Health insurance remains a complicated and intimidating subject. Nearly everyone has a story to tell about a frustrating or painful experience. From paying for the wrong coverage to receiving an unexpected doctor’s bill to enduring long wait times on the phone, understanding insurance benefits often feels impossible.
Technology can play a powerful role in improving these experiences. A new generation of software is emerging to modernize how consumers shop for, enroll in, and understand insurance. This is great for consumers -- change is on the horizon.
Platforms like Rippling and Gusto have already created beautiful front-end experiences that help employers manage benefits more seamlessly. But benefits enrollment requires a great deal of oversight, and behind the scenes the process to exchange data with insurance carriers is slow, clunky, and prone to errors. Primarily reliant on antiquated methods like manual entry and custom-coded “EDI” files, this sluggish system causes headaches for operational teams, drives up administrative costs, and leads to mistakes that can have disastrous consequences for consumers down the road.
Insurance infrastructure has not kept pace to support the innovation now happening around the consumer experience. Disconnected systems are a critical barrier for creating a smooth experience across consumers, benefits platforms, and carriers. There exists no central, universal standard that keeps data in sync across all systems.
Noyo is proud to launch the first API platform for a modern health insurance system. Our flexible, carrier-agnostic APIs facilitate fast, accurate, and secure data exchange between benefits platforms and insurance carriers. Noyo starts by streamlining benefits enrollment behind the scenes. For the first time, benefits platforms and insurance carriers can get connected quickly using best-in-class technology designed to provide the real-time transparency consumers deserve.
Noyo has partnered with some of the most forward-thinking companies in the health insurance space to build the digital infrastructure that will power the next generation of benefits platforms and consumer shopping experiences. We are excited and encouraged by the commitment of both legacy and new-wave companies to join us as we bring insurance enrollment into the modern era.
This is just the beginning. If you are working on something new in the space, we’d love to hear from you.
More about Noyo:
Noyo is building the digital infrastructure to bring health insurance enrollment into the modern era. Noyo replaces today’s manual data entry and cumbersome legacy systems with a powerful API platform that enables faster, more accurate data exchange between health insurance platforms and insurance carriers.
The company has offices in San Francisco, CA and Durham, NC.
Last Updated: November 14, 2019
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