StageSeries B | Alive
Last Raised$45M | 1 yr ago
Noyo transforms connections between benefits software and insurance carriers. Noyo’s technology streamlines the digital transformation of the benefits industry, enabling fast, accurate, and secure data exchange through an API-powered data infrastructure. The company’s suite of APIs allows critical insurance and benefits data to flow from point to point or exist embedded in the applications consumers use every day, ultimately unlocking industry-wide connectivity with powerful network effects. Noyo serves the employee benefits market. Noyo was founded in 2017 and is based in San Francisco, California.
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Noyo's Products & Differentiators
API for transmitting group data from benefits software to carriers without errors or long delays.
Expert Collections containing Noyo
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Noyo is included in 5 Expert Collections, including SMB Fintech.
Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience
Companies partnering with healthcare stakeholders to improve operational efficiency across payment, supply chain, data mgmt, and more.
The digital health collection includes vendors developing software, platforms, sensor & robotic hardware, health data infrastructure, and tech-enabled services in healthcare. The list excludes pureplay pharma/biopharma, sequencing instruments, gene editing, and assistive tech.
Latest Noyo News
May 10, 2023
News provided by Share this article Share this article New Open Enrollment Report Finds Noyo's Benefits Data Platform Proactively Addresses Data Quality with Fewer Issues Reaching Consumers, Impacting Healthcare and Other Benefits SAN FRANCISCO, May 10, 2023 /PRNewswire/ -- Over half of Americans today rely on employer-sponsored insurance benefits to access essential services like healthcare for themselves and their families. Yet a recent Noyo-commissioned Harris Poll found that 48% of employed Americans who have these benefits have experienced frustration using their benefits because they are hard to understand. In addition, around two in five say they have been negatively impacted by errors with their benefits in some way, whether in the form of inaccurate bills (42%), access-to-care issues (41%), or coverage delays (37%). "Experiences like these are the direct result of bad benefits data," said Shannon Goggin, CEO and co-founder of Noyo. "Outdated systems behind-the-scenes make it hard for the benefits industry to keep information in sync between insurance carriers, benefits software, brokers, and employers. As a result, seemingly small discrepancies frequently lead to big problems. We created Noyo to address these challenges head on with our benefits data platform that standardizes and enriches data across many systems and uses it to solve a broad set of needs." Better Data, Better Benefits The line between data quality and consumer experience is clearest during the open enrollment season. That's because this busy time of year frequently pushes traditional systems and workflows to the breaking point, resulting in an unacceptably high rate of issues for members. "No two systems in benefits are alike, which makes for inconsistent processes and data structures. Since open enrollment brings such a high volume of changes, slow processing times and delays in coverage are almost a guarantee," said Goggin. "Noyo is helping to change all that with API solutions that manage the season's complexity. This year's Open Enrollment Report highlights the role of clean data in dramatically improving the consumer experience." During the 2022 open enrollment season, Noyo detected and addressed enrollment issues that would have negatively impacted thousands of families' insurance coverage if they had gone unnoticed. This critical protection ensures members can use their coverage when they need it most. Noyo does this all with highly tuned and powerful software: More than 92% of all enrollment changes and issue resolutions are handled without any human intervention required. "Noyo's platform enables a new era of tech-forward benefits design and delivery," said Elaina O'Mahoney, VP of Product for Noyo. "By surfacing potential data mismatches between benefits software and carriers, Noyo is uniquely positioned to help the industry reduce access-to-care issues, address missed enrollments, and save valuable time for people across the ecosystem." Noyo Product Set Solutions powered by Noyo include the flagship Member Enrollment product, which supports the full lifecycle of policy administration activities and enables the seamless collection, cleaning, and transmission of member enrollment and eligibility data. Member Enrollment also includes access to tools that simplify group management, such as an advanced data-mapping interface and visualizations of all active groups, members, and dependents. Benefits software companies and insurance companies building with Noyo get access to a broad network of connected benefits software and carrier partners. With critical enrollment and eligibility data flowing seamlessly and securely through Noyo, users get a trusted view of who's enrolled in what coverage at any given time, while periodic Noyo-driven audits surface coverage-impacting issues as changes occur. Real-World Results A single upfront integration with Noyo takes just three months; after the initial integration is complete, turning on new connections with existing Noyo partners can be done in mere weeks. Once integrated, Noyo's partners can get groups connected to their lines of coverage at the carrier and start enrolling members in just three days or less, compared to 8-12 weeks or more with EDI and other direct solutions. Noyo's partners include benefits software companies who are innovating to make benefits simpler to understand and use, such as firms like Gusto , as well as leading insurance carriers Ameritas , Guardian Life , Beam Benefits , and The Standard , among others. About Noyo Noyo is the benefits data platform providing the modern data infrastructure to make frictionless employee benefits possible. Founded by leaders in benefits, insurance, and API technology, Noyo is the first company transforming the underlying infrastructure of the benefits industry through seamless digital connectivity. With Noyo, crucial benefits data is synchronized and made instantly available anywhere it's needed, unlocking new possibilities for how benefits are designed and delivered and enhancing them for all. To learn more about how Noyo's industry-leading technology is powering the next generation of employee benefits, visit www.noyo.com . About the Survey This survey was conducted online within the United States by The Harris Poll on behalf of Noyo from February 28 – March 2, 2023, among 2,053 adults ages 18 and older, of which 1,106 have employer-sponsored benefits. Results were weighted for age within gender, region, race/ethnicity, household income, education, marital status and size of household where necessary to align them with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online. Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 2.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest. All sample surveys and polls, whether or not they use probability sampling, are subject to other multiple sources of error which are most often not possible to quantify or estimate, including, but not limited to coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Media: Mardi Larson, Amendola for Noyo, [email protected] SOURCE Noyo
Noyo Frequently Asked Questions (FAQ)
When was Noyo founded?
Noyo was founded in 2017.
Where is Noyo's headquarters?
Noyo's headquarters is located at 18 Bartol Street, San Francisco.
What is Noyo's latest funding round?
Noyo's latest funding round is Series B.
How much did Noyo raise?
Noyo raised a total of $57M.
Who are the investors of Noyo?
Investors of Noyo include Core Innovation Capital, Garuda Ventures, Fika Ventures, Precursor Ventures, Webb Investment Network and 10 more.
Who are Noyo's competitors?
Competitors of Noyo include EverythingBenefits and 3 more.
What products does Noyo offer?
Noyo's products include Group Installation and 2 more.
Who are Noyo's customers?
Customers of Noyo include Beam, Ameritas, Guardian and Gusto.
Compare Noyo to Competitors
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