Nayya raised $11m to aid employees in making healthcare benefits decisions using AI
Nayya is an insurance benefit management system, today announced it had raised $11 million from the series A round, which was led by Felicis Ventures. Nayya claims the money will be used to fund product development and research in its quest to attract new customers and talent.
The employees are often confused about the process of selecting health benefits in a report that was commissioned from IT business Jellyvision. Nearly half (49 percent) claim that making health insurance choices is “very difficult” for them. 41% say that the process of open enrollment at the company is “extremely complicated,” and 20% regret the decisions they make.
Sina Chehrazi and Akash Magoon formed Nayya in the year 2019 to tackle some of these health care problems. For employees of corporate clients that join Nayya the platform offers individualised advice regarding medical, ancillary and worksite plans that are voluntary or selection by taking the risk factors into consideration to offer insight.
Nayya is a platform that asks employees a variety of questions regarding their lives including their location, lifestyle, and so on and also whether they are taking medication regularly or anticipate their health costs to rise. The platform then provides the employees with a variety of plans offered by their employer that may fit their budget and requirements.
Nayya claims to utilise more than 3 billion points of consumer information, a system of medical carrier integrations along with 120 million lines claim data to help determine the appropriate employee benefits. Financial, lifestyle and family characteristics are just a few of the variables that the platform takes into account when guiding employees on benefits. These elements also guide the claim filing process as well as prescription transfer and advice on in-network healthcare as well as its tips on how to save and manage spending accounts.
Nayya claims it can save employees around $1,300 per year, on average, and reduces questions about the benefits of enrollment and benefit eligibility by 82%.According to Nayya the outbreak has resulted in an increase in the number of people signing up for ancillary and voluntary benefits as 40% more people opting to take advantage of voluntary benefits. In addition, there’s been an increase in health savings accounts (HSA) participation and more than the 80% of employees eligible currently enrolled with an HSA with the average contribution being more than $1,400 annually — the highest amount ever recorded.
The process of selecting the right insurance could be a complicated and expensive process, particularly when you consider the additional worries and health risks triggered by the pandemic” the cofounder of Nayya and chief executive Sina Chehrazi explained in an announcement. “Our investors are aware of the potential of Nayya’s technology to tap the enormous amount of data that is generated by the insurance and health care sectors. It’s the kind of data Nayya makes use of to identify and oversee plans that best meet your individual needs while and at the same time, investing money back into American families at the time they’re in need of it most.”
Social Leverage, Guardian Life, Cameron Ventures, and Unum Business Ventures participated in the announcement of the funding round today. The New York-based firm’s total amount raised to $14 million.