Nayya: Leveraging Data to Transform Benefits Navigation

Carolie Xie And Ritika Pai | June 2, 2021

For most American adults and families, choosing the right healthcare benefits package is the singular most material and consequential decision for both personal health and personal finances. It is also often the singular most confusing and complex decision people make as well. It is not surprising to anyone who has gone through an open enrollment process that 81% of consumers find the process of picking insurance to be very stressful, and over 1 in 4 regret the benefit choices they make.

With the growing sprawl of voluntary benefits, high insurance premiums, high deductible plans, digital health offerings, and other out of pocket expenses, the challenge of navigating healthcare benefits, both for employees and the employers, is only expected to grow. Couple this with the fact that healthcare costs in the US have been rising for decades and are expected to keep increasing, the challenges are daunting.

In 2019, Sina Chehrazi and Akash Magoon, who were previously working with the actuarial, underwriting, and data science teams of some of the country’s largest insurers, cofounded Nayya to address this imperative challenge and change how Americans make insurance and benefit decisions. By approaching the issue with a technology-first approach, they were determined to bring transparency, simplicity, and personalization to an industry that has historically relied on static brochures, inefficient employee info sessions, basic online comparison tools, or the energy of time-pressed HR leaders, who are often challenged to advise employees with limited resources or ability to ask the sensitive personal questions needed to make accurate recommendations.

Nayya uniquely leverages data and software to empower employees and personalize benefits education and navigation. The company’s first product, “Choose”, helps employees make data-driven decisions during open enrollment, new employee onboarding, and qualifying life events by assessing each employee’s unique situation and guiding them to the benefits that provide them with the right coverage. This year, the company launched its newest product, “Use”, a holistic, 365-day benefits engagement product that proactively provides actionable and meaningful insights for employees on how to best file claims, make smarter spending decisions, optimize on pharmacy and provider costs, and manage spending accounts in real time.

What drew us to Nayya and the team’s vision was the strength and sophistication of the data and infrastructure layer that powers the Nayya AI engine and its software offerings. The Nayya platform harnesses a large, complex, and differentiated set of data across the healthcare and insurance industries, linking over 3B consumer data points, a vast network of medical carrier integrations, 200M+ lines of claims data, demographic data, and thousands of data integrations to enable truly curated, interconnected, and data-driven guidance.

In just two years since launch, Nayya’s traction with employers, carriers, and brokers has been extraordinary, and our conversations with customers have underscored the exceptional engagement and trust of Nayya’s technology with end consumers. With an 82% decrease in questions related to benefits and enrollment and a 2.5x employee migration to HDHP and HSA plans, Nayya empowers employers and brokers to recognize measurable revenue lift and cost savings while driving significantly greater employee participation and engagement, enabling benefit leaders to finally engage with modern workforces in modern, technology driven ways to best navigate these critical decisions.

Most importantly, Nayya helps put dollars back into American households, saving employees on average $1,800 annually, which is particularly impactful in this critical time for families as the country slowly begins to recover from the health and financial toll from the ongoing pandemic. In the last year, Americans have been challenged to see the very real consequences of how benefit enrollment decisions can impact how their families navigate important and unexpected concerns and health risks, adding a new dimension of criticality to the insights Nayya provides.

Nayya’s vision is to build a world where healthcare is personalized, transparent, and connected, and where consumers are enabled to live their healthiest, most financially secure lives. We are thrilled and grateful to co-lead Nayya’s Series B, alongside our friends at SVB, Felicis Ventures, Bow Capital, and others, and join Sina, Akash, and the entire Nayya team as they extend their impact, leverage data to support consumers, and transform the way employees choose and use their benefits. ICONIQ Growth strives to partner with founders effecting global impact and change. We believe Nayya is both an exemplary reflection of this mission and of both our healthcare technology and people-first theses, alongside QGendaBenchlingKomodo Health, GoodRx, Unite Us, Guild Education, and BetterUp.