Marketplace name: the Aetna Marketplace
Technology used to power platform: On November 25, Aetna announced it has acquired bswift, a health insurance exchange technology and benefits services provider whose technology platform offers a retail shopping experience for public and private health insurance exchanges and employers nationwide. Aetna intends to use the bswift capabilities to build the next generation of its private exchange offerings.
CEO or Practice Leader: Mark Bertolini – CEO ; Cathy Gobes – Private Exchange Practice Leader
Main Location / Headquarters: Hartford, CT
Founded / Exchange Launched: Aetna launched its proprietary private exchange, Aetna Marketplace, in the third quarter of 2013 in Florida and Illinois and expanded in November 2013 to New Jersey, Maine, Georgia and Texas, according to spokeswoman Susan Millerick.
Website: Please click here
Membership/number of lives currently on platform: TBD
Segment size preference (“target business size”): Aetna Marketplace was rolled out in 2013 to the small group market, consisting of employers with fewer than 50 workers, and expanded to the middle market in 2014
States of operation (if available):
Are employers required to use a defined contribution: No; defined benefit or defined contribution
Carriers Offered: Aetna + Limited Carriers
Decision Support: Offers decision support technology
How does exchange get compensated: TBD
Standard or Custom Product Configuration: TBD
Do they Utilize Other Technology Company Solutions: Yes. In November 2014, Aetna announced that it has completed its acquisition of privately held bswift, which provides a technology platform that offers a retail shopping experience for health insurance exchanges and employers nationwide. Additionally, bswift offers benefits administration technology and services to employers.
Single-carrier or Multi-carrier: Both. Aetna offers plans to employers on approximately 20 third-party private exchanges. The company also offers its own proprietary private exchange solutions for small, mid-sized and large employers, along with single and multi-carrier options for retirees. In addition, the company “white labels” exchanges for brokerage firms, trade associations and other organizations. For example, Aetna is the architect of the multi-carrier Retiree Health Access program offered by HR Policy Association, for large employers and their retirees. Most recently, Aetna worked with Sam’s Club to offer a private exchange for small businesses.