bswift Continues Growth and Extends Leadership in Benefits Technology and Exchanges in 2011
CHICAGO, IL — Tuesday, March 6th, 2012
- 30 percent increase in recurring revenue from 2010 to 2011
- 50 percent compounded annual growth rate in recurring revenue from 2006 through 2011
- 45 percent increase in enrollment volume—to over 12.9 million transactions—from 2010 to 2011
- 88 system releases since bswift’s founding as a “Software-as-a-Service” (SaaS) benefits technology company in 2000
- 27 new clients, including 8 new bswift reseller partners
Entering its 12th year, bswift expanded its role as a national independent leader in benefits administration software and services. bswift has emerged as the only significant benefits technology player with both a large direct-to-employer customer base and a vibrant reseller channel where bswift reseller partners configure and employ bswift technology and services on a “private label” basis for their client employers, serving employers with 1 to 20,000+ employees.
Additionally, bswift’s Exchange Solutions unit is working with various private and public sponsors to create and operate new exchanges for employers and states. Given the uncertainty facing benefits insurance brokers and consultants with health reform, these firms are turning to bswift for proven benefits technology and exchange technology they can trust.
With its tremendous track record and rapid expansion, bswift outgrew its former headquarters in 2011 and moved into an exciting new office space overlooking the Chicago River. The fun, collaborative space and convenient location in downtown Chicago help bswift attract and retain top talent in the industry. Its longtime, veteran leadership team continues to bring on new talent, including senior managers and executives from myriad blue-chip companies, bringing significant experience in technology, benefits, insurance, and Human Resources (HR).
In 2011, the firm also strengthened its position as a thought leader in the industry with numerous webinars, speaking engagements and the publication of its annual study on trends in benefits administration and wellness programs: 2011 Wellness and Benefits Administration Benchmarking Study. The study quantified the rapid growth of biometric tests and wellness incentives, in addition to the automation of benefits processes, as foundational elements to reducing overall health care costs and to generating a higher return on companies’ investments in employee benefits.
bswift extended its leadership in health exchanges, including both public and private exchanges. Numerous bswift resellers continue growing their private exchanges, and bswift continues its work with the State of Utah and others on the evolution of its Web-based “consumer shopping” platform. Given the heightened visibility and importance of health exchanges at a national level, the Utah Health Exchange has become a key bellwether for market-based, defined contribution employer health exchanges that rely on heavy private sector engagement and involvement. Many other states and private entities are poised to replicate this health exchange model in the next two years.
2011 also saw advances in bswift’s technology with the incremental development of its SaaS platform for benefits. This advanced solution, now on version 5.08, enables employers to optimize, streamline and manage their employee benefits programs while also engaging their workforces with an intuitive and valuable employee portal, including easy access to a comprehensive video library. The bswift Dashboard tool was enhanced to provide executive access and insights to critical data needed for proactive management of benefits programs, especially in light of the imminent impact of health reform.
Looking forward, bswift expects to continue its more than 30 percent rate of growth via five key areas:
- First, attracting more and larger employer clients who are attracted by bswift’s compelling value proposition of “better results, less money”
- Second, continuing the expansion of outsourcing services, including call centers, dependent eligibility verification, COBRA and retiree administration, among others
- Third, adding many more small and mid-sized employers via a robust reseller channel
- Fourth, attracting industry-leading benefits brokerage and consulting firms to sign on as bswift Premium Partners in order to offer bswift technology to their clients seamlessly and cost-effectively
- Fifth, growing the Exchange Solutions business through the development of existing exchanges and also through attracting new exchange partners to the bswift platform
“With another year of numerous wins in a competitive business, we remain more confident than ever in our continued growth and leadership in the benefits administration sector given our foundation of agile ‘best-in-class’ technology and superior customer service,” said bswift CEO Rich Gallun. “Especially with ACA’s major impact looming in January 2014 and with the game-changing possibilities of private and public exchanges, we bring our clients a unique understanding of the complex and rapidly changing world of benefits, and technology to meet those complex and changing requirements. Ultimately, our goal is to help clients advance the efficiency of their operations, implement new benefit initiatives, engage employees, and reduce health costs.”
bswift is changing the world of benefits administration by combining deep expertise and a passion for technological innovation with a unique consumer-driven approach. Partnering with enterprises nationwide and serving millions of employees, bswift offers cloud-based technology and services for online enrollment, interactive decision support, ACA compliance reporting and employee engagement. bswift also provides access to consumerism, product and consulting solutions needed to build a benefits program specialized for both employers and employees alike. For more information about bswift, an Aetna company, visit www.bswift.com.
MEDIA CONTACTLaura Field