Benefitfocus Launches New Crowdsourcing Feature in Its Summer 2016 Software Release

New One Place 365 Idea Community enables customers to influence future product development with functionality they recommend and vote on; encourages product innovation

Charleston, S.C. – June 14, 2016 – Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits management software, today announced major platform upgrades as part of its Summer Software Release. Leading into the fall open enrollment period, benefits professionals now have even more tools to help streamline administration, encourage health and financial wellness and manage health care costs.

The software release also provides customers greater influence over the Benefitfocus product roadmap through the company’s new One Place 365 Idea Community, a collaboration platform that enables customers to crowdsource and share new product concepts online. The new feature builds on the company’s existing platforms for soliciting client input including the Benefitfocus One Place Annual User Conference and the more than 40 One Place Local events held throughout the U.S.

“For our customers, the Summer 2016 software release is a key milestone in preparation for open enrollment 2017. Our new Idea Community provides our clients with tremendous influence and visibility into our product development efforts, and is yet another tool to ensure customers are at the heart of everything we do,” said Benefitfocus President and COO Ray August. “We’re proud of the more than 400,000 hours our associates invested across more than 400 features available today as we prepare for the next open enrollment.”

In addition to the One Place 365 Idea Community, Benefitfocus customers now have access to numerous platform enhancements specifically designed to:

  • Ensure appropriate coverage. Customized messaging options in the BENEFITFOCUS® Marketplace give administrators greater flexibility and employees more information to understand how to address life events and leaves of absence, while also reducing costs and ensuring coverage.
  • Encourage financial wellness. Newly enhanced cost estimators enable employees to model a more complete financial picture based on benefits selections, including potential tax savings from FSA and HSA contributions.
  • Better predict expenses and cash flow. New insights available in the BENEFITFOCUS® Core & Advanced Analytics monthly cost summary report help cost-conscious benefits executives avoid unexpected and significant benefits-related cash outlays. The report enables them to identify peak cash exposure and plan accordingly.  
  • Simplify individual billing. With enhanced billing, insurance carrier members have more ways to easily purchase and pay for specific benefits, now using their personal checking accounts in addition to credit cards.

The features outlined above along with numerous other enhancements are now available on the Benefitfocus Platform. To learn more, prospective Benefitfocus clients can schedule a personalized walk through of the platform. Current Benefitfocus clients can access an overview of the Summer Software Release and learn more about the platform’s capabilities by visiting Benefitfocus’ customer portal, One Place 365.

About Benefitfocus
 

Benefitfocus (NASDAQ: BNFT) provides a leading cloud-based benefits management platform that simplifies how organizations and individuals shop for, enroll in, manage and exchange benefits.  Every day leading employers, insurance companies and millions of consumers rely on our platform to manage, scale and exchange benefits data seamlessly.  In an increasingly complex benefits landscape, we bring order to chaos so our clients and their employees have access to better information, make better decisions and lead better lives. Learn more at www.benefitfocus.com, LinkedIn and Twitter.

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results 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; changes in government regulations; the immature and volatile nature of the market for our products and services and other factors that could impact our anticipated growth; management of growth; fluctuations in our financial results; general economic risks; reliance on key personnel; 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; 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.cfm 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.

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