Benefitfocus Strengths, Domain Expertise, and Key Differentiators
Benefitfocus specializes in a cloud-based enterprise benefits management software platform for consumers, employers, insurance carriers, and brokers. Benefitfocus has attracted a growing number of major accounts including employers and insurers that rely on its benefits management software platform for automating and streamlining the enrollment process for end-users as well as managing benefits data exchange among employers, carriers, brokers and their information systems. Benefitfocus benefits management technology powers many of the leading private insurance exchanges.
The Benefitfocus Marketplace enables a consumer-driven benefits selection experience with tools that enable a personalized benefits “shopping” experience guiding employees to choose benefits plans that suit their individual needs. Benefitfocus also provides Advanced Analytics, a data analytics solution that helps carriers and their self-insured employers identify cost drivers, recognize trends, and predict future risks and costs.
Benefitfocus Recent Developments
In March 2018, Benefitfocus launched BENEFITFOCUS BENEFITSPLACE, a new offering that connects the entire U.S. employee benefits industry. BenefitsPlace unites brokers, employers, carriers, and suppliers on a single platform and offers consumers a wide range of benefits products for personal wellbeing and security at any stage in life. The announcement was made at Benefitfocus’ One Place annual user conference.
In June 2017, Benefitfocus unveiled its Summer Software Release, which includes features inspired by Benefitfocus customer feedback. The new release continues to advance the design and implementation of personalized benefits strategies for today’s diverse workforce. In addition, continued investments in platform performance and data accuracy set employers and insurance carriers up for success during the 2018 fall open enrollment season.
Several months later Benefitfocus unveiled its Winter Software Release, which includes platform investments to simplify end-of-year reporting and deliver data-driven insights for 2018 planning. The release also includes new communications capabilities to increase transparency and improve personalization to ensure open enrollment success.
Benefitfocus Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Benefitfocus applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Benefitfocus and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Benefitfocus Platform, customers.
Benefitfocus Overview
Ownership: - BNFT:NasdaqGM
Number of Employees: 1560
Functional Market: Benefits Administration,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith Based Nonprofit, Youth and Elderly Care Nonprofit, Special Cause Nonprofit, Oil and Gas, Professional Services, Retail, Transportation, Utilities,
Benefitfocus Key Cloud and HCM Applications
Benefitfocus Platform,
Benefitfocus HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2018 | 2019 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Benefitfocus Revenue Breakdown by Type:
| Type | License | Services | Hardware | Support & Maintenance | SaaS |
|---|---|---|---|---|---|
| % of Total Revenues | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
Benefitfocus HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % | 2019 HCM Revenues, By Sub-Functional Markets, $M | |
Benefitfocus HCM Applications Revenues By Verticals, $M:
Benefitfocus Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2019 Total Revenues, $M | 2019 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
Benefitfocus Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Benefitfocus Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Benefitfocus Customers
No. of Benefitfocus Customers: 1024
No. of Benefitfocus HCM Applications Customers: 1024
No. of Benefitfocus Cloud HCM Customers: 1024
No. of Benefitfocus Cloud HCM Subscribers: 25000000
As of December 2018, Benefitfocus served 1,024 large employer customers, an increase from 141 in 2010, and 57 carrier customers, an increase from 29 in 2010.
Among its customers are Sloan, PGT Industries, Concur, Merced County, Ubisoft, StoneMor Partners L.P., Biaggi’s Ristorante Italiano, Midwest Health, Charming Charlie, Chenega Corporation, Anschutz Entertainment Group, Neenah Enterprises, Premera Blue Cross, Aetna, BlueCross BlueShield of South Carolina, BlueChoice HealthPlan, Boeing Employees' Credit Union, AMETEK, Chick-Fil-A, The San Francisco 49ers, Midwest Health and The University of Alabama Health Services Foundation, Prudential Financial, Under Armour, Dannon, Brooks Brothers, and others.
Benefitfocus Market Opportunities, M&A and Geo Expansions
In June 2020 Benefitfocus has closed the previously announced $80 million preferred stock investment from BuildGroup LLC. BuildGroup is an operator-led, permanent capital investment company for enhanced software-as-a-service (SaaS) business models.
In conjunction with the closing, the Benefitfocus Board appointed Lanham Napier as its lead independent director. Mr. Napier has served as a company director since 2014. He is Co-Founder and CEO of BuildGroup and was previously the CEO of Rackspace, which he helped grow from a startup to $1.5 billion in revenue and a global leader in the managed hosting industry. During this growth period, Mr. Napier was recognized by Forbes as one of America’s Most Powerful CEOs 40 and Under and was named one of the Top 100 Most Influential Executives by CRN.
The company intends to use the proceeds from the investment to accelerate ongoing initiatives, including the potential reduction of debt, potential acquisitions to extend the company’s market or technology leadership, and other general corporate purposes.
In 2017, Benefitfocus strengthened its platform with additions of enhanced user experience, Data Dashboard as well as Business Intelligence, which provides employers, insurance carriers, brokers and consultants with a reporting framework built on the Benefitfocus Data Cloud.
Benefitfocus Risks and Challenges
Benefitfocus's growth depends in part on the success of the strategic relationships with third parties, including brokers.
Benefitfocus Ecosystem, Partners, Resellers and SI
In June 2018, Benefitfocus partnered with BrightDime, as a financial wellness solution for Benefitfocus’ leading benefits platform, BenefitsPlace. Employees and employers who use BenefitsPlace will have easy access to BrightDime’s innovative digital platform, personalized coaching, and targeted education. BrightDime guides employees down a healthy financial path, and also provides employers a way to measure the benefit of happy and financially healthy employees. Benefitfocus sells its software solutions through its direct sales force.
Additionally, Benefitfocus has created an ecosystem of 37+ partners, designed to allow health and benefits- related data to be seamlessly transferred between multiple environments in real-time, extending the value of its products. It has established strong relationships with organizations such as Mercer, SAP, SuccessFactors, Allstate Insurance Company, Equifax, WageWorks, and others in a variety of industries to deliver best-in-class applications to its customers.
The newest additions to the Benefitfocus Ecosystem and Benefitstore include Limeade, Zipongo, SimpleFi, and DRB.
Benefitfocus Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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- Benefitfocus Public Cloud and Infrastructure (IaaS)
- Benefitfocus Platform (PaaS)
- Benefitfocus Application Delivery
- Benefitfocus Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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