BB&T Insurance Holdings — one of the nation's largest brokers — has launched two private exchanges through its employee benefits consulting operation.
BB&T's "CarePlus Benefits Exchange" is kind of a two-in-one exchange: It's available to employers in both standard and custom versions.
BB&T Insurance Holdings is a subsidiary of Winston-Salem, N.C., based BB&T Corp.
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"The CarePlus Benefits Exchanges offer more options to employers than any other private exchange in the country and a truly unique shopping experience for their employees," BB&T Insurance Holdings Chairman and CEO Wade Reece said. "We have two different exchanges to choose from and both are priced affordably and supported by the nation's top carriers. For employees and their families, both options allow them to create a personalized program that includes health, financial and wellness tools."
Executives did not identify the participating carriers.
Developed by New York-based Liazon Corp., BB&T said the standard exchange is designed for employers looking for low administrative overhead, and offers a "user-friendly website featuring decision-support tools, help center, videos, and an information library to promote healthy living and wellness."
The custom exchange, executives said, is "designed for employers who want to customize their platform based on unique goals and offer an employee shopping experience that includes an extra level of benefits." In the custom exchange, employees also receive regular, personalized communications based on their own health status, coordinated by teams of medical, nutrition and physical fitness experts.
More and more employee benefit agencies are considering developing and launching private exchanges.
United Benefit Advisors opened Benefits Passport on Nov. 1, a private exchange exclusive to UBA partner firms. Digital Benefit Advisors — a division of Digital Insurance — also launched an exchange earlier this summer.
Consulting groups, such as Aon Hewitt, Mercer and Towers Watson, have been the major players in the private exchange market so far.
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