NEW YORK, Jan. 14 2021 /PRNewswire/The company Nayya the world’s leading insurance benefits management and experience platform has announced today that it closed $11 million in Series A funding , led by Felicis Ventures, with continued assistance from all investors in the initial phase which include Social Leverage, Guardian Life one of the biggest insurers of mutual insurance in the US and Cameron Ventures. Unum Business Ventures also joined the round, with an funding from The Fortune 500 insurance company covering 39 million Americans.
Nayya makes use of billions of data in the insurance and healthcare industries to reduce the difficulty of choosing benefits and assist customers choose and take advantage of the most appropriate benefits plan for them all through the year. Nayya’s partners and customers include insurance companies like Guardian, Unum, and American Public Life, benefit administrator Selerix and a myriad of large employers. Nayya also has agreements with a number of the top ten brokerage firms across the nation and Acrisure’s top benefit division, which is voluntary.
“The promise of real-time access to data on healthcare with transparency, as well as personalized suggestions hasn’t yet been resulted in better healthcare benefits choices for consumers. Benefit selection is complex and confusing and is not tailored to the specific requirements of every customer,” said Victoria Treyger Executive Director and General Partner of Felicis Ventures. “We are thrilled to be a part of the Nayya team, whose revolutionary benefit platform will address this vital demand for consumers and empowers enterprises to design and develop new benefits products that can be used at all phases.”
With the cost of medical insurance rising 54% over the past decade and an increase in the number of bankruptcies resulting from increasing medical expenses, American families need help. Nayya’s capital increase is being used to expand the company’s workforce throughout New York and across the nation, to expand the Nayya’s product range to include additional insurance products, expand the consumer database as well as integrations with HCM (Human Capital Management) integrations, and create alliances with top companies, brokers, and carriers.
“Selecting the right insurance could be a costly and difficult procedure, especially with the added worries and health risks caused from the pandemic,” declared Sina Chehrazi the CEO and co-founder of Nayya. “Our investors appreciate the strength of the technology used by Nayya to tap the enormous amount of data that is generated by the insurance and healthcare industries. By leveraging AI and the data sciences, we are able to identify and manage programs that are most appropriate to your individual needs while and at the same time, investing money back into American households for the remainder of the year when they require it the most.”
Nayya’s benefits system has already touched hundreds of millions of people through its partnerships and integrations. In the open enrollment period in 2020, Nayya identified key trends regarding how consumers’ choice of health benefits changed over the outbreak.