85% of employees indicated that they would welcome assistance when it comes to navigating their benefits in order to make educated choices. However, most HR and benefits teams don’t have the capacity to be a full-time resource in this regard, creating a significant pain point. Nayya is a software and data infrastructure startup that uses data science and AI to empower employees to make the right decisions, based on their individual circumstances, when it comes to choosing and managing their benefits. Sitting at the intersection of HR, insurtech, and big data, the company takes billion of data points, claims data, and combines them with other data integrations to present a data-driven engine that can be used for decisioning for enrollment, new employee onboarding, and ongoing claims management. Leveraging Nayya’s platform yields a better experience for employees and employers, while driving better financial outcomes for both.
AlleyWatch caught up with CEO and Cofounder Sina Chehrazi to learn more about how Nayya is transforming the experience of selecting and managing benefits with AI, the company’s strategic plans, latest round of funding, which brings the total funding raised to $50.7M, and much, much more.
Who were your investors and how much did you raise?
We raised $37M in Series B funding, which was co-led by SVB Capital and ICONIQ Growth. We’re incredibly excited to be working with such amazing and innovative partners. Their teams believe in Nayya’s mission and know the requirements of building category-defining companies that provide immense value to customers and consumers.
This new round of funding also includes participation from investors including: Felicis Ventures, Bow Capital, Social Leverage, and SemperVirens. Returning insurance investors include Guardian Strategic Ventures and Unum Business Ventures, alongside the publicly-traded health and benefits insurer, CNO Financial Group.
Tell us about the product or service that Nayya offers.
Nayya is a data science and AI-driven company that is focused on reinventing the way consumers choose and use their benefits through personalization. Our core offerings enhance the benefits experience:
Choose is a personalized decision support engine that helps consumers during enrollment.
Use is a personalized benefits advocate that helps consumers engage with their benefits and use them wisely throughout the year, so they can save money.
Our products are designed to not only educate and empower consumers about their benefits but provide transparency to protect them against financial duress. We’re the only platform in the market that offers a complete benefits experience platform, providing our customers with both personalized decision support and year-long benefits guidance.
What inspired the start of Nayya?
Before and after cofounding Nayya, my Cofounder and I have had family members that have been diagnosed with illnesses. Like anyone else, we have friends who struggle with health conditions. The unfettered irony of it all is just that in the moments when you are least inclined to deal with the administrative burden of the health system, is exactly when you have to figure it out; whether during a 2-week open enrollment deadline or following an unforeseen event. Nayya was created to solve these types of challenges by removing the confusion and stress associated with health plans and benefits.
How is Nayya different?
We remove all the confusion when it comes time to choosing and using your benefits. Nayya helps consumers save money. Not only during enrollment but throughout the entire year, guiding consumers to take advantage of their benefits. Putting dollars back into the household through automated claims assistance that uncovers cost-savings opportunities, prescription savings alerts, and wellness reminders.
What market does Nayya target and how big is it?
Nayya’s platform is built to flexibly “stand-alone” or embed within existing systems. New partnerships and broker alliances are key to expanding our business. Our main goal is to get our software, data, and AI-powered insights into the hands of every consumer as they choose and use their benefits. Nayya works with insurance carriers and brokers, BenAdmin, technology partners, and directly with leading national employers.
How has COVID-19 impacted the business??
Throughout the world, we’re seeing businesses work creatively and collaborate in ways that we have never seen before, spurring innovation to meet consumer and market demand. And, this has been no different for our business, as COVID-19 has accelerated the adoption of new technologies, like Nayya, to improve the employee experience.
What was the funding process like?
We were lucky enough to have great momentum, even from the very beginning of the funding process. In addition, we are privileged to have a team of experts at Nayya making this process easier, guiding our efforts in a way that seamlessly led us to our very successful Series B funding.
What are the biggest challenges that you faced while raising capital?
Fortunately, we didn’t face too many obstacles during the process. We had an amazing round, with innovative and industry-leading investors.
What factors about your business led your investors to write the check?
First and foremost, we are a data science and AI-led company that is focused on completely changing the way consumers choose and use their benefits. We are innovating on behalf of the consumer – and cementing ourselves as the leader of personalized benefits, simplifying the healthcare journey.
What are the milestones you plan to achieve in the next six months?
The fresh, additional capital will allow us to accelerate our growth and to quickly achieve our mission of being the destination for all consumers when they are choosing and using their benefits. This reinforces the conviction of our mission: to give consumers (our North Star) financial peace on their best days and confidence on their worst.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Commit to your North Star (whatever it is). Knowing your purpose is paramount to achieving success for your company.
Where do you see the company going now over the near term?
We are growing extremely fast. Nayya has already driven significant product innovation and is expecting to finish the first half of this year with 5x growth in sales and 3x growth in its customer base.