Unum and Colonial Life Partner with Nayya to Transform the Benefits Enrollment Experience for Employees
Unum (NYSE: UNM) and Colonial Life have partnered with Nayya to enhance the benefits enrollment experience for employees. This collaboration leverages AI and data science to offer personalized guidance, helping employees make informed decisions during open enrollment and life events. The U.S. healthcare costs continue to rise, leading to significant medical debt for many Americans. The partnership aims to empower consumers with data-driven insights for selecting benefits, improving financial wellness outcomes. Unum reported $13.2 billion in revenues for 2020 and paid out $7.6 billion in benefits.
- Partnership with Nayya to enhance benefits enrollment experience through AI and data-driven insights.
- Focus on improving financial wellness for employees amid rising healthcare costs.
- Unum's established market presence with $13.2 billion revenue in 2020.
- Rising healthcare costs in the U.S. pose challenges for employees, increasing medical debt.
NEW YORK, Aug. 23, 2021 /PRNewswire/ -- Unum (NYSE: UNM) and Colonial Life, leading providers of financial protection benefits in the U.S. will collaborate with Nayya to transform the open enrollment, new employee onboarding, and life-event experience. Nayya, a leading insurance benefits experience and management platform, provides employers and employees with data-driven guidance, hyper-personalized benefits analysis and proactive cost-savings opportunities.
Every year, millions of American workers enroll in employee benefits through their workplace during annual enrollment. During these few months, employees make crucial health and financial wellness decisions, which in many cases, can lead to important financial outcomes.
The cost of health care in the U.S. continues to increase with Americans taking on unprecedented levels of medical debt. About one-third of total health care spending in the United States in 2020 was spent on health insurance premiums and out-of-pocket payments, according to the Employee Benefits Research Institute.
"Employers are providing their employees a variety of choices across their core and voluntary benefits, wisely expanding their offerings to meet a new and diverse workforce", said Tate Ficker, VP of Unum Ventures and Corporate Strategy at Unum. "Integrating Nayya into the Unum and Colonial Life experience introduces data science and AI-technology to personalize enrollment. We offer employees data-driven guidance and education to help them make the right benefit decisions."
Nayya's mission is to give consumers financial peace on their best days, and confidence on their worst. Nayya is changing the benefits experience for customers offering curated and confidential guidance on these topics: selecting voluntary benefits, comparing different health insurance options, adopting HSA/FSA/retirement plans, selecting wellness management plans and finding cost-effective prescription drugs and healthcare.
"We're thrilled to partner with Unum and Colonial Life – to empower consumers and help them make more informed decisions about their health and financial wellness," said Sina Chehrazi, Chief Executive Officer, Nayya. "They are taking an innovative approach by incorporating cutting edge analytics in the benefits experience, to improve open enrollment and transform consumer understanding in ways that will alter the trajectory of the industry."
About Unum
Unum (NYSE: UNM) is an international provider of workplace benefits and services has been helping workers and their families for more than 170 years. Through its Unum and Colonial Life brands, the company offers disability, life, accident, critical illness, dental, vision and stop-loss insurance; leave and absence management support and behavioral health services. In 2020, Unum reported revenues of
Visit the Unum newsroom for more information, and connect with us on LinkedIn, Facebook, and Twitter.
For more information, connect with us on Facebook, Twitter and LinkedIn.
About Nayya
Nayya was founded by Sina Chehrazi and Akash Magoon in 2019. Nayya is a software and data infrastructure company transforming the way employees choose and use their benefits, driving better financial outcomes for employees and employers. The Nayya platform helps consumers make data-driven decisions during open enrollments, new employee onboarding, and qualifying life events. The rest of the year, Nayya's employee engagement product tracks financial spending to guide and redirect consumers to file claims programmatically, manage spending accounts, and optimize prescription locations.
Nayya is headquartered in New York, NY. For more information, please visit nayya.com or connect with us on LinkedIn, Facebook and Twitter.
Contact:
Justine Rosin
justine@headline.media
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