DES MOINES, Iowa (Nov. 5, 2014) Aetna’s purchase this week of bswift is one more example of the land-grab mentality currently at play in benefits technology.
“The purchase of bswift by Aetna confirms the importance of companies that offer an agile, configurable technology solution specifically applied to the dynamics of today’s world of benefits administration,” said Jon Shanahan, Businessolver President and CEO. “We congratulate bswift on its good fortune and choice to help Aetna address the insurance carrier’s direct-consumer platform.”
Research analysts and industry experts have taken note of the acquisition, reporting industry-wide ramifications, and providing further validation to the benefits management space. Specifically, several research analysts noted the value that could accrue to the remaining independent benefit administration platforms. Headlines for private and public exchanges and employer sentiment are contradictory as to the extent of the impact on employer sponsored health plans.
Businessolver, however, remains committed to leading the industry as an independent benefits technology company with a configurable, secure SaaS platform, and a culture of service.
“Celebrating our sixteenth year of operations has been momentous for Businessolver in 2014.” Shanahan said. “We’ve been financially independent, and profitable for 40 consecutive quarters, with an annual growth rate of over 30 percent. We welcome continued opportunities to lead the industry with an agnostic platform that can work with any carrier, employer or exchange without preference or bias.”
Businessolver technology supports thousands of employers in nearly every market segment, which includes the addition of more than 20 private exchanges in the last year. It’s an important distinction in a market whose consumers are being buffeted by mixed signals of what to expect from their technology and service providers and how the services and products they offer might change.
Consider that Aetna touted the purchase of bswift as “a move that will help it pursue a retail model that is more focused on consumers, an approach insurers have taken as more individuals are mandated to shop for insurance under federal law,” according to the online reporting site MarketWatch.
As the only benefits technology and service company in the space founded by HR professionals, Businessolver knows that benefits technology isn’t about creating a retail-like experience. It’s about helping employees make the right choice for themselves and their families in a very short amount of time.
“People don’t shop for healthcare benefits like they shop for a new computer or new boots,” Shanahan said. “We believe shopping is reserved for things people want to buy. A personal and often emotional decision such as selecting healthcare insurance requires a platform created help employees make smart, thoughtful decisions and in the limited amount of time they want to focus on that purchase. Technology needs to support this unique buying process.
“Benefits technology has to be easy to use, and have the support mechanisms in place to ensure the success of both the employee and the employer,” Shanahan said.
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ABOUT BUSINESSOLVER
Founded by HR professionals Businessolver combines market-changing benefits technology with intrinsic client responsiveness to deliver an easy-to-use system that will appeal to you and engage your employees. They’ll use their benefits wisely to control their costs and yours. Learn more about how Businessolver sees things differently at www.businessolver.com.