Nayya Health, Inc. (“Nayya”), a leading insurance benefits experience and healthcare management platform and part of Insurtech Insights Future50, announced today a year of dramatic revenue growth and significant company milestones. These include a substantial investment round, prominent awards and two new patents – all helping to realize Nayya’s vision of empowering consumers with the personalized insights they need to select just the right mix of employee benefits and health insurance plans to help ensure their physical, emotional and financial wellbeing.
The company’s platform is reinventing the way consumers choose and use their benefits through personalized, AI-driven insights and year-round guidance to make open enrollment, new employee onboarding, and qualifying life events simpler for employees and employers alike. In 2021, Nayya registered an impressive sevenfold growth in annual revenue, compared to 2020.
“Nayya’s rapid revenue growth underscores the power of data towards empowering employee benefits choices,” said Saiba Sabherwal, Nayya’s CFO. “Our vision is to empower employees across industries with our cutting-edge products, reimagining the way employees choose and use benefits – and this is only the beginning. We believe world-class data infrastructure is integral to building an agile and innovative company like Nayya.”
Nayya recently secured two patents for the company’s healthcare selection and claims adjudication engine – which harnesses machine learning algorithms to create actionable insights for those choosing benefits packages and generate savings opportunities for beneficiaries. From a product perspective, Nayya will be launching the expansion of its platform to include guidance for a wealth of additional solutions in 2022.
The past year also marked a year of other important financial milestones and increased recognition for the growing company. Co-founded in 2019 by Sina Chehrazi, CEO, and Akash Magoon, CTO, Nayya ultimately raised $37M in Series B financing in May, co-led by ICONIQ Growth and SVB Capital, with participation from Felicis Ventures, Bow Capital, Social Leverage and SemperVirens. Returning investors included the venture arms of insurance companies such as Guardian Strategic Ventures and Unum Business Ventures, alongside health insurer CNO Financial Group.
Nayya was also named the number one Rising Insurtech Company in the US by the Insurtech Insights Future50 Awards, and the company was featured on Otta’s 2021 Rocket list of the fastest-growing companies.
“Since launching Nayya, we’ve seen incredible growth in revenue and product adoption – and we’re anticipating even deeper growth in 2022,” said Chehrazi. “Nayya’s success isn’t happening in a vacuum: employers and employees are desperately seeking solutions that take the guesswork out of the cumbersome process of benefits selection and navigation. By transforming the benefits model to one in which advanced technology guides consumers to make smarter choices that promote personal and financial wellness, Nayya is pioneering an entirely new approach to some of life’s most important decisions – giving consumers far more financial peace of mind on their best days, and confidence on their worst.”
Source: PR Newswire
