Improving the Benefit Experience
In 2010 the Affordable Care Act (ACA) changed the benefits landscape and divided the employee benefit market into defined segments based upon the number of employees in a company. Each of the segments that were established required different benefit plans options and pricing methodologies. The change for many employers was disruptive. For employers that found themselves forced to move between the segments the transitions became even more complicated.
The changes created a major challenge for employers as they struggled to administer their employee benefits under these new standards. To simplify and streamline administration, AristaPoint introduced The Portfolio, a Private Group Benefit Marketplace in 2010.
This allowed employers to easily manage multiple carriers and benefit options all in one place. Most importantly The Portfolio allowed employers transitioning between market segments to maintain the same benefit administration.
The other major advantage The Portfolio provided was the ability for employers to establish a multi-choice benefit plan with a variety of carriers. Coupled with consolidated administration and billing this simplified process for employers and quickly became a strategic advantage in recruiting and retaining human capital.