Marketplace name: Bright Choices
CEO or Practice Leader: Ashok Subramanian –CEO; Alan Cohen – Chief Strategy Officer
Main Location / Headquarters: Buffalo, NY
Founded / Launched: 2007
Website: Please click here
Membership/number of lives currently on platform: Approximately 94,000 lives
Segment size preference (“target business size”): The solution is scalable for employee populations of all sizes. Early on, Liazon targeted small employers, and the majority of its first 2,000 employer groups had less than 50 employees. Liazon has expanded its reach and currently services over 700 mid-sized and large businesses. Now, most new businesses that Liazon targets include between 100 and 10,000+ employees.
States of operation (if available): All 50 states
Are employers required to use a defined contribution: Liazon’s Bright Choices Exchange supports a wide range of defined contribution funding strategies, allowing for lump-sum funding, bucketing by tier and eligibility group, allocations by benefit type, waivers, and other strategies.
Health Carriers Offered: Liazon partners with approximately 83 medical carriers. Liazon’s Bright Choices multi-carrier exchange includes medical plans from Aetna and UnitedHealthcare as well as many regional health plans. Liazon has also built single carrier proprietary exchanges for several health plans.
Specialty Carriers Offered: As of October 31, 2014, Liazon partners with 140 total carriers
Decision Support: Liazon’s consumer support tools include: Advanced decision support technology that helps employees narrow down a diverse menu of health plans and supplemental insurance products to one portfolio recommendation that best fits their needs; Comprehensive education tools including videos, articles, plan comparisons, and a glossary of terms designed to teach employees not just about what their benefit options are, but how to think about insurance overall; as well as email and phone support available during open enrollment and all year round to assist employees
How does exchange get compensated: PEPM fees and partnership fees
Standard or Custom Product Configuration: Liazon offers both standard and custom configurations
Do They Utilize Other Technology Company Solutions:
Single-carrier or Multi-carrier: Both