CHARLESTON, S.C., Nov. 20, 2014 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), a leading provider of cloud-based benefits software solutions, today announced that Zions Bancorporation has selected the Benefitfocus HR INTOUCH MARKETPLACE® to support online enrollment and benefits administration and to assist in facilitating Zions' compliance with the Affordable Care Act (ACA). Founded in 1873 in Salt Lake City, Zions Bancorporation is one of the nation's premier financial services companies and is a national leader in Small Business Administration (SBA) lending, public finance advisory services and agricultural finance. Operating over 480 full-service banking offices throughout the Southwestern and Western United States, Zions Bancorporation will consolidate benefits-related information within the HR INTOUCH MARKETPLACE portal to streamline enrollment and employee communication for its geographically dispersed workforce.
Benefitfocus' data exchange network is designed to seamlessly transfer health and benefits data between multiple environments in real-time, allowing Zions Bancorporation to offer employees a simplified workflow for enrolling in core medical plans and voluntary benefits. Using the HR INTOUCH MARKETPLACE suite of management tools, administrators can configure business rules and update content at any time to personalize the enrollment experience based on employee eligibility or demographics.
"The Benefitfocus Marketplace offers our team the tools needed to really take control over the design of the benefits program, which is critical as a self-funded health and welfare plan," explained Donald Lewis, Vice President of Corporate Benefits at Zions Bancorporation. "It is a solution that can be tailored to meet compliance needs while allowing us to continue our consumer-directed healthcare strategy. Additionally, we believe that employee education is an important ongoing effort, and we plan to take advantage of the portal's multi-media capabilities to effectively educate our employees regarding their benefits."
HR INTOUCH MARKETPLACE pairs an intuitive user interface with decision support features and mobile accessibility to promote self-service and offer employees convenient access to their benefits information during open enrollment and throughout the year. More than 300 educational videos provide explanations of complex benefit terms in simple language that helps employees better understand the coverage options available to them. The BENEFITFOCUS® Plan Shopping App allows employees to evaluate costs and coverage of a specific plan based on their expected utilization, helping them select a plan that meets their healthcare and financial needs.
"We are excited that Zions Bancorporation selected our Platform to assist in their commitment to creating opportunity and providing value for its employees," stated Benefitfocus President and CEO Shawn Jenkins. "At Benefitfocus, we have an unrelenting dedication to designing software that controls cost by creating efficiencies in benefits management and enhancing communication capabilities. With the increasing cost and complexity, companies are looking for new employee engagement strategies that encourage their workforce to take more responsibility in their benefits decisions."
Zions Bancorporation went live on the Benefitfocus Platform prior its open enrollment, which began in November.
Zions Bancorporation is one of the nation's premier financial services companies, consisting of a collection of great banks in select high growth markets. Under local management teams and community identities, Zions operates over 480 full-service banking offices in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming. In addition, Zions is a national leader in SBA lending, public finance advisory services, and agricultural finance. The company is included in the S&P 500 Index.
Benefitfocus, Inc. (NASDAQ: BNFT) is a leading provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. Benefitfocus has served more than 23 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 administration of all types of benefits including core medical, dental and other voluntary benefits plans as well as 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: the lack of a long-term public market for Benefitfocus' stock and potential volatility; the need to innovate and provide useful products and services; our ability to compete effectively; reliance on key personnel; privacy, security and other risks associated with our business; and the other risk factors set forth from time to time in our filings with the Securities and Exchange Commission. These documents are available within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec.cfm or at www.sec.gov. 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.