CHARLESTON, S.C., May 9, 2017 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits management software, today announced it has expanded its client base in the manufacturing sector, adding several new companies to its growing list of manufacturers including Hillyard, Inc. and Yazaki North America, Inc.
"As HR leaders in the manufacturing space continue to invest in the well-being of their workforces, benefits remain an important strategic asset to not only promote well-being but also to attract and retain talent," said Benefitfocus Co-founder and CEO Shawn Jenkins. "Through the Benefitfocus Platform, our manufacturing clients are uniquely positioned to engage an increasingly diverse workforce, navigate regulatory complexity and rein in healthcare expenses."
Nearly three out of four manufacturers now offer high-deductible health plans (HDHPs)—up from 50 percent in 2016—according to Benefitfocus behavioral research published in the recently released State of Employee Benefits Industry Edition. To offer additional financial protection from the higher deductibles, manufacturers increased their contributions to family-coverage health savings accounts (HSAs) by 22 percent. More than half offered at least one voluntary income ("gap") protection benefit across accident, critical illness or hospital indemnity insurance, and over 25 percent of manufacturers offered all three of these products.
Auto parts manufacturer Yazaki North America, Inc. supplemented its health care plan with voluntary benefits and applied Benefitfocus technology to enhance collaboration and communication with its 1,850 employees. "With Benefitfocus we received more than an automated enrollment technology, we also have an extended HR team of benefits specialists through the Benefitfocus Benefits Service Center that adds capacity and centralized support for our workforce," said Senior Benefit Manager Dawn Jones.
Hillyard, Inc. a leading manufacturer and distributor of cleaning and hygiene solutions moved from paper to electronic thanks to the BENEFITFOCUS® Marketplace, which not only streamlined its open enrollment and benefits management processes, but also automated ACA compliance, giving benefit administrators a boost in confidence. "The platform enhanced our member experience and simplified ACA reporting. The system makes it easier to comply," said Gregg Roberts, Vice President of Human Resources. "It just made sense to use the Benefitfocus Platform to simplify the entire benefits management process."
Learn more about enrollment behavior by industry in the Benefitfocus State of Employee Benefits Industry Edition.
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 the consumers they serve 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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SOURCE Benefitfocus, Inc.