bswift launches private health exchange
Long a provider of backend technology solutions to other private exchanges and employers, bswift announced today the launch of its own private health insurance exchange, Springboard Marketplace.
According to a company news release announcing the launch, Springboard Marketplace will offer employers a streamlined way to provide benefits all year round, in addition to compliance tools designed to help employers stay in compliance with the Affordable Care Act.
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.
Through a defined contribution model, the Chicago-based benefits technology and services company allows for both employees and employers to manage their benefits budgets.
The Springboard Marketplace can be used by both fully insured and self-insured employers. Assurant Employee Benefits, The Guardian Life Insurance Company of America, MetLife and Unum will be featured as leading carriers for ancillary and voluntary benefit options.
Features of the exchange include shopping tools, self-billing, employer reporting and dashboard tools and electronic data transmissions to carriers and payroll.
Health and benefits exchanges are sometimes compared to online travel sites, although the analogy is oversimplified, said Don Garlitz, executive director of exchange solutions at bswift. 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.