The consulting firm in January announced the launch of Mercer Marketplace, a private benefits exchange designed to help employers and employees by offering them a one-stop-shop for their benefits from multiple insurance providers. Open enrollment will begin this fall with the first policies going into effect on Jan. 1, 2014.

"Employers will be able to offer their employees a one-stop destination for the purchase of all their benefits and insurance needs, while actively managing spending and administrative responsibilities," Sharon Cunninghis, senior partner of in Mercer's Health and Benefits business, said in a statement.

Mercer's exchange will be available to employers with at least 100 employees. Options under the Mercer exchange include a wide array of core medical and voluntary benefits, constituting more than 20 lines of coverage.

Private exchanges work similarly to the public exchanges set up by the Patient Protection and Affordable Care Act in that consumers will be able to compare and choose their own health plan. For the most part, employers give workers a set amount of money to spend on health insurance and other ancillary benefits in a private exchange.

The hope is that exchanges will increase competition between health insurance plans, thus leading to better prices for consumers.

Also read: Insurers flock to private exchanges