SAN FRANCISCO, Sept. 28, 2020 /PRNewswire/ -- Noyo , the leading API platform for improving the speed and accuracy of health insurance data exchange, today announced that it has closed $12.5M in Series A funding from Costanoa Ventures and Spark Capital, with continued support from early investors including Homebrew, Fika Ventures, Precursor Ventures, Core Innovation Capital, Garuda Ventures and Webb Investment Network. The new funding will extend Noyo's breakthrough technology to support the entire insurance lifecycle from start to finish, with APIs for everything from price quotes through member enrollment.
Noyo also announced new partnerships with leading insurance carriers Humana and Ameritas, aimed at improving the overall consumer experience by enabling seamless and secure data connections to enroll members faster and eliminate coverage-impacting errors.
"Noyo is doing something totally new and exciting in our space, and we're confident that better industry connections will lead to a great health insurance experience," says Gary Davis, Humana's National Leader for General Agents, Digital Initiatives, & Small Business Sales. "We have already seen how working with Noyo drives down enrollment costs and improves speed and accuracy at a critical time for Americans needing health insurance coverage."
"Ameritas is committed to delivering the best experience to our customers," says Drew Fleming, Senior Vice President of Group Distribution and National Partners at Ameritas. "With Noyo, partnering with the software platforms our customers love is easier than ever, combining the trusted Ameritas brand with powerful technology that unlocks amazing experiences."
Noyo has emerged at a critical time amidst an industry-wide transition. Even as 81% of insurance executives agree that technology is an inextricable part of consumers' lives, reliance on outdated technology ranked as the number one existential risk for insurers in a 2019 CSFI study . As software has become more prominent, incumbents are attempting to navigate a rapidly digitizing world and answer consumer demand for a better and more streamlined experience. Noyo's technology is leading the insurtech space by enabling industry innovation at scale.
"The age of connected health insurance is here," says Shannon Goggin, CEO and co-founder of Noyo. "It should be simple for someone heading to the doctor to confirm, right on their phone, that they are covered for the visit. Someone considering a new job offer should be able to factor in how the benefits package meets their needs. Noyo works every day to make those experiences possible -- we take care of the technology under the hood so software teams can stay focused on building the tools people deserve."
"Noyo's APIs are critical for providing our customers a modern, hassle-free experience. Their digital interface with insurance companies solves a major pain point and allows the entire industry to innovate," says Parker Conrad, CEO of Rippling.
Founded by a team of seasoned product managers from the health insurance space, Noyo is transforming the industry by:
- Building the digital infrastructure that facilitates a faster and more accurate data exchange between benefits software and carriers.
- Seamlessly transmitting employee eligibility data between benefits administration platforms and insurance carriers via its developer-friendly APIs.
- Lowering operational costs and enabling growth via its secure member data exchange.
The funds announced today will be used to grow the team, expand the product portfolio, and rapidly expand new connections with benefits platforms and insurance carriers.
"We are proud to partner with Shannon Goggin and Dennis Lee as they work to transform the health insurance industry. They are a rare team with deep domain expertise in insurance and a talent for applying advanced technology to a complex problem. On top of that, they are strong business people who understand their customer and how to build a world class team. Noyo's progress is evidence of their ability and the power of their solution in a market that desperately needs it," said Mark Selcow, Partner at Costanoa Ventures.
Noyo is the leading digital infrastructure platform for the health insurance industry. Noyo's mission is to build a world where people feel protected by their health insurance benefits. This starts with faster and more accurate data exchange between health insurance carriers and benefits software, which drastically reduces errors and improves the consumer experience. Noyo's powerful, secure API platform connects with, and can be customized to, both legacy systems and newer models of distribution industry-wide.
Noyo combines technical excellence with insurance domain expertise to unlock creative solutions for the rapidly changing insurance industry. Its team brings together early builders from innovative insurtech companies Zenefits and Beam Dental, API experts from companies like Earnest and Lob, and people who are passionate about solving the hardest problems in health insurance.
To learn more about Noyo's industry leading APIs and carrier network, visit:
Ameritas is a marketing name for Ameritas Mutual Holding Company and its affiliated subsidiary companies, including Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. Founded in 1887, Ameritas offers a wide range of insurance and financial products and services to individuals, families and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision and hearing care insurance; retirement plans; investments; asset management; and public finance. Securities offered through affiliate Ameritas Investment Company LLC., member FINRA/SIPC and investment advisory services offered through the business name of Ameritas Advisory Services. For more information, visit Ameritas.com.