bswift Continues Growth and Extends Leadership in Benefits Technology and Exchanges in 2013
CHICAGO, IL — Thursday, January 23rd, 2014
bswift, a leader in cloud-based technology and services for employee benefits, announced today that the company achieved substantial growth in 2013, including:
- 50 percent increase in recurring revenue from 2012 to 2013
- 40 percent compounded annual growth rate in recurring revenue from 2009 through 2013
- 51 percent increase in enrollment volume— to more than 28.4 million transactions —from 2012 to 2013
- 93 system releases since bswift’s founding as a cloud-based benefits technology company in 2000
Entering its 14th year, bswift expanded its role as a national independent leader in benefits and exchange software and services. In fact, bswift continues to be the only significant benefits technology player with both a large direct-to-employer customer base and a rapidly growing indirect business. For the latter, bswift channel partners configure and employ bswift technology and services on a “private label” basis for their large and small client employers. This position speaks to bswift’s unique ability to deliver flexible, nimble, efficient and cost-effective solutions to all segments of the employee benefits marketplace.
“Employers continue to choose bswift for our blend of best-in-class technology and responsive service,” noted bswift CEO Rich Gallun. “Brokers and carriers look to us not only for traditional benefits administration technology but also for innovative exchange solutions that help them attract and retain employer clients. Given the rapid pace of change driven by the ACA and also industry trends towards consumerism and defined contribution, clients of all kinds are looking to bswift to help them with today’s challenges and tomorrow’s opportunities.”
bswift extended its leadership in health and benefits exchanges, with growth coming from both its longtime exchange partners increasing volume and also with the addition of new exchange partners, including Access Health CT, gbac, MRCT Benefits Plus, SilverStone Group and Land of Lincoln Health, among others. Brokers, carriers and other entities are looking to bswift not only for an easy and intuitive “shopping” experience, but also for a robust administrative engine to handle the complexity of exchanges. As Chief Technology Officer Brett Baker noted, “Many people mistakenly assume that shopping for benefits is just like shopping for shoes, but as HealthCare.gov has demonstrated, there are many complexities that cause major problems if you don’t get them right. Over the past 14+ years, we have built a powerful platform to manage exchanges efficiently and reliably.”
bswift further enhanced its cloud-based platform in 2013. Now on version 6.04, the software is even more intuitive for consumers and easy to manage for employers and administrators. Enhancements in 2013 included:
- Responsive web design, which provides an optimal viewing and shopping experience on a wide range of browsers and devices, including iPhones, iPads, Android phones and other mobile devices
- Improved benefits shopping tools, including bswift’s new "Ask Emma," an interactive benefits advisor
- Affordable Care Act (ACA) compliance tools, including the 9.5% Affordability Dashboard, 30-hour rule tracking, notifications and reporting
- Improvements to efficiency and performance including a site text editor and Imports 2.0 for increased flexibility accepting data from more sources and formats
- Numerous updates to its exchange platform, including tools to enhance broker, employer and employee self-service capabilities, and also to automate various processes for increased efficiencies
Additionally, the firm continued to stimulate an active dialogue within the benefits industry with webinars, blog posts, the annual bswift Summit, speaking engagements and white papers including its annual study on trends in benefits administration and wellness programs: 2013 Wellness and Benefits Administration Benchmarking Study. The study quantified the emerging employer consensus to rely heavily on 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.
In 2013, bswift added more than 100 new employees, which exceeded its plan for the year. (See the joint announcement with Chicago Mayor Emanuel.) Its longtime, veteran leadership team continues to hire exceptionally qualified people to add depth in many different areas, incorporating relevant experience and upholding bswift’s core values of higher standards, greater accountability and more fun.
“With another year of numerous wins in a competitive business, we remain confident in our continued growth and leadership in the benefits and exchange market given our foundation of agile best-in-class technology and superior customer service,” said Gallun.
Looking forward, bswift expects to continue its rapid growth by attracting more direct employer clients and providing an expanded suite of technology and services for those clients, and also by increasing its indirect business, especially with the growth of private exchanges.
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 CONTACTEmma Frutkin