First Niagara Benefits Consulting Announces Private Exchange Partnership with bswift
BUFFALO AND CHICAGO — Tuesday, April 8th, 2014
First Niagara Benefits Consulting (FNBC), a subsidiary of First Niagara Financial Group, announced today that they have selected bswift, a leader in software and services for employee benefits administration, to provide the exchange technology platform for the First Niagara Benefits Exchange. The exchange is designed to manage costs for employers and offer competitive benefit options for employees by leveraging the robust technology bswift has developed over the last 14 years, including the following functions and capabilities:
- A robust defined contribution platform for employers and employees
- Shopping tools, decision support and enrollment for employees
- Seamless integration with carrier partners for underwriting
- ACA Compliance Tools
- Employer tools including reporting, dashboards and alerts
- Electronic Data Interchange (EDI) files and transmissions to carriers and payroll
- Easy self-billing for employers
The First Niagara Benefits Exchange is a defined contribution approach to offering employee benefits. Employers can reduce their overall health care spend by using the First Niagara Benefits Exchange to introduce more choice, personal accountability, drive greater consumerism and reduce over-insuring. By providing greater choices and robust decision support tools, employees will be able to select benefits that are best suited to meet their own unique cost and coverage objectives. This exchange will be offered to businesses with 100 or more employees.
“bswift has a proven track record in powering private exchanges and offers a full range of services and functionality, from its state-of-the-art decision support and shopping tools for employees, to its accurate and reliable billing reports and services for employers and carriers,” noted Bill Hartz, Senior Vice President of First Niagara Benefits Consulting. “We are confident our clients will benefit from our extensive expertise in managing private exchanges for our multiple employer health plan and consortia clients and our strong partnership with bswift to develop a wide range of defined contribution strategies and private exchange solutions.”
bswift CEO Rich Gallun remarked, “FNBC has designed an intelligent health insurance exchange to help employers manage benefits costs and increase employee satisfaction in the increasingly competitive landscape for attracting and retaining talent. bswift’s technology, combined with the highly personalized service delivered by FNBC, will set the First Niagara Benefits Exchange apart from the competition.”
About First Niagara
First Niagara, through its wholly owned subsidiary, First Niagara Bank, N.A., is a multi-state community-oriented bank with approximately 420 branches, $38 billion in assets, $27 billion in deposits, and approximately 5,800 employees providing financial services to individuals, families and businesses across New York, Pennsylvania, Connecticut and Massachusetts. For more information, visit www.firstniagara.com. For more information, visit www.firstniagara.com.
First Niagara Financial Group: Helen Tederous
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