SAN FRANCISCO--(BUSINESS WIRE)--Noyo, the leading API platform powering the age of connected insurance, today announced the launch of Noyo Sync™, the industry’s first API product enabling automated, flexible, and embeddable benefits data. By bringing an unprecedented level of speed, accuracy, and transparency to insurance data exchange, Noyo Sync enables users to effortlessly transform legacy technology and adapt to changing consumer demands.
Benefits technology platforms using Noyo Sync will have access to Noyo’s complete API solution for immediate, seamless data exchange to transform the way they trade benefits administration data with their partners. Carrier connections available through Noyo Sync include Ameritas, Angle Health, Beam Dental, Brella, Humana, Principal Financial Group, Sun Life U.S, and more.
According to the American Medical Association, inaccurate health care claims are the cause of $17 billion dollars in waste annually and electronic claims have an average error rate of 19.3%. The industry’s existing data infrastructure, which is primarily based on decades-old technology and manual methods of data exchange, contributes significantly to such errors. With Noyo's proactive error monitoring and round-trip transaction confirmation capabilities, platforms using Noyo Sync can provide better benefits administration experiences and greatly reduce errors that impact claims and access to care.
“At Humana, we understand that a better benefits administration experience starts with better connectivity,” said Mike Ganoni, Humana Channel Development Lead, Commercial Distribution Partners. “Noyo has helped to improve how we connect with industry partners through modern, seamless integrations, allowing us to enhance member experiences across the entire lifecycle of a policy.”
“In the era of rapidly modernizing insurance, Noyo is an excellent, end-to-end data solution powering industry-wide innovation,” said Alex Frommeyer, CEO of Beam Dental. “We look forward to continuing our partnership together, built on Noyo’s foundation of API-powered data exchange.”
Benefits administration platforms leveraging Sync connections can expect an experience unlike anything currently on the market:
- One source for many connections: A one-time integration with Noyo activates fast, accurate API connections with any Sync carrier
- Complete enrollment management: Full-service support for managing member-level enrollments, demographic changes, and terminations
- Transaction dashboard: Friendly user interface to manage connections, including tools for real-time monitoring and status updates on all current transactions
- Round-trip confirmation: Transactions are tracked from initial request to final effective date, delivering unparalleled accuracy and reliability
- Continuous monitoring and error handling: Proactive audits identify potential data issues quickly, eliminating errors before they occur
- Enhanced services and support: White-glove service assists in triaging and resolving potential issues
“Noyo Sync sets a new high-water mark for what’s possible in powering intelligent, modern insurance experiences,” said Shannon Goggin, CEO of Noyo. “We’re proud to partner with leading carriers across the industry to bring groundbreaking functionality and innovation to carrier connections, and ultimately, to improve consumer experiences with insurance overall.”
Benefits technology platforms that choose Sync connections will also receive preferred pricing and early access to new features and special programs. For more information about Noyo Sync™, visit noyo.com/noyo-sync or read Noyo’s recent blog post.
Noyo is the leading API platform powering the age of connected insurance. Founded by leaders in insurtech and API technology, Noyo is the connections gateway that enables modern, intelligent benefits experiences. Noyo’s complete, integrated infrastructure solution connects health insurance carriers, benefits platforms, and a growing ecosystem of innovators through a new industry standard for fast, accurate, and secure real-time data exchange. To learn more about Noyo's industry-leading platform that helps partners stay nimble and lead the next generation of insurance innovation, visit www.noyo.com.