CHARLESTON, S.C., April 12, 2016 /PRNewswire/-- Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits management software, announced today that Concur, an SAP company and the world's leading provider of integrated travel and expense management solutions, has selected BENEFITFOCUS® Marketplace to provide employees with the tools to choose the benefit plans that best fit their individual and family needs. In addition, Concur also selected Benefitfocus ACA Compliance & Reporting to stay up-to-date with rapidly changing IRS reporting requirements.
Many large employers are feeling the pressure as ACA reporting deadlines approach. Recognizing the need to do more than simply avoid fines, Concur selected the new ACA offering from Benefitfocus to:
- Automate IRS reporting to reduce administrative waste.
- Utilize advanced analytics tools to turn the ACA into an opportunity to reduce costs by designing plans that fit employees' needs without adding to the waste.
- Apply personalized, targeted communication capabilities to explain complex ACA terminology with new media while increasing employee engagement.
"The complexity of the ACA and IRS reporting requirements is increasing daily," said Shawn Jenkins, CEO of Benefitfocus. "Without a partner who has been preparing for these regulations for the past five years, many businesses will not be ready for the challenges ahead. We're excited to work with Concur to tackle this immediate need, and even more, we're keen to assist in the long-term goal of maximizing employee benefit plan fit through Benefitfocus Marketplace."
A recognized leader in travel and expense solutions, from its worldwide headquarters in Bellevue, Wash., Concur manages 4,200+ employees globally. The scale of this cloud-based software-as-a-service giant required a benefits management software partner that had the infrastructure to consistently, efficiently and accurately transmit sensitive healthcare data while also providing employees with a benefits experience to rival the ease of use of Concur's own technology. Concur found that partner in Benefitfocus.
Benefitfocus Marketplace will provide Concur employees with decision support tools and "just-in-time" communications to help them select benefit plans that best fit their individual and family needs. Paralleling the ease of use found within the Concur mobile experience, employees will also be able to access all of their benefits information in the doctor's office, at the pharmacy or anywhere else they use their mobile device with the BENEFITFOCUS® App.
"As we evaluated all of the enterprise benefits management software providers that could handle the scale and speed we required in a partner, it soon became clear that Benefitfocus was the obvious choice," said Sheri Rogers, Global Enablement Senior Consultant at Concur. "In addition to our long-term goals, we needed a partner that could implement quickly and efficiently. Working with the Benefitfocus team to achieve this seriously abbreviated implementation schedule has truly been an amazing pleasure for the Concur implementation team. I only wish every software implementation could go so well!"
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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SOURCE Benefitfocus, Inc.