2024 Dubbed "The Year of Benefits Automation" for the Insurance Industry with API Technology Adoption Taking Center Stage

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Jan 23, 2024, 10:13 ET

Noyo Delivers Trends and Predictions; Recaps Key Wins in 2023 Including New Features Launched; Carrier Insights from 2023 Convening Event; ITC and Workday Rising Participation and More

SAN FRANCISCO, Jan. 23, 2024 /PRNewswire/ -- This year, more insurance carriers will improve their operations through automation including the adoption of API-enabled technology, according to Noyo, the leader in benefits data management.

API technology is gaining strong momentum among carriers, displacing decades-old legacy Electronic Data Interchange (EDI), email and fax-based systems throughout the industry.

Why? Because carrier leaders are seeing the significant paybacks of API-enabled benefits data exchange and management, which drives accurate data and thus enhanced member experiences, eases manual workload burden for carriers, benefits administrators, brokers and employers, as well as drives innovation toward modern, frictionless benefits.

"Having the right benefits and being able to easily understand and access them are key to people's health and well-being. And trusted data that can be seamlessly transmitted and verified is essential to a good member experience," said Shannon Goggin, co-founder and CEO of Noyo. "In 2023, the insurance industry made real progress in tech upgrades designed to support how people engage with their benefits, and we expect that to continue in 2024 – especially the significant adoption of API-enabled technology."

In addition to the accelerated deployment of API tech, Goggin cited these 2024 predictions and trends for the benefits industry:

Customization of benefits. Employers are getting more creative in the benefits they offer so they can better attract and retain employees in a highly competitive market. These include pet insurance, elder care and fertility treatments, among others. Companies will tightly measure the ROI on these new, tailored offerings to see which get the greatest response and merit for investment.
Navigation software emerges. An emerging category of benefits technology known as navigation software helps consumers feel more confident making these critical selections. 2024 will bring new point solutions specializing in specific use cases like care management, benefits utilization, and more.
AI integration: In 2024, artificial intelligence will be further integrated into industry technology, making it easier to sort and analyze large data sets and improve decision support for all parties.

To seize these innovative trends there must first be a foundation of accurate benefits enrollment and eligibility data for members, according to Goggin. Learn more about Goggin's 2024 predictions here.

Noyo 2023 Year in Review
On the product side, 2023 was a busy and bountiful year for Noyo, as it introduced several features and products aimed at furthering its commitment to achieving modern, frictionless benefits – a term it uses to characterize benefits that are tailored to the employee and easy to understand and use.

The new features make it easier than ever for clients to connect to Noyo and manage benefits enrollment workflows. In addition, the Noyo platform now has the ability to connect to virtually any carrier.

In Sept., Noyo debuted Command Center, a first-of-its-kind interface that gives HR and ben-admin software platforms full visibility and control of their enrollment data, all in one easy-to-navigate place. The Command Center is powered by the Noyo Enrollment Engine™, which continuously cleans, audits, and transmits member data so it stays up to date between ben-admin and carrier systems.

Noyo also launched Member Snapshot, which makes it easier for ben-admin systems and insurance carriers to connect to and work through the Noyo benefits data platform. With Member Snapshot, ben-admin teams can update member data with a single API call, reducing the back-and-forth serial process and extensive ben-admin engineering work of previous approaches and the multiple-week completion process of legacy EDI data transfer technology.

In fall 2023, Noyo showcased its latest solutions at InsurTech Connect in Las Vegas and Workday Rising event in San Francisco. Noyo also hosted a first-ever retreat this past summer where insurance carrier leaders convened to discuss their challenges and solutions. A key learning from the forum -- the first step to successful API adoption by any organization is a strategy and roadmap.

Noyo also commissioned a Harris Poll to gather consumer sentiment around employer-sponsored benefits. The poll found that 48% of employed Americans with these types of benefits have experienced frustration using them because they are hard to understand. Approximately 20% said they have been negatively impacted by errors with their benefits in some way, whether in the form of inaccurate bills, coverage delays, or access-to-care issues.

Noyo and CEO Goggin received a Silver Globee^® award for Transformational Leader of the Year at the 2023 Globee Awards for Women in Business. The award recognizes the company and its co-founder for their transformational work in the insurance benefits industry.

To learn more about how the Noyo benefits data platform is streamlining benefits administration by simplifying carrier connections and enabling new consumer experiences, visit the Benefits Software resource page. For more information on how carriers can activate fast, accurate, and secure data exchange with ben-admin partners, visit the Carriers page.

About Noyo
Noyo is the benefits data platform providing the modern data infrastructure to make frictionless employee benefits possible. Founded by leaders in benefits, insurance, and API technology, Noyo is the first company transforming the underlying infrastructure of the benefits industry through seamless digital connectivity. With Noyo, crucial benefits data is synchronized and made instantly available anywhere it's needed, unlocking new possibilities for how benefits are designed and delivered and enhancing the benefits experience for all. To learn more about how Noyo's industry-leading technology is powering the next generation of employee benefits, visit www.noyo.com.

Media: Mardi Larson, Amendola for Noyo, [email protected]

SOURCE Noyo