May 10, 2016 – Benefits tech firm Namely on Monday announced it is a launching a private benefits exchange for mid-market companies (50-1,000 employees) in cooperation with insurer Cigna.
The Namely Exchange will launch with 12 health insurance plans from Cigna, from which HR administrators will select up to five plan options to offer their employees. “For now, it’s just going to be offering Cigna products,” says Rob LaHayne, vice president, benefits at Namely. “Our eventual goal is to potentially introduce other carriers, but for now we’re starting with Cigna.” The exchange is being built on technology built by Namely.
Namely, an HR, payroll and benefits platform for mid-sized companies was founded in 2010. In the first quarter of 2016, more than 50% of the company’s new clients choose Namely as their broker. Namely now insures more than 20,000 lives.
In February 2014, the insurer launched a separate private exchange, an announcement that came on the heels of many private exchange launches in 2013, but was one of the first from a carrier. The insurer selected bswift, who was acquired by Aetna in November 2014, as the exchange’s delivery platform.
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