NFP Announces NFP Marketplace, a Private Exchange Partnership with bswift
NEW YORK, Sept. 30, 2013 /PRNewswire/ -- NFP, a leading provider of benefits, insurance and wealth management services, announced today the launch of NFP Marketplace, a private exchange powered by bswift's technology platform. bswift is a leader in technology and service solutions for employee benefits administration and has partnered with NFP since the launch of NFP's benefits administration division in 2008.
NFP Marketplace is designed to manage costs for employers and offer competitive benefit options for employees. bswift's proven technology, developed during the past 13 years, includes:
- A defined contribution platform for employers and employees
- Shopping tools, decision support and enrollment for employees
- Employer tools including reporting, dashboards and alerts
- Broker / consultant tools, including proprietary analytics
- Electronic Data Interchange (EDI) files and transmissions to carriers and payroll
- Financial management including consolidated billing
Ed O'Malley, president of NFP's Corporate Client Group, stated, "It is extremely important that we position ourselves to support the needs of clients across a large spectrum of benefit options. With bswift's proven track record of empowering both traditional employer-directed plans and private exchanges, NFP offers a full range of services and functionality, from decision support and shopping tools for employees, to reliable billing reports and services for employers and carriers. There is still quite a bit of confusion in the market and we look forward to providing our clients and their customers a private exchange that addresses the administrative complexities that are too often overlooked by less experienced providers in this space."
bswift CEO Rich Gallun remarked, "NFP is one of our most valued partners. Working together during the past several years, I have witnessed first-hand the quality of their work. Their knowledge of the industry, coupled with their grasp of the bswift platform, has allowed them to quickly become a significant player in the benefits administration space. The launch of the NFP Marketplace is a natural next step for NFP and we are excited that bswift is their platform of choice. NFP Marketplace will help employers manage benefit costs and increase employee satisfaction in the increasingly competitive landscape for attracting and retaining talent. With their expertise and our proven technology, we expect a strong future for exchanges of this type and leaders like NFP that are getting a head start in the changing world of health care and benefits."
Based in Chicago, bswift offers software and services that streamline benefits, HR and payroll administration for employers and public and private exchanges nationwide. bswift's state-of-the-art cloud-based technology and outsourcing solutions significantly reduce administrative costs and time-consuming paperwork, making life easier for administrators and millions of consumers who enroll in benefits with bswift. For more information, visit www.bswift.com and check out the bswift blog at www.bswift.com/blog.
National Financial Partners Corp. (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 in the top 10 on Business Insurance's 100 Largest Brokers of U.S. Business and Best's Review Top Global Insurance Broker lists; second on Business Insurance's Largest Agents and Brokers Headquartered in the U.S. Northeast; it operates the third largest executive benefits provider of nonqualified deferred compensation plans by total clients as ranked by PlanSponsor and operates a top 10 independent broker/dealer as ranked by Investment Advisor. NFP is also a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.
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