Private Exchanges and Marketplaces
At Benefitfocus, we believe that selecting a benefits plan should be like shopping for any other product - it requires a great, personalized user experience. That's why we've designed a retail environment for employers, insurance carriers and government entities that creates a totally new, consumer-centric world based on personalization, social tools, mobility and most importantly, choice.
HR InTouch Marketplace
HR InTouch Marketplace builds on the core enrollment and communication capabilities in HR InTouch, creating the industry's first complete private exchange for large employers. With HR InTouch Marketplace, employees are presented with all of the plans their employer has chosen to offer in one cohesive, engaging workflow, helping them spend their defined contribution on the benefits that meet their needs.
Multiple types of educational tools provide varying levels of support. Employees who need extra assistance can access avatars, animated videos and live chat as they explore their benefit options. Others can follow a guided shopping experience, answering a series of simple questions to narrow down their choices. Interactive cost estimators allow employees to model plan costs based on their own expected usage, and ratings and plan reviews add personalized, social content.
Shopping and Defined Contribution
As employees shop, they can keep track of their selected plans by adding them to a shopping cart that keeps a running tally of their employer’s defined contribution and their own out-of-pocket costs. Most employees can't provide an accurate estimate of their benefit costs. With HR InTouch Marketplace, they can easily see - and appreciate - the contribution your company is making to their total compensation package.
If employees choose to go over their defined contribution and purchase more coverage on their own, they can easily view and pay their bills in the HR InTouch Marketplace. Multiple payment options include credit card, PayPal account and Google Wallet.
Exchanges for Insurance Carriers and States
Insurance carriers and government entities are using Benefitfocus technology for group and consumer exchanges. Employers shopping on the exchange can quickly narrow down plan options by answering a few simple questions like number of employees, average employee age, county and ZIP code, and can specify defined contribution amounts. Personalized, guided workflows provide a user-friendly shopping experience, even for small business owners who may be unfamiliar with shopping on an exchange.
Benefitfocus easily manages the many layers of requirements from carriers, employers and legislative bodies. Information is entered once, and from there the Platform enforces plan-specific requirements, minimizing administrative legwork for the marketplace administrator.
