MetLife and Nayya Team Up to Deliver Enhanced Employee Benefits Experiences

Rhea-AI Summary

MetLife announces strategic relationship with Nayya to enhance benefits experiences for employees

Positive

• MetLife will become the exclusive insurance carrier to offer Nayya's capabilities to employers with more than 1,000 U.S. employees
• MetLife aims to increase benefits comprehension and utilization through a personalized approach
• Nayya's artificial intelligence-powered solution will provide tailored and actionable recommendations across a range of benefits
• MetLife's relationship with Nayya complements its strategy to deliver simplified and holistic benefits experiences

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• None.

With nearly half (45%) of U.S. employees not fully understanding their benefits package, the new collaboration aims to increase benefits comprehension and yearlong utilization through a personalized approach.

NEW YORK--(BUSINESS WIRE)-- Today MetLife announces a new strategic relationship with Nayya, a leading digital platform provider of benefits decision support and engagement, whereby MetLife will become the exclusive insurance carrier to offer Nayya's capabilities to employers with more than 1,000 U.S. employees on a go-forward basis. By expanding its standard offering to include Nayya’s artificial intelligence-powered solution, MetLife will deliver enhanced benefits experiences to millions of individuals empowering today's workforce to make the most of employer offerings by choosing and using benefits that support their individual and evolving needs.

This announcement comes on the heels of MetLife’s latest U.S. Employee Benefit Trends Study research which found nearly half (45%) of today’s workforce say there are elements of their benefits packages they don’t fully understand. Lack of comprehension detracts from the major role benefits play in supporting the employee experience as 62% of employees say understanding how to use their benefits would give them a greater sense of overall stability and half (50%) say having it would make them more loyal to their employer.

“While employees recognize the need for benefits, our research shows there are key barriers to employees’ understanding of what benefits are offered, how they can be used during critical moments and also year-round to support their personal needs and financial goals,” says Bradd Chignoli, senior vice president, National Accounts & Financial Wellness at MetLife. “Our work with Nayya will empower employees to make informed decisions and provide educational guidance to understand the value and increase use of their employer-provided benefits.”

As a leading provider of employee benefits in the U.S., MetLife’s relationship with Nayya complements its larger strategy to deliver simplified and holistic benefits experiences. Nayya’s benefits decision support and year-round engagement solutions will be offered at no cost to companies with more than 1,000 U.S. employees and be fully integrated within MetLife’s Upwise platform. In addition, MetLife will continue to work with other platforms that work with their customers and brokers.

“Through a mix of vision, culture and technology, MetLife and Nayya are embracing the challenges around benefits engagement and comprehension by joining best-in-class products with best-in-class consumer experiences,” says Sina Chehrazi, CEO & Founder of Nayya. “This collaboration couldn’t come at a more critical time to support today’s employees’ holistic health. Together, we’re paving the way to deliver on the full promise and potential of the U.S. benefits industry.”

Nayya uses individual's information permissioned by users, gathered through a streamlined interface, and artificial intelligence algorithms to provide tailored and actionable recommendations across a full range of benefits including medical, dental, vision, life, disability and accident & health, pet insurance, health spending accounts, identity protection and legal plans, while considering how these products holistically work together. In addition to benefits decision support, Nayya provides ongoing engagement to educate individuals and drive value of benefits throughout the year, providing proactive notifications and claims-based opportunities. MetLife and Nayya will begin demonstrating the two firms’ capabilities with customers and brokers in the first quarter of 2024.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe, and the Middle East. For more information, visit www.metlife.com.

About Nayya

Founded in 2019, Nayya is a new age, software and data infrastructure company transforming the way employees understand, choose and use their benefits, driving better financial outcomes for employees and employers. Year round, Nayya analyzes data to ensure that the right benefits and point solutions are provided to employees when they need it most. Nayya’s mission is to give consumers financial peace on their best days, and confidence on their worst. Nayya is headquartered in New York, N.Y. For more information, please visit nayya.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231017321941/en/

MetLife Media:

Liz Harish

929-343-7473

elizabeth.harish@metlife.com

Nayya Media:

Kate Caballero

646-932-2719

kcaballero@nayya.com

Source: MetLife, Inc.

FAQ

What is the new strategic relationship announced by MetLife?

MetLife has announced a strategic relationship with Nayya, a digital platform provider of benefits decision support and engagement. MetLife will become the exclusive insurance carrier to offer Nayya's capabilities to employers with more than 1,000 U.S. employees.

What is the goal of the collaboration between MetLife and Nayya?

The collaboration aims to increase benefits comprehension and utilization among employees by delivering enhanced benefits experiences through a personalized approach.

What will Nayya's artificial intelligence-powered solution provide?

Nayya's solution will provide tailored and actionable recommendations across a full range of benefits, including medical, dental, vision, life, disability, and accident & health, pet insurance, health spending accounts, identity protection, and legal plans.

How does MetLife's relationship with Nayya complement its strategy?

MetLife's relationship with Nayya complements its larger strategy to deliver simplified and holistic benefits experiences.