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MassMutual (Boston), which has a large business in voluntary benefits, has become the latest carrier to join Benefitfocus, Inc.’s (Charleston, S.C.) BenefitsPlace, which serves as a platform where brokers, employers, carriers and product suppliers meet. As a result of the new partnership, employers using the BenefitsPlace platform will now have the ability to elect to offer MassMutual’s Universal Life and Whole Life insurance products, along with the company’s innovative financial wellness tool, MapMyFinances.
Benefitfocus describes the BenefitsPlace platform as offering a range of health, wealth, lifestyle and property insurance benefits aimed at enhancing consumers’ personal wellbeing and providing protection for every stage of life.
“MassMutual is a valuable addition to our platform because its goal—helping consumers make the best possible benefits choices for themselves and their families–truly embodies our vision of delivering the right benefits to consumers in the moments that matter,” comments Ray August, President & CEO, Benefitfocus. “Our focus on growing the industry’s best benefits platform goes beyond scale to ensure we’re improving lives. As the industry prepares for the 2020 open enrollment season, our BenefitsPlace platform will help employees and their families choose the right benefits products for themselves from the best-known brands, like MassMutual, and have the security of knowing their needs are well-protected.”
Boosting Employees’ Financial Confidence
Recent research found that 48 percent of middle-income Americans worry about their household’s financial situation at least once a week, while 23 percent worry every day, according to Jon Shuman, Head of Worksite Sales & Distribution, MassMutual. “Those numbers indicate widespread financial stress, so it’s no wonder financial wellness benefits are in great demand among employees,” he comments. “The good news for employers is that offering a greater variety of voluntary benefits can help, as 58 percent of employees say they feel more financially secure because of benefits offered through their jobs. We’re proud to join the BenefitsPlace platform, and hope our products and services will help boost employees’ financial confidence.”