Noyo, a U.S.-based API platform for improving the speed and accuracy of health insurance data exchange, announced earlier this week the launch of its new API product, Noyo Sync, which enables automated, flexible, and embeddable benefits data. According to Noyo, the product allows users to transform legacy technology and adapt to changing consumer demands.
“Benefits technology platforms using Noyo Sync will have access to Noyo’s complete API solution for immediate, seamless data exchange to transform the way they trade benefits administration data with their partners. Carrier connections available through Noyo Sync include Ameritas, Angle Health, Beam Dental, Brella, Humana, Principal Financial Group, Sun Life U.S, and more.”
Shannon Goggin, CEO of Noyo, spoke about the product by stating:
“Noyo Sync sets a new high-water mark for what’s possible in powering intelligent, modern insurance experiences. We’re proud to partner with leading carriers across the industry to bring groundbreaking functionality and innovation to carrier connections, and ultimately, to improve consumer experiences with insurance overall.”
As previously reported, Noyo explained it is building the digital infrastructure to bring health insurance enrollment into the modern era.
“Noyo replaces today’s manual data entry and cumbersome legacy systems with a powerful API platform that enables faster, more accurate data exchange between health insurance platforms and their carrier partners.”
Noyo is aiming to do the following:
- Building the digital infrastructure that facilitates 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 company raised $12.5 million through its Series A funding round, which was led by Costanoa Ventures and Spark Capital, with participation from Homebrew, Fika Ventures, Precursor Ventures, Core Innovation Capital, Garuda Ventures and Webb Investment Network.