Nov 25, 2020

It’s a pivotal moment for insurtech - that's why Eddie Choi joined Noyo

Noyo's Head of Solutions Eddie Choi shares why now is the time to deliver better product experiences through API integrations.

Noyo partners with the most innovative companies in the insurtech space, unlocking the power of API-driven data exchange and enabling an entirely new world of benefits experiences. At the center of these partnerships is Eddie Choi, director of solutions architecture at Noyo. He is intently focused on the needs of a rapidly changing industry.

Eddie has over 17 years of experience on the benefits technology side, having worked with companies like Businessolver, Bswift, and ADP to name a few. We picked Eddie’s brain about where the wave of innovation in insurance is headed, and ultimately, why he joined Noyo.

Eddie, tell us about your role at Noyo. What's an exciting, challenging problem you're solving?

My role is essentially to look at the key challenges that bentech and insurtech companies are facing and explore how Noyo can provide modern, technical solutions. The industry is turning a corner with API integrations, and Noyo is bringing forth both industry and domain expertise. If we can click a button to purchase an item and have it delivered in 2-days, why does it still take a week to add coverage to benefits?

The time is now to deliver a better product experience, which is why I’m focused on helping companies chart a path forward, no matter where they are in terms of digital transformation.

What did your path to Noyo look like?

I have 17 years of experience wearing many hats at several BenAdmin organizations. One common theme is that I like to run towards the fire, not away from it. So naturally, I’m drawn to fixing and optimizing complex integrations from all angles: product, operations, and strategy. I’m most excited about applying the lessons I’ve learned throughout my career to be bold and help Noyo’s partners find the best approach for the present and future.

Throughout your years in insurtech, what are some of the biggest changes that have taken place? What do you think is the next generational shift?

Looking back, I guess I’ve seen a lot of change. I remember moving from ASP to ASP.NET was a pretty big deal. There was also the HIPAA 5010 conversions, and of course, the ACA almost fundamentally changing how every BenAdmin company operates.

One of the next big leaps for the industry is interoperability--how systems better interact with each other in a timely, efficient, and secure way. It comes down to identifying the system of record, eliminating duplicate administration, and connecting platforms with modern application protocols. We really do need to call for an EDI retirement party!

It’s also possible we could see the US Department of Health and Human Services mandate a standard API for exchanging HIPAA information similar to how CMS has mandated the FHIR API for electronic medical records.

When you think about the future of health insurance, how do you see the product experience evolving?

If I could wave a magic wand, I would love to see an enrollment platform operate like an app store. I imagine you can read reviews, click to buy, and the apps are integrated with insurance carriers and payroll in real time. Pricing models could be more dynamic so enrollment in certain products might be an annual subscription, others can “pay as you go”, and still others could “pay per use” depending on specific needs.

As someone who has spent a lot of time evaluating tech solutions, what makes you most excited about Noyo?

I think of modern technology companies as those that are aiming to accomplish a couple of objectives. First, they’re developing new technologies to help the end user make more informed decisions. So if you’re buying a home, for example, the best solution brings all of the data you need to make that decision (schools, price trends, tax records, etc.) into one easily accessible place. Secondly, modern tech companies are looking to remove friction from tasks and events; it’s not just about access to data but how you interact with that data and exchange information with all of the parties involved. 

This is what excites me about Noyo’s solutions. We’re delivering a modern, seamless connection between BenAdmins and insurance carriers. With Noyo, BenAdmins can leverage the power of best-in-class APIs, meaning they have better access to the data they need, and they have the tools to create the best benefits experience possible. Second, Noyo removes a lot of friction, making the experience better for the benefits platform but also for their partners. They get advanced connections with the most innovative carriers in the industry right out of the box. They would otherwise have to invest in custom integrations with each partner individually.

The reality is most companies in the insurance space don't want to shift focus and become API companies, but they can all benefit from APIs, which is why Noyo has such a compelling solution from my view.

Last question: what’s your favorite Noyo slack channel?

Definitely #pets-of-Noyo! I love seeing everyone’s fur-kids as well as occasional guest appearances on zoom calls. The fun is ever abundant, from John Zoshak’s greyhound named Raincrow Everqueen, to Nicole Shelby’s dog rocking a very fashionable rain coat. The #watercooler channel is a close second for me with a heavy dose of language arts and random animal posts. It gets more interesting every day.

Noyo is building modern, API infrastructure that's powering fast, accurate data exchange between benefits platforms and insurance carriers. Reach out to our team to learn more about our solutions.

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