Gallagher Benefit Services (GBS), employee benefit consulting operation of Arthur J. Gallagher has introduced a private insurance exchange platform to offer employers a new way to budget and manage employee benefits.

Offered through partnership with platform’s designer, Liazon Corporation, the Bright Choices Exchange is designed to provide employers and employees with an effective online marketplace to budget for, evaluate and purchase employee benefits.

According to the company, the exchange will enable employers to set predictable budgets for their employee benefits programs, simultaneously assisting employees to select health, dental, vision, life and disability coverage from various national and regional insurance providers.

GBS chief information officer Anthony Hernandez said, "We’ve selected a proven, comprehensive solution in the Bright Choices® Exchange — one that is easy to deploy, easy for the employee to use and built on outstanding technology."

GBS president James Durkin added, "There will be many different private exchange models and organizations will be interested in them for different reasons. 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."

Arthur J. Gallagher & Co. is a US-based insurance brokerage and risk management services firm, trading in 17 countries worldwide and offers client service capabilities in over 110 countries through a network of correspondent brokers and consultants.