SOURCE: bswift

bswift

April 08, 2014 10:01 ET

First Niagara Benefits Consulting Announces Private Exchange Partnership With bswift

BUFFALO, NY and CHICAGO, IL--(Marketwired - April 08, 2014) - First Niagara Benefits Consulting (FNBC), a subsidiary of First Niagara Financial Group, announced today that they have selected bswift, a leader in software and services for employee benefits administration, to provide the exchange technology platform for the First Niagara Benefits Exchange. The exchange is designed to manage costs for employers and offer competitive benefit options for employees by leveraging the robust technology bswift has developed over the last 14 years, including the following functions and capabilities:

  • A robust defined contribution platform for employers and employees
  • 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

The First Niagara Benefits Exchange is a defined contribution approach to offering employee benefits. Employers can reduce their overall health care spend by using the First Niagara Benefits Exchange to introduce more choice, personal accountability, drive greater consumerism and reduce over-insuring. By providing greater choices and robust decision support tools, employees will be able to select benefits that are best suited to meet their own unique cost and coverage objectives. This exchange will be offered to businesses with 100 or more employees. 

"bswift has a proven track record in powering private exchanges and offers a full range of services and functionality, from its state-of-the-art decision support and shopping tools for employees, to its accurate and reliable billing reports and services for employers and carriers," noted Bill Hartz, Senior Vice President of First Niagara Benefits Consulting. "We are confident our clients will benefit from our extensive expertise in managing private exchanges for our multiple employer health plan and consortia clients and our strong partnership with bswift to develop a wide range of defined contribution strategies and private exchange solutions."

bswift CEO Rich Gallun remarked, "FNBC has designed an intelligent health insurance exchange to help employers manage benefits costs and increase employee satisfaction in the increasingly competitive landscape for attracting and retaining talent. bswift's technology, combined with the highly personalized service delivered by FNBC, will set the First Niagara Benefits Exchange apart from the competition."

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

About First Niagara Risk Management
One of the top 50 largest business insurance brokers, as ranked by Business Insurance Magazine, First Niagara Risk Management is uniquely qualified as your risk management partner. First Niagara is designated a "Best Practices Agency" by the Independent Insurance Agents & Brokers of America (IIABA), an award received for outstanding customer service, growth, stability and financial management. www.firstniagara.com

About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 420 branches, $38 billion in assets, $27 billion in deposits, and approximately 5,800 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit www.firstniagara.com. For more information, visit www.firstniagara.com.

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