Benefitfocus Delivers Expanded AI Capabilities
New capabilities within BenefitSAIGE® enable a differentiated experience
CHARLESTON, S.C., Sept. 12, 2019 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based benefits management platform and services provider, today announced enhancements available on the Benefitfocus Platform powered by its artificial intelligence (AI) engine, BenefitSAIGE®. BenefitSAIGE is the intelligence engine enabling several capabilities such as Smart Moments, utilization reporting, plan modeling, cost analysis and data quality reporting.
With this announcement, medical carriers and voluntary benefits providers are equipped to offer an industry-leading AI-powered consumer benefits experience, featuring Smart Moments and Insights.
Benefitfocus President & CEO Ray August introduced the enhancements at Carrier Place 2019, the executive forum for leaders from the nation's top health insurance carriers and voluntary and supplemental benefits providers held at The Sanctuary on Kiawah Island Golf Resort, at Kiawah Island, SC. In his keynote address, August highlighted the capabilities and value provided by BenefitSAIGE and emphasized the scale of AI-enabled operations demonstrated over the past week with >200K Smart Moment alert messages being generated by the MarketPlace Exchange integration engine.
"For our Benefitfocus MarketPlace customers, we are providing a unique opportunity to lead and innovate by leveraging the Benefitfocus platform. Our intelligent shopping experience clearly differentiates and adds value to our medical carrier customers by unlocking the power of their network through our AI-powered smart moments and insights," August said. "The end result is the kind of personalized and trusted benefits shopping experience that consumers expect. This experience is now available to each consumer connected via the Benefitfocus platform."
Medical carrier, voluntary and specialty providers are better positioned to engage with consumers all year long by leveraging two key BenefitSAIGE capabilities:
- Smart Moments – The BenefitSAIGE artificial intelligence (AI) platform helps consumers make better benefit decisions by offering insights that are data-driven and tailored to their stated preferences. The integrated AI engine makes use of each consumer's unique data while also considering benefit preferences of more than 25 million consumers processed by the Benefitfocus platform. Leveraging this data, Smart Moments brings awareness for benefits that are selected based on the personal data and preferences. To further educate the consumer, each Smart Moment is accompanied by an Insight, an analytical chart or relevant statistics to further inform the consumer of each benefit.
- Smart Moments Console – The new and differentiated experience provided via Smart Moments and Insights can be easily managed by the Benefitfocus system administrator, via the Smart Moments Console. The console provides a singular point of control to ensure effective and efficient communication with employees; sending the right messages at specified instances to targeted groups or to an entire employee population. The console distinguishes between Scheduled, Event-Based and On-Demand messages. In addition, administrators are provided options for personalizing messages and specifying follow-up action.
The BenefitSAIGE AI engine effectively leverages both the data provided by each individual and the extensive benefits and claims data warehouse established over years of operation. Effective use of the population health, benefits profile and transactional data, securely managed by the Benefitfocus platform, representing more than 25 million consumers and $17B dollars in benefits payments, helps provide a personalized experience with each Smart Moment and Insight. This combination of a Smart Moment, further clarified by an Insights analytical dashboard, helps educate each consumer on the benefits available to them to help them to live their best life.
You can learn more about the Benefitfocus MarketPlace for carriers and BenefitSAIGE here.
About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire U.S. benefits industry on a single technology platform to protect consumers' health, wealth, property and lifestyle. Our powerful cloud-based software, data-driven insights and thoughtfully designed services, enable employers, insurance brokers, carriers and suppliers to simplify the complexity of benefits administration and deliver a world-class benefits experience. 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 or performance 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; our ability to compete effectively; management of growth; the immature and volatile nature of the market for our products and services; our ability to maintain our culture and recruit and retain qualified personnel; risks related to changing healthcare and other applicable regulations; 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-filings 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.
SOURCE Benefitfocus, Inc.
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