The BENEFITFOCUS® Private Exchange Platform provides insurance carriers a scalable solution to support benefits shopping, enrollment and ongoing account management for individuals and employer groups of all sizes. The Benefitfocus Private Exchange Platform enables insurance carriers to offer a straightforward, stress-free benefits experience within a marketplace that reflects their corporate brand, helping grow and maintain market share across all segments.
Marketplace + Administration + Data
With more than 1,500 data exchange connections, Benefitfocus facilitates connectivity across systems required to accurately and efficiently manage enrollment for multiple types of benefits. This data exchange network is connected to a rules-driven engine, offering insurance carriers a single private exchange platform to manage eligibility rules, rating criteria and data & payment collection for multiple markets and products.
The Benefitfocus Private Exchange Platform personalizes the benefits shopping experience, delivering plan recommendations based on their profile and eligibility status. Decision support tools guide consumers through the enrollment process and direct them to the plans that best fit their individual and families’ needs.
The individual mandate has created the new reality that everyone is eligible for some type of coverage whether it is employer-sponsored or a federally subsidized Qualified Health Plan (QHP). The Issuer Direct Enrollment model available through Benefitfocus Marketplaces offers carriers the ability to interface with the Federally Facilitated Marketplace (FFM) as part of new sales, life events and annual renewal periods. This integration creates a seamless process for consumers to:
- Determine subsidy eligibility through the public exchange
- Shop for QHPs and voluntary benefit coverage from a single workflow
- Apply subsidies to a QHP purchase
- Set up payment options including recurring auto-draft and PIN-less debit
The Benefitfocus Private Exchange Platform also support payment redirects, which allows insurance carriers to collect initial payments from consumers who shop and purchase their Qualified Health Plans directly from a public exchange.