Nayya Nayya, the world’s leading insurance benefits management and experience platform, today announced it has raised $11 million in Series A financing led by Felicis Ventures, with continued assistance from all investors in the initial phase such as Social Leverage, Guardian Life one of the biggest Mutual Life Insurance companies within the US and Cameron Ventures. Unum Business Ventures also joined the round via funding from Unum Business Ventures, a Fortune 500 insurance company covering 39 million Americans.
Nayya utilises billions of data sets in the insurance and healthcare industries to reduce the difficulty of choosing benefits. It also helps customers select and use the best benefits plans for their needs all through the year. Nayya’s partners and customers include insurance companies like Guardian, Unum, and American Public Life, benefit administrator Selerix as well as dozens of large employers. Additionally, Nayya has agreements with several of the top ten brokerage firms across the country, including Acrisure’s most renowned company for voluntary benefit across the nation which includes Acrisure’s most renowned company for voluntary benefit administration.
“The promise of real-time access to data on healthcare as well as transparency and individual suggestions hasn’t yet led to better health benefits choices for consumers. Benefit selection remains complex and confusing, not being tailored to the specific requirements of every person,” said Victoria Treyger Executive Director and General Partner of Felicis Ventures. “We are delighted to support the Nayya team, whose revolutionary benefit platform addresses this crucial consumer need, and empowers enterprises to create innovative benefits products that can be used at all levels.”
“Selecting the best insurance for you can be a costly and difficult procedure, especially with the added issues and health risks caused by the pandemic” stated Sina Chehrazi the CEO and co-founder of Nayya. “Our investors are aware of the potential of the technology used by Nayya to harness the huge amount of data generated across the insurance and healthcare sectors. By leveraging AI and the data sciences, we’re able to determine and control programs that are most appropriate to individuals’ needs, while and at the same time, investing money back into American households for the remainder of the year when they need the most.”
Nayya’s benefits platform has already reached thousands of people through its partnerships and integrations. In the Open Enrollment phase beginning in 2020 Nayya discovered key patterns in the way that consumers’ choices of health insurance changed during the course of the outbreak.
- The Post-COVID-19 Increase in Ancillary and Voluntary Benefits generally just less than 14% workers take advantage of income-protection voluntary benefits when they are available. But, Nayya reported a 40 percent increase in voluntary benefit participation as people took the time and effort to learn the vital role these benefits help protect their assets and health.
- Health Plan Trends among Millennials 44% of all tracked the millennial cohort (born between 1981 to 1996) are on low-deductible insurance plans, despite the availability of better efficient and cost-effective HDHP (High Deductible Health Plan) alternatives. From a performance perspective the majority of those in this group have a budget deficit of $800/year. However the global pandemic has reduced the pace of HDHP acceptance in the last few years, as more identified millennials took an approach of risk-free.
- Post-COVID-19 Boost on Financial Engagement HSA (Health Savings Account) participation continues to increase — more than 80 percent of employees eligible are enrolled with an HSA with an average contribution of more than $1,400 per year. This is the highest figure ever recorded, and comes as the advantages of the account are being emphasised more. However, despite the rise in use most people reported that they’re confused on how to utilise their HSA.
The company Naiya Naiya was created in 2019 by Sina Chehrazi in 2019 and Akash Magoon in the year 2019. Nayya is a data and software business that is revolutionising the way employees decide and make use of their benefits, resulting in greater financial results for employers and employees. Nayya’s Nayya platform runs on billions of data points with million of rows claim data and thousands of data integrations – helping users make informed decisions in open enrollment and new employee onboarding and life events that are eligible. In the rest of the year, the company’s employee engagement software monitors financial spending to direct and guide users to submit claims programmatically as well as manage their spending accounts and improve the locations of prescriptions. Nayya is located at New York, NY. Visit https://www.nayya.com/ for more information.
About Felicis Ventures Founded in 2006, Felicis Ventures is a venture capital company that has supported 28 businesses valued at $1B or more. Felicis invests in famous companies that are redefining core markets as well as companies that develop new frontier technologies. Over 80 Felicis portfolio businesses have either been bought or went public such as Adyen (IPO), Guardant Health (IPO), Fitbit (IPO), Shopify (IPO), Meraki (acquired by Cisco), Twitch (acquired by Amazon) and Ring (acquired by Amazon). For more information.