bswift Reports 2010 Success: Significant Revenue Growth, Health Exchange Leadership, Agile Technology Deployment : bswift Press Release

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bswift Reports 2010 Success: Significant Revenue Growth, Health Exchange Leadership, Agile Technology Deployment

CHICAGO, IL — Wednesday, February 23rd, 2011


bswift, a leader in software and services for employee benefits administration, announced today that the company achieved considerable growth in key metrics during 2010, including:
  • 31 percent increase in revenue from 2009 to 2010
  • 55 percent compounded annual growth rate from 2006 through 2010
  • 21 new clients
Entering its second decade, bswift emerged as a national independent leader in benefits administration software and services.  At the same time, many of its competitors were acquired by payroll or insurance brokerage/consulting firms.  The firm’s rapid growth and market leadership are attributed to the strength of its highly configurable, “best-in-class” technology and the increasing number of brokerage firms offering benefits administration as part of their core value proposition.

The company managed through the challenges of rapid growth by leveraging its longtime, veteran management team and adding many new hires, including senior managers and executives who bring significant experience from blue-chip competitors in the industry.

Continuing its position as a thought leader in the industry, the firm published two significant studies in 2010. The bswift Special Report: The Impact of Health Reform on Employers used actual data from bswift’s more than 5,000 clients to show that two key provisions of the new Patient Protection and Affordable Care Act − "Dependent Eligibility" and "Affordability" − will likely result in much higher health care costs for employers than previously estimated by Health and Human Services and other industry consultants.  The bswift study, Benefits Administration Benchmarking Study: An Analysis of What Under-Automation is Costing Companies, identified striking opportunities for employers to save dollars by automating their benefits processes.  In addition to these two major reports, bswift conducted numerous webinars and industry conferences on health care reform, consumerism and employee engagement.

In 2010, bswift also emerged as a leader in state health exchange technology with the evolution of its Web-based “consumer shopping” platform for the State of Utah.  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 are poised to replicate this health exchange model in the next two years.

The past year also saw advances in bswift’s technology with the launch of version 5.0 of its Software-as-a-Service (SaaS) platform.  This advanced solution enables employers to optimize, streamline and manage their employee benefits programs while also engaging their workforces through an employee portal with alerts, customization and recognition.  The bswift "Dashboard" tool introduced in bswift 5.0 provides executive access and insights to critical data needed for proactive management of the new health care requirements, in addition to benefits trends.

Looking forward, bswift expects to continue its more than 30 percent rate of growth via three key areas:
  • First, winning the business of 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, and
  • Third, adding more small and mid-sized employers via a robust reseller channel.
Only bswift has both a substantial direct business with large employers and a substantial reseller business – which speaks to the strength of its configurable, “best-in-class” technology that reseller partners demand.

“We are more confident than ever in our continued growth and leadership in the benefits administration sector given our foundation of agile technology and superior customer service,” said bswift CEO Rich Gallun.  “Now that many of our competitors have become part of payroll or brokerage operations, we will continue to thrive with our singular focus on, and unique understanding of, the complex and rapidly changing world of benefits.  We will continue to use that expertise to enhance our system to meet the needs of our clients. Ultimately, our goal is to help clients grow their operations efficiently, implement new benefit initiatives, engage employees, and reduce health costs.”

About bswift
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 CONTACT

Laura Field
312.961.5054
lfield@clearedgemarketing.com