Liazon has introduced a new employee benefits product offering for mid- and large-sized employers.
The company's multi-carrier private exchange is designed for client companies employing 3,000 or more. Building on Liazon's existing Bright Choices platform, the new exchange allows employees to shop from among dozens of plan designs across multiple medical carriers, including Aetna, UnitedHealthcare and other regional plans.
Introduced in mid-February, the program will be available nationwide.
The company says the program will help employers and employees save money by promoting competition, matching products to people‚s underlying benefits needs and activating greater employee engagement in health care.
"This new marketplace advances private exchanges to a new stratosphere and will completely transform how benefits are delivered in America," said Ashok Subramanian, Liazon CEO and co-founder.
In addition to health benefits, the exchange allows employees to choose pharmacy, dental, vision, life, disability, critical illness, accident, FSAs, HSAs, telemedicine, pet insurance, identity theft protection and legal plans from companies such as Aetna, Allstate Benefits, CVS Caremark, Express Scripts, The Guardian Life Insurance Company of America, MetLife, OptumRx, Sun Life Financial, and UnitedHealthcare.
Founded in Buffalo in 2007, Liazon was acquired last fall in a $215 million deal by Towers Watson (NYSE, NASDAQ: TW), a global professional benefit services company.
The Bright Choices private benefits exchange is in use by more than 500 client firms nationwide, distributed through a network of broker partners.
In addition to product choices the system offers educational information and expense tracking tools to help users manage and pay expenses.