SOURCE: bswift

bswift

May 29, 2013 11:00 ET

LMC Insurance & Risk Management Announces Private Exchange Partnership With bswift

WEST DES MOINES, IA and CHICAGO, IL--(Marketwired - May 29, 2013) -  LMC Insurance & Risk Management, a nationally recognized full-service insurance brokerage firm, announced today that they have selected bswift, a leader in software and services for employee benefits administration, to provide the exchange technology platform for its private health care exchange that will begin enrolling employers nationwide this fall. The exchange, which will be called eNavigate, 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 13 years, including the following functions and capabilities:

  • a robust defined contribution platform for employers and employees
  • shopping tools, decision support, and enrollment for employees
  • employer tools including reporting, dashboards, alerts, and ACA compliance solutions
  • broker tools, including proprietary analytics
  • Electronic Data Interchange (EDI) files and transmissions to carriers and payroll
  • financial management including billing

"Powering our private exchange with bswift technology will help businesses of all sizes who are interested in streamlining their benefits processes while providing choices to better fit their employees' needs," said Greg LaMair, President of LMC.

"The way employers purchase insurance and the way employees enroll in insurance, the whole platform has been pretty manual and not real 21st-century-looking -- so it's always been in our minds to make it a better process," noted Richard DeBartolo, Senior Vice President of LMC. "We began vetting potential technology partners in 2011 and selected bswift because they were already in the exchange business and had lived in it and knew how it worked. They were by far the deepest and most integrated system we looked at."

LMC will launch eNavigate in July 2013 and plans to begin enrolling employers in the fall for coverage effective January 1, 2014.

bswift CEO Rich Gallun remarked, "LMC 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. With their expertise and our proven technology, we expect a strong future for exchanges of this type and leaders like LMC that are getting a head start in the changing world of health care and benefits."

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 LMC Insurance & Risk Management
Formed in 2011, LMC Insurance & Risk Management, Inc. is the holding company with five wholly-owned subsidiaries located in West Des Moines, Marshalltown, Tama/Toledo, Davenport and Dubuque, IA as well as Farmers City, IL and Unionville Center, OH. LMC is licensed in 48 states and is independently owned by 38 employee shareholders. LMC was recognized in 2011 and 2012 as a "Best Practices Agency" by Reagan Associates and is a member of Assurex Global, the third largest U.S. broker with a national and international representation. In 2011 Business Insurance ranked LMC 79th in the top 100 Largest Brokers of U.S. Business.

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