Analysis conducted by global standards-setting body ACORD outlines competitive advantages of a platform-centric strategy for servicing customers
Charleston, S.C. – March 1, 2021 – Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, has published an ebook containing highlights of a study identifying superior customer experiences, strategies, operating models and capabilities health insurers can adopt to address engagement expectations of a changing member population.
The study was sponsored by Benefitfocus and conducted by ACORD, the global standards-setting body for the insurance industry. The results, published in an e-book titled “Health Benefit Platforms: Where Efficiency Meets Engagement,” presents three key findings:
- The changing consumer, investor and regulatory landscape is driving health benefit platform adoption.
- Platform-centric business models deliver more value at every stage of the customer lifecycle.
- To succeed with a platform-centric strategy, health insurers must embrace change and take bold action.
This research explored the significance of the platform business model for selling and servicing consumers with insurance products. A platform business model creates value by facilitating exchanges between two or more interdependent groups, usually consumers and producers. In order to make these exchanges happen, platforms harness and create large, scalable networks of users and resources that can be accessed on demand.
“The Benefitfocus enrollment platform is helping everyone involved in benefits enrollment and administration increase efficiency and achieve a higher level of member and employee satisfaction,” said Steve Swad, Benefitfocus President and CEO. “ACORD’s research team has identified for health insurers the strategic advantages a technology platform can provide to drastically reduce manual administration while delivering a seamless, personalized experience to every member.”
ACORD’s research team studied filings, presentations and reports from leading insurance organizations, analyzed third-party and governmental sources and conducted proprietary interviews, research and evaluations of 2,400 individual websites. The team reviewed strategies, tactics and outcomes for companies over a period of 10 years, from 2009-2019.
“Our research shows a material correlation between platform-centric business models, expense optimization, and value creation across industries,” said ACORD President and CEO Bill Pieroni. “At the same time, non-claims expenses in the health insurance segment have risen dramatically. Clearly there is an opportunity for health insurers to optimize operations and value capture through increased leverage of digital platforms—while also enhancing customer experience.”
The Latest Health Plan Industry Trends
At Health Plan Place 2020 — an exclusive digital event presented by Benefitfocus for leaders from the nation’s top health plans — ACORD President and CEO Bill Pieroni presented an exposition of findings from this study.
Other presentations included coverage of:
- Trends impacting your business — and the innovations you need to respond.
Opportunities to drive growth and cultivate customer loyalty.
- Strategies for growth and member retention during these unprecedented times.
To view all these presentations on demand, visit the website.