NFP Announces Expansion of Private Exchange Platform
NEW YORK, Nov. 30, 2012 /PRNewswire/ -- National Financial Partners Corp. (NYSE: NFP), a leading provider of benefits, insurance and wealth management services, announced today that NFP Health, a wholly owned subsidiary of NFP, is expanding its multicarrier private health benefits exchange platform. As a pioneer in the design, implementation and delivery of health benefits exchanges, NFP Health's unique, full-service exchange platform includes a comprehensive portal solution coupled with an extensive suite of back-office tools that provide complete automation.
NFP Health is one of the largest private exchanges in the country, and excels in the delivery of benefits administration. It has billed over $5 billion in premiums over the past 10 years alone, and its comprehensive approach has resulted in over 150,000 current plan participants and more than 32,000 small business participants. NFP Health offers plans from 12 insurance carriers representing hundreds of plans, including medical, dental and other supplemental types of coverage, making it a true "one-stop shop." The exchange also works with more than 2,000 brokers in New England.
NFP Health recently enhanced its private benefits exchange solution so that it can be leveraged by any carrier, as well as by state-operated public exchanges, to meet the increasing demand for self-service and administrative tools. The enhancements include a full suite of paperless back-office technology, the first of its kind in the marketplace. NFP Health is also working with several insurance plans to develop self-service tools that enable the plans to be offered online using a proven exchange solution.
Commenting on today's announcement, Jeff Rich, president of NFP Health, said, "After successfully serving New England for over 40 years, it's exciting to see our experience and capabilities expand. We are uniquely positioned to effectively serve insurance carriers across the country as well as in the many states that are actively working to develop health insurance exchange platforms."
About NFP Health
As a pioneer in the design, implementation and delivery of health benefits exchanges, NFP Health has a long record of operating one of the largest and most successful benefits marketplaces in New England. The leading independent and full-service insurance exchange covers over 150,000 lives with a full scope of products and services. NFP Health is Massachusetts Business Association, L.L.C., a wholly owned subsidiary of National Financial Partners Corp. (NYSE: NFP). NFP Health is currently operating in New England as Health Services Administrators (hsainsurance.com). For more information, visit www.nfphealth.com.
National Financial Partners Corp. (NYSE: NFP) and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering with them to preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP's national scale and resources. NFP operates in three business segments. The Corporate Client Group provides corporate and executive benefits, retirement plans, and property and casualty insurance. The Individual Client Group includes retail and wholesale life insurance brokerage, and wealth management advisory services. The Advisor Services Group serves independent financial advisors by offering broker/dealer and asset management products and services. Most recently NFP was ranked eighth on Business Insurance's 100 Largest Brokers of U.S. Business; second on Business Insurance's Largest Agents and Brokers Headquartered in the U.S. Northeast; and as the ninth top global insurance broker by Best's Review. NFP operates the fourth largest executive benefits provider of nonqualified deferred compensation plans administered for recordkeeping clients as ranked by PlanSponsor; operates a top 10 independent broker/dealer as ranked by Investment Advisor; and has three advisors ranked in Barron's Top 100 Independent Financial Advisors. NFP is also a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.