CHARLESTON, S.C., June 16, 2016 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits management software, announced today that Youth Villages, a nonprofit organization dedicated to helping children and their families live successfully, has selected BENEFITFOCUS® Marketplace to provide administrators with automation tools to maximize efficiency, eliminate manual processes and give 2,700+ employees a modern, intuitive enrollment experience.
"We knew we wanted one platform to integrate all benefits and billing in one place—a one-stop shop for employees and administrators. So when we demoed the [Benefitfocus] Marketplace and saw how easy it is to showcase voluntary benefits through the Benefitstore and how the decision support tools could help our relatively young workforce understand their benefits, we knew we had found the right technology for us," said Youth Villages Director of HR LaTonya Pendleton.
A recent study found that nearly half of employees spend 30 minutes or less selecting their benefits, and with the majority of enrollment software lacking the necessary support mechanisms to inform and educate employees on their options, missing information and mistakes can turn into hours of administrative drain for HR departments. Youth Villages recognized this massive hit to the ROI of their benefits program and decided to do something about it. In Benefitfocus they identified three key components that could help them eliminate waste while giving employees the information necessary to make the best benefit choices for their individual and family needs:
- BENEFITFOCUS® Communication Portal. By taking a proactive approach to communication, Youth Villages can use the Communication Portal to inform employees of critical benefits information before, during and after open enrollment to ensure employees are equipped with the right information to both select the correct benefits for their needs and to also utilize those benefits fully.
- Streamlined administration. By minimizing keystrokes and steps needed to update life events, dependent information and other common administrative tasks, Youth Villages can save their benefit administrators hours of redundant, manual work.
- BENEFITFOCUS® Video. Youth Villages recognized that engagement requires more than just an email. With Benefitfocus Video Library integrated into the Communication Portal and directly into the enrollment process within the Benefitfocus Marketplace, employees receive the right information at the right time, and administrators can engage employees in the moments that matter most.
"Much of the success of a benefits program depends on efficiency. With tight budgets and new administration requirements introduced by the ACA, employers are looking for a way to do more in less time," said Benefitfocus CEO Shawn Jenkins. "We're thrilled that we could provide that efficiency for Youth Villages."
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.