How will Noyo empower more of the industry to meet the moment?
Noyo is building technology that simplifies how data moves between all of the back-end systems that touch employee benefits.
Partners that connect to Noyo are just as important as the technology that connects them. And those partnerships can’t exist without solutions architects like Daryl Hemeon, who are focused on all the pieces that need to exist to make seamless data exchange a reality.
Following our Series B funding, Daryl explains why the next chapter of Noyo is about removing friction on all sides of the market so stakeholders can “meet the moment” and realize the full potential of APIs. Read on to see how this is shaping our approach to partnerships.
Daryl, why is there so much excitement about what Noyo is building? What are you most excited about?
Noyo is solving a root problem. The limitations around the flow of data in our industry are felt by everyone. I’ve spent 5+ years vetting new technologies in this space, and this is one of the most exciting periods to be focused on connectivity. The technology is there. The business case is there. And now, Noyo has built a proven API solution with a reputable set of customers; it’s just the beginning.
I’m most excited about the new businesses that can be built on top of Noyo that didn’t exist yesterday. Imagine what’s possible when there is no friction between the supply and the demand. Automatic leave management and claims filing, benefits that evolve intelligently as employees’ needs change, HSAs that are automatically funded with the right amount, or even things as simple as not needing an insurance card or finding an in-network doctor with one click.
You don’t have to look far to see how APIs have reshaped entire industries — banking, investing, payments, travel, and e-commerce are all light years ahead of where benefits are now.
At a high level, who needs Noyo right now?
We’re in a moment where benefits are becoming absolutely crucial to attracting and retaining employees. Expectations for benefits offerings are high, but manual operations, hard-to-diagnose errors, and expensive disruptions to the customer experience are holding carriers, platforms, and brokers back. Plus, HR departments spend way too much time administering changes instead of expanding and personalizing their benefits offerings.
Insurance carriers, benefits administration software, all-in-one and HRIS platforms, and digital brokers all need Noyo. With our technology in place, they will be able to deliver exceptional experiences to their customers, the employers and employees who experience benefits most directly.
It’s not just about preventing bad customer experiences either; it’s also about giving benefits software platforms the foundation to build something new and amazing for consumers. With Noyo’s APIs under the hood, benefits administration tools can become even faster and more powerful. Imagine if you could see the real-time status of your enrollment when starting a new job, or you could get confirmation that an issue with your social security number was resolved–these are the kinds of experiences that will change the game.
Insurance carriers can be slow to adapt to new technology; what’s the opportunity that you see specifically for them?
The opportunity for carriers is about tapping into new growth and realizing next-level efficiencies; that’s been hard to do over the last decade. Insurance carriers that are looking to invest in the customer experience by consuming data in real time need Noyo right now. Startup carriers that are looking to differentiate themselves and scale quickly across digital marketplaces also need Noyo.
It’s such an exciting time, but it’s difficult to navigate. There is a huge advantage in having a partner like Noyo, especially when you consider the upfront investment to build and maintain API infrastructure that any partner can connect to.
Before joining Noyo, I was on the insurance carrier side; my job was to evaluate new technologies. I’ve seen the pitfalls of IT investments that never get off the ground and partnerships that offer marginal benefit but never get you closer to the digital experience they promise.
I joined because I saw how Noyo has empowered carriers to meet what I see as one of the pivotal moments for longevity and relevance.
Noyo raised a Series B funding round; how is our offering evolving so more of the industry can realize the full potential of APIs?
First off, we’re making it unbelievably easy for any benefits software platform to connect to our APIs and take advantage of our Enrollment solution. And then on the carrier side of the market, we want every carrier to be able to offer the Noyo Sync experience, no matter the systems in place today. Noyo has built highly differentiated technology that delivers bi-directional, "data sync" capabilities, and insurance carriers of all shapes and sizes now have a path to realize those benefits.
When carriers and platforms can onboard Noyo faster, each can enable more connections faster. It’s symbiotic growth: carriers can offer their products and services on platforms they never could before, and benefits software platforms can offer the trusted, hands-free experience their customers want.
I’ll add that Noyo will also be very thoughtful about how our solutions complete the policy lifecycle: installation, setup, enrollment and member management, and renewal. Partners that are already connected to the Noyo ecosystem will start to see new ways to increase existing customers’ lifetime value with new products and services. Seamless data exchange across every step of benefits administration is critical, but what’s more exciting is what comes next.