Benefitfocus, Inc, a leading cloud-based benefits management platform and services provider, announced an expansion of its enterprise data exchange capabilities focused on human capital management (HCM) software API integrations. Leveraging the company’s position as the benefits industry data standard, as chosen by the global insurance industry data standards body, ACORD, Benefitfocus is expanding its data exchange capabilities to address HCM API integrations. The move supports Benefitfocus’ multi-year, multi-million-dollar investment in world-class data.
Benefits enrollment and administration is a critical component of the employee lifecycle and, until now, employers have struggled with heavily manual processes, SFTP interactions, process batches, latency and data sync challenges. Benefitfocus’ enterprise HCM API approach addresses these issues and removes points of friction that have challenged the seamless integration of benefits enrollment and administration offerings into enterprise HCM solutions. Through this innovation, employers who utilize contemporary HCM platforms for certain human resources processes will benefit through the seamless integration of data, business process, and user experience functionality.
“Our enterprise HCM API approach will enable deeper integration across solutions, giving customers a single system-of-record experience,” explains Jim Restivo, Chief Technology Officer of Benefitfocus. “We have developed a real-time data exchange approach that can be used across HCM solution providers, while still allowing customers to subscribe to a world-class point solution.”
Ray August, Benefitfocus President & CEO, adds, “We are focused on eliminating manual operation pain points across the benefits ecosystem to save customers time and money. Ultimately, this drives higher data accuracy and translates into a better experience for both the benefits administrator and the employee.”