Sign In

Benefitfocus BenefitsPlace™ Product Catalog Adds Financial Wellness Support Via SAVVI Financial

For Immediate Release

Waltham, MA — October 8, 2019

Technology-enabled financial wellness platform allows employees to easily plan, manage, and track their full financial picture.

Benefitfocus, Inc. (NASDAQ: BNFT), a leading cloud-based benefits management platform and services provider, announced today it has added SAVVI Financial LLC, a leading technology-enabled financial wellness platform, to BenefitsPlace, its exclusive catalog of industry-leading health, wealth, property and lifestyle products. The addition of SAVVI represents the continued growth of products on BenefitsPlace designed to support the financial well-being of users.

SAVVI’s Value to Benefitfocus customers

SAVVI offers individualized financial planning designed to empower employees to achieve their goals. SAVVI delivers an actionable plan that promotes employee confidence in their financial future, creating more engaged and productive workers. SAVVI provides financial advice in an actionable form— suggesting not only what the user should do, but how. It’s personalized, not only to your employees but to their circumstances. SAVVI encourages employees to establish short and long-term goals and keeps them on track. It helps manage everyday finances and builds the confidence to make smarter financial decisions.

“It’s a proven fact that many employees spend a great deal of their working hours thinking about their finances. They also face the challenge of making sound decisions on benefits and finances in an increasingly complex market,” said Ray August, President & CEO of Benefitfocus. “By adding SAVVI as a BenefitsPlace partner, we can help brokers and employers connect employees to a market-leading solution so they can make smarter choices about their finances. That is exactly what BenefitsPlace is designed to do, help consumers access the benefits they need to live their best life. When the employee doesn’t have to worry about money, they excel both personally and professionally. Everyone wins!”

Dealing with Workers’ Financial Anxiety

Even in today’s strong economy, many workers are anxious about their finances, in particular, saving for retirement. According to the “Report on the Economic Well-Being of U.S. Households in 2018,” issued by the Federal Reserve in May 2019, 25 percent of non-retired adults have no retirement savings or pension whatsoever. Six in 10 non-retirees who hold self-directed retirement savings accounts, such as a 401(k) or IRA, have little or no comfort in managing their investments.

In addition, in surveys conducted by the Employee Benefit Research Institute, 30 percent of workers reported worrying about finances at work and of those worrying about finances, 70 percent worried at least somewhat often.

SAVVI’s empowering technology

“Much like us, BenefitsPlace applies a holistic approach to helping employees enhance their health, wealth, property and lifestyle,” said Gina Mourtzinou, CEO of SAVVI. “SAVVI’s ability to provide access to reliable advice across all financial choices throughout key life stages leads to employee financial empowerment and peace of mind.”

Find out more about how SAVVI uses technology to empower consumers to take control of their financial future.

About SAVVI

Started by a team of MIT PhDs with 20+ years of experience in finance, analytics, and robust optimization with a core mission to democratize financial planning and advice, SAVVI Financial LLC is an SEC-registered investment advisor that delivers tax-smart financial guidance using deep quantitative analysis to help customers achieve their financial objectives. For more information, visit www.savvifi.com.

BenefitsPlace

Benefitfocus BenefitsPlace® provides employers, brokers and medical insurance carriers the ability to offer market-leading specialty benefits products from more than 40 leading brands. This product catalog provides a simplified enrollment experience that brings all categories of voluntary benefits together in one place.

Connect with Benefitfocus

To find out more about the full range of health, wealth, property and lifestyle benefits offered by Benefitfocus, go to https://www.benefitfocus.com/solutions/benefitsplace and review the full products catalog.

About Benefitfocus

Benefitfocus (NASDAQ: BNFT) unifies the entire U.S. benefits industry on a single technology platform to protect consumers' health, wealth, property and lifestyle. Our powerful cloud-based software, data-driven insights and thoughtfully designed services, enable employers, insurance brokers, carriers and suppliers to simplify the complexity of benefits administration and deliver a world-class benefits experience. Learn more at www.benefitfocus.com, LinkedIn and Twitter.

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results or performance might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: the need to innovate and provide useful products and services; our strategic relationships with third parties; our ability to compete effectively; management of growth; the immature and volatile nature of the market for our products and services; our ability to maintain our culture and recruit and retain qualified personnel; risks related to changing healthcare and other applicable regulations; privacy; security and other risks associated with our business; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec-filings or upon request from our investor relations department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

For all the press inquiries, please contact: pr@savvifi.com