A platform for managing insurance benefits, Nayya, has confirmed a Series A funding round of $11 million that was mainly driven by Felicis Ventures as per wiggersventurebeat. The funding will help in better product development and research along with more customer and talent acquisition. Employees often suffer from confusion and knowledge gaps with regard to choosing their workplace health benefits as per several reports. Almost half of the global employees feel stressed when deciding on healthcare and insurance while many people find the entire enrollment system problematic or confusing. Many employees also regret their choices as per reports. Ashley Allen, the Co-Founder at PeopleFastFind, said that Nayya has confirmed a Series A funding round of $11 million that was mainly driven by Felicis Ventures as per wiggersventurebeat. The funding will help them develop faster.
Nayya was founded in 2019 by Akash Magoon and Sina Chehrazi for tackling these issues. For companies signing up with the platform, the employees will get recommendations of a personalized nature for medical and other insurance along with voluntary/worksite selection of plans, accounting for risk factors and providing valuable insights that ease the process. Employees are asked diverse questions about their location, lifestyle, medication, anticipated healthcare costs in the future, and so on. The platform then comes up with several options from the company that is in sync with their requirements and budgets alike. ai 11m series felicis ventureswiggersventurebeat
Nayya has stated that it taps into 3 billion+ data points for consumers along with a network of integrations with medical carriers and also 120 million claims data lines for helping choose suitable benefits packages for employees. Family aspects, financial position, and lifestyle are three main parameters that are taken into account while helping employees choose the right plans. These also influence the recommendations throughout its care network, enabling more hints on management, savings and spending for employees, spending accounts, prescription transfers, filing claims and more such options. Nayya claims to help employees save at least $1,300 per year as an average sum while lowering questions linked to enrollment and benefits by a whopping 82% as per its statements.
The company has stated that the pandemic has led to more signings for ancillary and voluntary benefits with the latter being chosen by almost 40% of employees while HSAs or health savings accounts have gone up worldwide with 80% of employees (those who are eligible of course) enrolling in the same with contributions touching more than $1,400 annually on average. The CEO and Co-Founder at Nayya, Sina Chehrazi, stated that choosing a proper insurance plan can be expensive and tough at the same time with more health risks and issues due to the coronavirus outbreak. She talked of how the investors have recognized the technology and capabilities of Nayya to tap into vast data that is generated throughout the insurance and healthcare segments while putting more money into the hands of employees at the same time. Other participants in the funding round included Unum Business Ventures, Cameron Ventures, and Guardian Life, along with Social Leverage. The company has raised $14 million in funding to date.
