Medical Mutual of Ohio Builds Private Exchange with Benefitfocus Marketplace Technology Retail platform provides consumer-centric shopping for the group and individual insurance markets
CHARLESTON, S.C., Aug. 20, 2013 /PRNewswire/ -- Medical Mutual of Ohio has selected leading cloud-based benefits software provider Benefitfocus to build a private insurance exchange for both group and individual market segments. BENEFITFOCUS® Marketplace Technology creates a full-service online private insurance marketplace for Medical Mutual to adapt their strategy as public exchanges come into play on January 1, 2014.
Medical Mutual's private exchange will be designed to allow the insurance carrier to integrate with the Federally Facilitated Marketplace (FFM). This integration is intended to create a seamless consumer-centric shopping experience, allowing individuals eligible for government assistance to apply subsidies to their purchases within the Medical Mutual Marketplace. Similarly, the marketplace will be able to support defined contribution models for employers wanting to specify a fixed-dollar amount or percentage of the premium for each employee purchasing benefit plans. As plans are selected, a personal shopping cart displays the allocation of the employer's contribution or subsidy and the individual's out-of-pocket costs.
"We believe Benefitfocus has the most experience of any vendor we evaluated with the core functions we deemed necessary to competitively participate in both the public and private exchange marketplace," said Heather Thiltgen, Vice President of Individual Sales and Marketing at Medical Mutual. "The advanced design of the Benefitfocus Marketplace demonstrates the company's commitment to continuous research and development, giving us confidence that we will always have the latest functionality and toolset to meet the needs of our customers across all lines of business."
Benefitfocus Marketplace Technology is designed to provide consumer-centric, automated workflow management that allows insurance carriers to best serve their clients. With its configurable rules-based engine, insurance carriers are able to verify eligibility and enforce employer business rules. At the same time, they can better tailor their offerings to the individual by analyzing consumer shopping habits. This complete automation of shopping, selecting, enrolling and billing makes it even easier for employers, members and brokers to do business with Medical Mutual.
The marketplace offers a suite of decision support tools that allows consumers to personalize expected usage so they can find the plan that best fits their coverage needs at a price they can afford. Interactive multimedia features such as intelligent virtual assistants and animated videos are available along the way to guide shoppers through the process. Mobile capabilities give consumers access to their benefits information at any time on any web-enabled device, ensuring a consistent, high quality experience from a traditional web browser, smartphone or tablet.
"Medical Mutual's objective is to deliver the best healthcare products and services to their members," stated Benefitfocus President and CEO Shawn Jenkins. "Using our technology to connect management systems, the FFM and consumers, Medical Mutual can streamline their user experience. Providing this superior level of support, Medical Mutual aims to better assist members in navigating the changing healthcare marketplace. We look forward to building out our solutions to keep Medical Mutual ahead of regulatory requirements and the evolving exchange market."
The Medical Mutual Marketplace will be available for employer groups and individuals starting in October of this year.
About Medical Mutual of Ohio
Founded in 1934 Medical Mutual of Ohio is the oldest and largest health insurance company based in Ohio. For nearly 80 years the company has served its customers through high-quality, affordable group and personal health insurance plans, and third-party administrative services to self-insured group customers. For more information, visit the company's award-winning Web site at www.MedMutual.com.
Benefitfocus is a leading provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. Benefitfocus serves more than 20 million consumers on its platform that consists of an integrated portfolio of products and services enabling clients to more efficiently shop, enroll, manage and exchange benefits information. With a user-friendly interface and consumer-centric design, the Benefitfocus Platform provides one place for consumers to access all their benefits. Benefitfocus solutions support the marketplace technology and administration of all types of core benefit plans, including healthcare, dental, life and disability insurance and voluntary benefits plans, such as critical illness, supplemental income and wellness programs. For more information, visit www.benefitfocus.com.
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: risks regarding whether we can complete our offering, and regarding its pricing; the lack of a public market for our stock and potential volatility; risks associated with our business; and the other risk factors set forth from time to time in our Form S-1 and other SEC filings, copies of which are available free of charge on our website at www.benefitfocus.com or upon request from our public relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.