Private Exchange Partnership Announced

NFP, a provider of benefits, insurance and wealth management services, will use bswift’s technology platform for the private exchange. The firm of bswift provides technology and service for employee benefits administration.

The NFP Marketplace is designed to manage costs for employers and offer competitive benefit options for employees. Its options include:

• A defined contribution platform for employers and employees;
• Shopping tools, decision support and enrollment for employees;
• Employer tools including reporting, dashboards and alerts;
• Broker and consultant tools, including proprietary analytics;
• Electronic data interchange files and transmissions to carriers and payroll; and
• Financial management including consolidated billing.

“There is still quite a bit of confusion in the market and we look forward to providing our clients and their customers a private exchange that addresses the administrative complexities that are too often overlooked by less-experienced providers in this space,” said Ed O’Malley, president of NFP’s Corporate Client Group.

“The NFP Marketplace will help employers manage benefit costs and increase employee satisfaction in the increasingly competitive landscape for attracting and retaining talent,” said bswift CEO Rich Gallun.

On a related note, bswift recently released a study on how more employers are making use of employee wellness programs and benefits technology to deal with rising health care costs (see “Wellness Initiatives Can Reduce Employer Health Care Costs”).