NEW YORK, Jan. 14, 2021 /PRNewswire/ -- Nayya, the leading insurance benefits experience and management platform, today announced that it has closed $11M in Series A funding led by Felicis Ventures, with continued support from all early investors including Social Leverage, Guardian Life, one of the largest mutual life insurance companies in the US, and Cameron Ventures. Unum Business Ventures also joined the round with a venture investment from the Fortune 500 insurance company covering 39 million Americans.
Nayya leverages billions of datasets across the healthcare and insurance industries to eliminate the complexity of benefits selection and help consumers choose and utilize the right personalized benefits plans throughout the year. Nayya's customers and partners include insurance carriers, such as Guardian, Unum, and American Public Life, benefit administrator Selerix, dozens of national employers. Nayya also has existing alliances with several of the ten largest brokerage firms in the country, including Acrisure's leading voluntary benefits division.
"The promise of real time access to healthcare data, transparency, and personalized recommendations has not yet translated to better healthcare benefits decisions for consumers. Benefit selection continues to be overwhelming, confusing, and not customized to the needs of each consumer," said Victoria Treyger, General Partner and Managing Director at Felicis Ventures. "We are thrilled to back the Nayya team whose transformative benefit platform solves this critical need for consumers, and empowers enterprise customers to develop innovative benefit products for all life stages."
With medical insurance premiums increasing 54% over the last decade and a growing number of bankruptcies caused by soaring medical bills, American families need help. Nayya's new capital will be used to grow the team in New York and across the country, expand Nayya's product portfolio into additional lines of insurance, deepen Nayya's consumer data and HCM (Human Capital Management) integrations, and fuel partnerships across leading employers, carriers and brokers.
"Selecting the right insurance can be a difficult and costly process, particularly with added concerns and health risks brought on by the pandemic," said Sina Chehrazi, CEO and co-founder of Nayya. "Our investors recognize the power behind Nayya's technology to harness the massive proliferation of data produced across the healthcare and insurance industries. Leveraging AI and data science, we can highlight and manage plans that best match individual needs, at the same time putting dollars back into American households during the rest of the year -- at a time they need it most."
Nayya's benefits platform already reaches tens of millions of lives through its partners and integrations. During the 2020 open enrollment season, Nayya identified key trends in how consumer selection of healthcare benefits changed during the pandemic.
The Post-COVID-19 Rise in Voluntary and Ancillary Benefits: Generally, less than 14% of employees enroll in income-protecting voluntary benefits when available. However, Nayya reported a 40% increase in voluntary benefit participation – as consumers invested the extra time to understand the crucial role these products play in protecting their wealth and their health.
Health Plan Trends Amongst Millennials: 40% of tracked millennials (born between 1981 and 1996) are enrolled in low deductible insurance plans despite the availability of more cost-effective HDHP (High Deductible Health Plan) options. From an outcomes perspective, many in this segment are overspending by an average of over $800/year; however, the global pandemic has slowed the rate of HDHP adoption, as more of the tracked millennial users adopted a risk-off approach.
Post-COVID-19 Spike in Financial Engagement: HSA (Health Savings Account) participation continued to spike -- over 80% of eligible employees enrolled in an HSA with an average contribution of over $1,400/year. This was the highest number yet on record, as the benefits of the financial account are becoming more trumpeted. Still, despite the increase in adoption, the majority communicated that they are confused about how to use their HSA.
About Nayya Nayya was founded by Sina Chehrazi and Akash Magoon in 2019. Nayya is a software and data infrastructure company transforming the way employees choose and use their benefits, driving better financial outcomes for employees and employers. The Nayya platform is powered by billions of consumer data points, millions of rows of claims data, and thousands of data integrations -- helping consumers make data-driven decisions during open enrollments, new employee onboarding, and qualifying life events. The rest of the year, Nayya's employee engagement product tracks financial spending to guide and redirect consumers to file claims programmatically, manage spending accounts, and optimize prescription locations. Nayya is headquartered in New York, NY. Visit https://www.nayya.com/ for more information.
About Felicis Ventures Founded in 2006, Felicis Ventures is a venture capital firm that has backed 28 companies valued at $1B or more. Felicis invests in iconic companies reinventing core markets, as well as those creating frontier technologies. More than 80 Felicis portfolio companies have been acquired or gone public, including Adyen (IPO), Guardant Health (IPO), Fitbit (IPO), Shopify (IPO), Meraki (acquired by Cisco), Twitch (acquired by Amazon) and Ring (acquired by Amazon). To learn more, please visit www.felicis.com.