CHICAGO, IL--(Marketwire - February 27, 2013) - bswift, a leader in cloud-based technology and services for employee benefits, announced today that the company achieved substantial growth in key metrics during 2012, including:
- 61 percent increase in recurring revenue from 2011 to 2012
- 37 percent compounded annual growth rate in recurring revenue from 2008 through 2012
- 31 percent increase in enrollment volume -- to over 18.8 million transactions -- from 2011 to 2012
- 91 system releases since bswift's founding as a Software-as-a-Service (SaaS) benefits technology company in 2000
- 29 new clients in 2012, including 12 new bswift reseller/exchange partners
Entering its 13th year, bswift expanded its role as a national independent leader in benefits and exchange software and services. bswift continues its leadership as the only significant benefits technology player with both a large direct-to-employer customer base and a vibrant reseller channel where bswift partners configure and employ bswift technology and services on a "private label" basis for their client employers, both large and small. This position speaks to bswift's unique capabilities to deliver flexible, nimble, efficient and cost-effective solutions to all segments of the employee benefits marketplace.
bswift extended its leadership in health exchanges, both public and private, and launched a blog on health reform, engaging many participants in an active dialogue on the complex issues and topics surrounding the implementation of the Affordable Care Act (ACA). Numerous bswift resellers continue growing their private exchanges, and bswift continues its work with many other exchange partners. In addition to its ongoing work with the State of Utah, bswift added HealthPass New York and several carriers as new partners in implementing private exchanges.
"With the ACA's major impact looming in January 2014, employers continue to turn to us to help them prepare and to get employee benefit costs under control, and benefits insurance brokers and consultants are relying on us to help them navigate the uncertainty and game-changing possibilities around private and public exchanges," said bswift CEO Rich Gallun.
bswift also further developed its SaaS platform. Now on version 6.02, the improvements make it even more intuitive for employees, employers and administrators. Enhancements in 2012 included:
- Re-design of the bswift user interface to optimize compatibility with new browsers and mobile devices
- Enhanced employee portal functionality enabling employers to foster employee engagement and strengthen employer brand and culture
- EDI Feed Builder enhancements to automate the development and maintenance of carrier feeds
- The introduction of a mobile benefits app, allowing employees to quickly obtain accurate benefits information on-the-go
- Expansion of the bswift video library
- Improvements to the user shopping experience, including bswift's proprietary BestFit Plan Advisor tool
- New features improving enrollment, benefit eligibility transitions, automation, fulfillment and tools for benefit administrators
Additionally, the firm strengthened its thought leadership within the industry with numerous webinars, speaking engagements and the publication of several white papers including its annual study on trends in benefits administration and wellness programs: 2012 Wellness and Benefits Administration Benchmarking Study. The study quantified the emerging employer consensus to rely heavily on biometric tests and wellness incentives, in addition to the automation of benefits processes, as foundational elements to reducing overall health care costs and to generating a higher return on companies' investments in employee benefits.
With continued expansion in its workforce, bswift has already outgrown its initial new (2011) headquarters overlooking the Chicago River and is adding 11,000+ square feet of space to accommodate the steady growth of its talent pool. The fun, collaborative space and convenient location in downtown Chicago helps bswift attract and retain top talent. Its longtime, veteran leadership team continues to bring on people to add depth in many different positions, bringing relevant experience and upholding bswift's core values of higher standards, greater accountability and more fun.
Looking forward, bswift expects to continue its rapid growth by attracting more and larger employer clients; continuing the expansion of outsourcing services, including call center, dependent eligibility verification, COBRA and retiree administration; adding more small and mid-sized employers via a robust reseller channel; and growing the Exchange Solutions business through the development of existing exchanges and through attracting new exchange partners.
"With another year of numerous wins in a competitive business, we remain confident in our continued growth and leadership in the benefits sector given our foundation of agile best-in-class technology and superior customer service," said Gallun.
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.