August 30, 2018

Benefitfocus Joins the MIT Initiative on the Digital Economy

Geoff Parker, author of Platform Revolution and MIT IDE research fellow and Ray August, Benefitfocus President and CEOGeoff Parker, author of Platform Revolution and MIT IDE research fellow and Ray August, Benefitfocus President and CEO

Collaborators strive to unlock insights on innovation and drive business forward

Benefitfocus, Inc. (NASDAQ :BNFT ), a leading cloud-based benefits management platform and services provider, has entered into a corporate membership with the MIT Initiative on the Digital Economy (MIT IDE). Part of the MIT Sloan School of Management, the MIT IDE explores how people and businesses work, interact and prosper in an era of profound digital transformation.

The goal of the corporate membership is to build a long-term relationship, focusing on the issues and opportunities around the digital economy. The MIT IDE relationship further accelerates Benefitfocus' insights and commitment to innovation, which is a key component to the company's platform business strategy.

"Benefitfocus is accelerating our digital transformation and we are making significant investments to advance our platform," said Benefitfocus Chief Technology Officer and MIT alum, Jim Restivo. "We continue to execute on our strategy and tackle innovation from all angles of our business. We're thrilled with the opportunity for exponential learning and growth alongside technology leaders including Accenture, Amazon and Microsoft, among others."

Working with public and private sector partners, the MIT IDE conducts groundbreaking research in the areas of productivity, employment and inequality; big data and human AI; new digital business models; and social analytics and digital experimentation. The MIT IDE sponsors fellows; hosts the global MIT Inclusive Innovation Challenge, conferences and roundtables; and supports other events that bring thought leaders together to inspire new ideas. The MIT IDE believes that challenges posed by the digital economy are not only solvable, but that technology will create new opportunities for people and businesses to thrive.

"One of the major advantages of our collaboration with MIT IDE is advancing our organizational learning through an external, business and consumer viewpoint," said Benefitfocus President & CEO, Ray August. "This 'outside-in' perspective helps us optimize our technology to deliver a better consumer experience and allows us to strengthen our business relationships. Ultimately, each participant on the Benefitfocus platform will feel the true benefits of our MIT IDE relationship."

David Verrill, MIT IDE's Executive Director, adds: "We are proud to announce that Benefitfocus has joined our community as the newest member of the IDE. Through this membership, Benefitfocus and MIT IDE will collaborate to explore challenges and opportunities and drive the conversation on the digital economy."