Demand for personalized health benefits guidance and open enrollment processes propels the adoption of benefits platform.
Nayya, a leading insurance benefits experience and management platform, today announced its strongest quarter-to-date, Q1 2021, tripling its recurring revenues in just three months and securing alliances with 7 of the 15 largest national benefits firms in the nation, including Acrisure, NFP, and other leading firms.
With almost half of US employees expressing frustration or confusion with current health benefits processes, we are eager to help insurers, brokers, and employers close the benefits gap with a personalized solution, backed by data, that helps employees choose the right benefits given their lifestyle and needs,” said Sina Chehrazi, co-founder and CEO of Nayya.
Nayya’s rapid growth follows the $11 million Series A raise the company secured last year led by Felicis Ventures to assist in product research and development, as well as talent and customer retention. Since 2020, Nayya has tripled its team size and is committed to growing its presence in New York City – having re-opened its new office headquarters on a limited and voluntary basis.
In February, Nayya announced a partnership with cloud-based benefits administration software, Selerix and in March, Nayya announced its partnership with the Guardian Life Insurance Company of America (Guardian Life). Both partnerships were established to provide employers and employees with a personalized, online data-driven benefits experience during the open enrollment process.
The exponential growth we’ve seen following the first quarter of 2021 is both a testament to our incredible team and the overarching need to make the benefits process better,” continued Chehrazi. “We look forward to expanding our offerings in the near future so that employers can empower their employees to access the full value of their health benefits — during open enrollment and beyond.”
Nayya links more than 3 billion external data points, including nearly 200 million rows of claims data, to offer curated, confidential guidance on topics such as selecting voluntary benefits, comparing different health insurance options, HSA/401(K) education, and finding cost-effective healthcare. Nayya is backed by leading institutional venture funds including Felicis Ventures, Social Leverage, Guardian Strategic Ventures, and Unum Business Ventures.
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.