The Bright Choices Exchange enables employers to save money on their healthcare costs by setting predictable budgets, the company said, and allows employees to select health, dental, vision, life and disability coverage, among other benefits, from various national and regional insurance providers.
“There will be many different private exchange models, and organizations will be interested in them for different reasons.” said GBS President James W. Durkin, Jr. “Some organizations may be focused on simplifying a complex benefits administration process, while for others this may be a key piece in helping execute their Total Rewards strategy.”
Exchanges are expected to provide employers and employees an effective online marketplace to help them budget for, evaluate and purchase employee benefits, the company said.
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