Sep 14, 2020
Ushering In the age of connected health insurance
A person considering a new job offer should be able to understand which benefits package will best meet their needs. A family working on their finances should know how much they will need to budget for their child’s braces. Someone heading to the doctor should be able to confirm their visit will be covered right on their phone.
The past several years have seen a welcome rise of consumer-focused software that puts these connected experiences within reach. Now more than ever, consumers are getting the support they need to engage with their health insurance by having access to the right information in the right context.
The age of connected health insurance is here. We continue to see acceleration toward integrating insurance experiences into the consumer’s everyday life as new software, products, and services hit the market.
Behind the scenes, however, there is an enormous challenge: insurance companies and software companies must exchange a great deal of sensitive data, and traditional ways of managing this process are time-consuming, expensive, and error-prone. Noyo solves this problem, making it possible to provision and interact with this critical, sensitive data–securely and at scale.
Insurance companies recognize that in order to succeed in the age of connected insurance, they must collaborate with the insurtech companies who are setting a new standard for modern consumer experiences. Insurtech has taken a seat at the table next to brokers in guiding how people choose and use their insurance coverage. Noyo is proud to be the partner of choice of leading insurers like Humana and Ameritas, who use our best-in-class APIs to get connected with their insurtech partners to deliver a connected insurance experience to their customers.
For too long, the insurance industry has been stuck on outdated, custom-coded files and paper processes. Consumer experiences around insurance have been throttled by fundamental limitations on what data is available or usable. Noyo unlocks new possibilities: benefits software developers use our API-first solution to quickly connect with insurers, and insurers trust Noyo to get partners connected efficiently and facilitate accurate and compliant data exchange. Just one example of Noyo’s impact: enrolling a new employee in insurance coverage using our APIs takes minutes, compared to weeks with other methods.
Today, we are thrilled to announce that Noyo has raised $12.5M in Series A financing to continue our work building the infrastructure that powers a new generation of consumer insurtech experiences. We are proud to be backed by an incredible group of investors who share our vision for a future where people feel protected by–not scared by–their insurance. We are proud to welcome Mark Selcow of Costanoa Ventures and Natalie Sandman of Spark Capital to Noyo’s Board as part of this financing, and appreciative of continued support from our earliest investors, including Homebrew, Fika Ventures, Precursor Ventures, Core Innovation Capital, Garuda Ventures, and Webb Investment Network.
Insurtech is still in its infancy, and there is tremendous work ahead to build a connected ecosystem that serves consumers well. The age of connected health insurance will be powered by Noyo, and we are just getting started.