Open enrollment refers to the annual period when employees are entitled to make changes to their health insurance plans. During the process, employees can join the health insurance plan offered by your company, transition to a different one, or opt-out of the existing one. Oftentimes, this enrollment period entails insurance plans that your business offers which extends to health, dental, vision, life, or disability.
However, open enrollment is tricky because it is such a complex challenge and requires proactive planning and strategizing for a variety of factors and concerns. Voya Financial, Inc. recently announced new findings from a consumer survey revealing that 35% of employed individuals report not fully understanding any of the employee benefits they enrolled in during their most recent open enrollment period. This rises among younger workers — with more than half (54%) of millennials reporting they don’t understand their benefits selections.
As such, The Guardian Life Insurance Company of America (Guardian Life) and Nayya, a leading insurance benefits experience and management platform, have announced a joint partnership to provide employers and employees with personalized, online data-driven benefits experience during the open enrollment process.
The Nayya platform leverages AI and Data Science and empowers employees with a decision-making tool that gives them the confidence to select the right benefits. Guided by an avatar, employees are asked to provide relevant information, such as location, household demographics, and lifestyle. Within minutes, employees receive various plans from their employers that best match their budget and needs.
Nayya links more than 3 billion external data points, including nearly 200 million rows of claims data, to offer curated, confidential guidance on topics such as selecting voluntary benefits, comparing different health insurance options, HSA/401(K) education, and finding cost-effective healthcare. Guardian Life, who is an investor of the Nayya platform, will be rolling it out nationally for new and existing clients starting with companies that have more than 50 employees.
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“Employers have been expanding their benefit offerings to meet the evolving and diverse needs of their workforce over time, resulting in the need to improve and digitize benefits education as part of the enrollment strategy,” said Chris Smith, Head of Group Benefits, Guardian Life. “By integrating Nayya into the Guardian Life enrollment experience, we will harness the power of data to help educate and guide employees through the benefits selection process.”
“We’re excited to join forces with Guardian – an innovator in the voluntary benefits marketplace – to help consumers navigate an increasingly complex journey,” said Sina Chehrazi, Chief Executive Officer, Nayya. “Guardian is taking a bold approach – not only in curating personal consumer experiences – but in transforming consumer understanding of their employee benefits in ways that will change open enrollment and utilization in the industry.”