January 5, 2022

Why I Joined Noyo - Andy Hutter

I’m joining Noyo, and let me tell you why… 

Any insurance company, whether a true carrier, MGU, or TPA, wants to be tech-forward and efficient. The insurance business model, after all, is pretty simple: premiums in, claims out, try to make money operating a business on the difference (this is a gross oversimplification, but stay with me). Insurance doesn’t have that many areas where significant margin can be found. But, there are many areas around the edges and in the gaps where marginal gains can be created. Improving the interoperability of your tech partners to create administrative efficiency is one area where most payers are desperate for an answer, especially in the ever-growing complexity of insurtech in employee benefits. This is a complex, service-oriented business with multiple stakeholders—it demands efficiency and immediacy.

There is more activity in the insurtech sector than ever before. New carriers like Sana Benefits and Angle Health, new benefits software like Rippling, AI-powered decision support tools like Nayya, and new super-apps connecting the niche providers and enablers (though the US could really do better on the super-app model). The fragmentation is really daunting; here is an industry map for reference.

It has become a full time job just for payers to keep up with all of the new tools. I should know; that was part of my job at Beam Dental for 4.5 years. Some carriers have entire departments dedicated to identifying where the customer is buying and managing their products. Once they know, they have to engage with that broker-facing or D2C platform, build and validate a business case, and fight for the internal resources to partner—all just to ensure they can meet the customer where they are (or where they are headed). 

My point is, it’s no longer tenable for carriers to simply choose two ben-admin platforms per market segment and then set up some carrier credit programs and connect a few EDI feeds.

Today, your customers are dispersed. And they’ll be somewhere new in 12 months. The brokers aren’t getting married to 1 or 2 of their favorite ben-admins and professing undying loyalty anymore, either.

So how can you be everywhere all at once, for all of your customers?

This is why I joined Noyo. We are solving this problem. The network infrastructure Noyo is building enables all stakeholders in the benefits ecosystem to exchange data seamlessly, and as data moves more freely, there is so much that can be done to unlock value for benefits companies and improve how consumers experience coverage. We have a big vision and a long way to go, but I’m excited to help this team of smart, passionate people build the technology that will change the employee benefits industry for the better.

__

Noyo Strategic Initiatives Director Andy Hutter has been on the job since November 2021 and is currently navigating how we bring big new initiatives to life and how we instrument our external partnerships effectively. Below, he shares his thoughts on the problems he wants to solve and why it's an exciting time to join Noyo.

What is a challenging problem you're solving?

So many exciting challenges to solve! One of the first is helping co-founders Shannon and Dennis with Noyo’s Strategic Alignment Framework. I’ll also be tackling the general organization of our internal business activities, helping to ensure we all have clear line-of-sight into what’s going on throughout the rest of the business so we can move faster than ever before.

What did your path to Noyo look like?

Well, Shannon and I put the Beam-Noyo relationship in place nearly 4 years ago, so I have a long history and fondness for Noyo. When the time came for me to look elsewhere, I knew Noyo had to be considered. 

What was the interview process like?

I spent a lot of time with Shannon trying to understand where the problems were and refining the role. I got to meet with most of the senior leadership team and an investor or two.

What excites you most about our industry, our product, or your role in general?

I think we’re solving a really hard, really big problem. That is always exciting. There is so much opportunity to make a huge impact on millions of employees who have benefits. 

What are the top 3 reasons you joined Noyo?

  • Big Vision

  • Smart People

  • Room to problem solve

What does success look like in your role?

We are able to bring large, cross-functional initiatives / business lines to life quickly and at high quality with a coherent, repeatable “Noyo way” of doing things and knowing they’re done well. We are proactive in managing our business lines and are growing and investing in them in a deliberate, strategic manner.

When you think about the future of health insurance, what do you see?

In the next 3-5 years, we need to be prepared for ICHRA and the instant portability that will bring to employees.

When you think about API infrastructure in other comparable spaces like fintech, what are the exciting similarities or differences for Noyo?

We need to make it dead-simple for anyone to access and use our API documentation. Only world-class API docs–and a value-prop story associated with their use–will ensure Noyo wins. 

If you could do someone else's job for a day, who would it be and why? (choose one at Noyo and one not at Noyo)

At Noyo: Probably Brian Timm, so I could get a first-hand view of our architecture and platform. I have such admiration for the skill for software architecture, and I love learning!

Not At Noyo: Someone in a purely creative field: an author like Ta-Nehisi Coates or a screenwriter like Aaron Sorkin. I would love to experience how creatives manage their time and keep themselves on task and motivated. Does creativity just pour out of them? Do they have to schedule their time like business people do? How does this work? =D

Join us in creating repeatable success while helping transform the way insurance and benefits are delivered to millions of people. Noyo is a distributed team hiring anywhere in the United States, and we’re growing! Explore our open positions here.

Share this article

If you do benefits, you need Noyo.

The age of connected insurance demands fast, accurate data exchange. Get to market with powerful API solutions to fit any stack.