NFP Announces NFP Marketplace, a Private Exchange Partnership with bswift
NEW YORK AND CHICAGO — Monday, September 30th, 2013
NFP, a leading provider of benefits, insurance and wealth management services, announced today the launch of NFP Marketplace, a private employee benefits exchange powered by bswift’s technology platform. bswift is a leader in technology and service solutions for employee benefits administration and has been a strategic partner of NFP since the launch of NFP’s benefits administration division in 2008.
NFP Marketplace is designed to manage costs for employers and offer competitive benefit options for employees. bswift’s proven technology, developed during the past 13 years, includes:
- A defined contribution platform for employers and employees
- Shopping tools, decision support and enrollment for employees
- Employer tools including reporting, dashboards and alerts
- Broker tools, including proprietary analytics
- Electronic Data Interchange (EDI) files and transmissions to carriers and payroll
- Financial management including billing
Ed O’Malley, president of NFP's Corporate Client Group, stated, “It is extremely important that we position ourselves to support the needs of clients across a large spectrum of benefit options. With bswift’s proven track record of empowering both traditional employer-directed plans and private exchanges, NFP offers a full range of services and functionality, from decision support and shopping tools for employees, to reliable billing reports and services for employers and carriers. 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 many less experienced solutions providers in this space.”
bswift CEO Rich Gallun remarked, “NFP is one of our most valued partners. Working together during the past several years, I have witnessed first-hand the quality of their work. Their knowledge of the industry, coupled with their grasp of the bswift platform, has allowed them to quickly become a significant player in the benefits administration space. The launch of the NFP Marketplace is a natural next step for NFP and we are excited that bswift is their platform of choice. NFP Marketplace will help employers manage benefit costs and increase employee satisfaction in the increasingly competitive landscape for attracting and retaining talent. With their expertise and our proven technology, we expect a strong future for exchanges of this type and leaders like NFP that are getting a head start in the changing world of health care and benefits.”
National Financial Partners (NFP) and its benefits, insurance and wealth management businesses provide diversified advisory and brokerage services to companies and high net worth individuals, partnering with them to preserve their assets and prosper over the long term. NFP advisors provide innovative and comprehensive solutions, backed by NFP's national scale and resources. NFP operates in three business segments. The Corporate Client Group provides corporate and executive benefits, retirement plans and property and casualty insurance. The Individual Client Group includes retail and wholesale life insurance brokerage and wealth management advisory services. The Advisor Services Group serves independent financial advisors by offering broker/dealer and asset management products and services. Most recently NFP was ranked in the top 10 on Business Insurance's 100 Largest Brokers of U.S. Business and Best’s Review Top Global Insurance Broker lists; second on Business Insurance's Largest Agents and Brokers Headquartered in the U.S. Northeast; it operates the third largest executive benefits provider of nonqualified deferred compensation plans by total clients as ranked by PlanSponsor and operates a top 10 independent broker/dealer as ranked by Investment Advisor. NFP is also a leading independent life insurance distributor according to many top-tier carriers. For more information, visit www.nfp.com.
NFP: Ashley Cop
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.
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