Benefitfocus, Inc. (NASDAQ: BNFT), a technology platform provider enabling rapid innovation for employers, health plans and consumers, has added a portfolio of financial protection solutions from Lincoln Financial Group (NYSE: LNC) to the ever-growing range of products and services in its Benefit Catalog.
As a leader in the group benefits industry, Lincoln Financial's solutions include accident, critical illness, vision, dental, disability and life insurance. They can be accessed via Benefit Catalog's integrated consumer enrollment experience that employers and brokers offer to their employees.
"When looking for new partners for our Benefit Catalog, we always strive to find companies and solutions that support our mission of improving lives with benefits. Lincoln Financial has a long history of offering high-quality products and outstanding customer service. They are a natural addition," said Ray August, President & CEO of Benefitfocus. "Their benefit choices and consumer education capabilities help employees feel confident when selecting and using Lincoln Financial benefits."
Lincoln Financial
As a leading provider of workplace benefits like short- and long-term disability and leave management, Lincoln Financial serves employers of all sizes and industries with more than 36,000 clients representing over 12 million covered lives. With employees more focused than ever on benefits that protect their families in the wake of COVID-19, Lincoln Financial has a proven history of developing employer-focused, tailored and innovative solutions to meet the complex needs of their customers.
"Our partnership with Benefitfocus presents a tremendous opportunity for employers to not only offer a comprehensive employee benefits purchasing experience, but to ensure employees understand how these benefits can support their health and financial wellness," said Bob Reiff, senior vice president, head of Distribution and Client Solutions, Lincoln Financial. "We want to help people put the right financial protections in place, so an accident or illness doesn't derail their savings or disrupt their ability to provide for their family."
Lincoln Financial's supplemental insurance products, including disability, accident and critical illness insurance, can provide peace of mind and help ease financial stress, which is even more important in today's uncertain environment. Through this partnership, employees will have access to the educational tools and materials they need to confidently select and take ownership of their coverage.
Use of New Industry-Leading Data Exchange StandardsLincoln Financial and Benefitfocus are deploying the data exchange standards developed by?LIMRA,?the trade association supporting research and solutions for the financial services industry, focused on post-enrollment data for the employee benefits market.
Representatives of Benefitfocus, Lincoln Financial and other leading insurance carriers and benefits administration companies served on the committee that created the standards. By using the LIMRA Data Exchange Standards (LDEx), Benefitfocus moves beyond its existing industry leading data integration and quality standards of 99.8%+ accuracy to reduce errors, drive consistency and streamline the process.
Benefit CatalogBenefit Catalog is a comprehensive portfolio of curated health, wealth, property and lifestyle benefit products available in the market, provided by vetted suppliers that consumers can trust. The Catalog includes over 85 ready-to-implement voluntary and specialty benefits products from more than 45 leading brands that employers, brokers and health plans can offer employees in a consumer enrollment and use to enhance their benefits offering.
BenefitplaceThe Benefit Catalog is part of Benefitplace, our single solution to simplify the benefits journey, powered by AI. Whether serving employers, health plans, brokers or partners, this solution is designed to meet the market needs for every member of the ecosystem.
Benefitplace embodies Benefitfocus' total solution approach, which helps employers eliminate manual tasks and automate end-to-end benefits administration, from onboarding and administration to offboarding and rehiring.
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About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits industry on a single technology platform to protect consumers for life. Our powerful cloud-based software, data-driven insights and thoughtfully designed services enable employers, insurance brokers, health plans and suppliers to simplify the complexity of benefits administration and deliver health, wealth, property and lifestyle products through a world-class benefits experience. Our mission is simple: to improve lives with benefits. Learn more at www.benefitfocus.com, LinkedIn and Twitter.
