SOURCE: bswift

bswift

February 04, 2014 10:10 ET

bswift Announces Private Health and Benefits Exchange: Springboard Marketplace

CHICAGO, IL--(Marketwired - February 04, 2014) - bswift, a leader in cloud-based technology and services for employee benefits and exchanges, announced today the launch of Springboard Marketplace, a private health and benefits exchange. For employees, the platform offers a broad selection of attractive benefits and perks ranging from insurance to products and services that can elevate their health and wellness. For employers, the marketplace provides a streamlined way to provide benefits all year round, for both traditional benefits as well as innovative new offerings. Best of all, it enables employees and employers to manage their benefits budgets via a defined contribution model, aided by the "Ask Emma" decision support tool to help employees make educated and intelligent choices.

"From the very beginning, our goal has been to use technology and information to simplify the administration of health care benefits, reduce costs and empower consumers, and the development of Springboard Marketplace is an extension of that strategy," said bswift CEO Rich Gallun. "Our technology platform is already being used by many of our exchange partners today, and now Springboard offers the launch of bswift's effort to 'stock the shelves' of our platform with pre-configured product offerings from carrier partners and other employee benefit vendors."

Beyond reining in the spiraling increases in health care costs, Springboard helps employers stay competitive in recruiting and retaining employees. Based on defined contribution, the exchange lets employers establish a set dollar amount for employees to spend on benefits, and employees see a broader set of benefits options on which to spend those dollars. Defined contribution gives CFOs the ability to budget benefits costs with greater predictability, and at the same time, frees up HR/benefits professionals from burdensome benefits administration tasks so they can focus on more strategic initiatives. 

Springboard Marketplace includes:

  • A wide variety of health plan options -- both insured and self-insured -- from numerous carriers across the country
  • Ancillary and voluntary benefits, including dental, vision, life, disability, accident insurance and more from leading carriers Assurant Employee Benefits, The Guardian Life Insurance Company of America, MetLife and Unum
  • The ability to purchase care directly -- including dental visits, massage therapy, acupuncture, chiropractic visits -- at negotiated network discounts
  • Wellness solutions such as weight loss and fitness products and programs
  • Additional benefits such as pet insurance, legal insurance, identity theft protection and more

Built on bswift's private exchange technology and 14+ year track record, Springboard Marketplace includes the following functions and capabilities:

  • A robust defined contribution platform
  • Shopping tools, decision support and enrollment for employees
  • Seamless integration with carrier partners for underwriting
  • ACA Compliance Tools
  • Employer tools including reporting, dashboards and alerts
  • Electronic Data Interchange (EDI) files and transmissions to carriers and payroll
  • Easy self-billing for employers

"Health and benefits exchanges are sometimes compared to online travel sites, although the analogy is oversimplified. Booking a flight is a one-time transaction, while health exchanges must manage constantly changing information about the consumer and the contributions made on behalf of the consumer by the employer or the government," noted Don Garlitz, Executive Director of Exchange Solutions, bswift. "Springboard Marketplace provides the people and tools to help guide employers and their employees through that complex process seamlessly and efficiently year round."

For more information on Springboard Marketplace, visit www.bswift.com/springboard or contact bswift at info@bswift.com.

About bswift
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.

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