefits together in one place. To learn more about the benefits catalog, click here.
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits industry with innovative technology solutions that bring efficiency, cost reduction and simplicity to benefits administration. Our powerful cloud-based software, data-driven information and well-designed services help employers, insurance brokers, health plans and providers cope with the complexity of enrollment and registration. commitment of benefits, while facilitating access to health, wealth and lifestyle products through experience of benefits. Our mission is simple: to improve life with benefits. Learn more about www.benefitfocus.com, LinkedIn, Facebook, Instagram and Twitter.
About the standard
The Standard is a family of companies dedicated to helping clients achieve financial well-being and peace of mind. In business since 1906, we are a leading provider of financial protection products and services for employers and individuals. Our products include group and individual disability insurance, group life insurance, dental and vision insurance, voluntary benefits (employee paid), absence management services and employer pensions and annuities. and individuals. For more information on The Standard, visit standard.com or follow us on Facebook, Twitter or LinkedIn.
The Standard is the trade name of StanCorp Financial Group, Inc. and its subsidiaries: Standard Insurance Company, The Standard Life Insurance Company of new York, Standard Retirement Services, Inc., StanCorp Mortgage Investors, Inc., StanCorp Investment Advisers, Inc., StanCorp Real Estate, LLC and StanCorp Equities, Inc.
DISCLAIMER REGARDING FORWARD-LOOKING STATEMENTS
Except for historical information, all statements, expectations and assumptions contained in this press release are forward-looking statements. Actual results may differ materially from those expressed or implied in forward-looking statements. Important factors that could cause actual results to vary materially include: volatility and uncertainty in the global economy and financial markets in light of the development of the COVID-19 pandemic and uncertainties arising from the recent US elections ; our continued losses and our need to achieve profitability under GAAP; fluctuations in our financial results; our ability to maintain our culture, retain and motivate qualified staff; the immature and volatile market for our products and services; risks associated with changes in healthcare and other applicable regulations; risks associated with acquisitions; cybersecurity risks; the need to innovate and provide useful products and services; our ability to compete effectively; confidentiality, security and other risks associated with our business; and other risk factors discussed from time to time in our documents filed with the SEC, copies of which are available free of charge in the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com / sec-filings or on request. of 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.