SAN FRANCISCO--(BUSINESS WIRE)--Noyo, the leading API platform powering the age of connected insurance, today announced the launch of Noyo 360, the industry’s first solution designed to automate and streamline the entire process of health insurance policy administration. With endpoints for group installation, case setup, enrollment maintenance, and policy renewal, Noyo 360 finally makes it possible for innovative benefits software platforms to build next-generation experiences for customers and brokers such as one-click policy activation, hands-free enrollment, and simplified renewal.
Revitalizing the way insurance and benefits are administered is critical to enabling better consumer experiences. But outdated technology and manual processes cause more harm than just slowing down the pace of innovation: errors in healthcare claims cost more than $17 billion each year, with $1.5 billion dollars lost just to administrative waste. To meet the urgent need to transform the process of policy administration and prevent these errors from happening in the first place, Noyo’s breakthrough API technology now covers the entire group benefits policy lifecycle – a true industry first.
In addition to Noyo’s flagship Enrollment solution for automating member maintenance, Noyo 360 includes three new offerings that enable modern interoperability between benefits technology platforms and insurance carriers:
- Policy installation - Key group and plan information is transmitted to carriers quickly and easily–no paperwork required.
- Case setup - Group configuration and data mapping are simplified, lessening the time from installation to enrollment.
- Renewal - Plan decisions are easily communicated and policy, group, and member data is kept up to date in advance of open enrollment.
“As the insurance industry continues to modernize, Noyo’s complete solution promises to be a critical piece of our digital strategy,” said Andy Hutter, Beam Dental’s Director of Digital Distribution. “Noyo is a key partner for Beam as we accelerate our ability to deliver amazing customer experiences for the entire life of a policy.”
“By setting a new standard for data exchange and interoperability, Noyo 360 reimagines the foundational infrastructure for the entire group benefits experience from start to finish,” said Shannon Goggin, CEO of Noyo. “We’re proud to partner with industry leaders to harness the power of technology to deliver elegant, intuitive solutions that reduce errors, simplify benefits, and improve insurance experiences for all.”
Benefits software platforms using Noyo 360 will be able to replace complicated group installation and confusing open enrollment requirements with simple, streamlined benefits administration experiences. For more information about Noyo 360, visit the Noyo website or read the recent blog post.
This announcement follows the launch of Noyo Sync, the first API product enabling automated, flexible, and embeddable benefits data and streamlined connections to leading carriers including Ameritas, Beam Dental, Humana, and more.
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.