Noyo shares trends and a report on the benefits industry.
By Global FinTech Series News Desk
According to Noyo, a firm in benefits data management, this year more insurance carriers will improve their operations through automation including the adoption of API-enabled technology. API technology is gaining strong momentum among carriers, displacing decades-old legacy Electronic Data Interchange (EDI), email and fax-based systems throughout the industry.
Carrier leaders are seeing the significant paybacks of API-enabled benefits data exchange and management, which drives accurate data and thus enhanced member experiences, eases manual workload burden for carriers, benefits administrators, brokers and employers, as well as drives innovation toward modern, frictionless benefits.
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“Having the right benefits and being able to easily understand and access them are key to people’s health and well-being. And trusted data that can be seamlessly transmitted and verified is essential to a good member experience,” said Shannon Goggin, co-founder and CEO of Noyo. “In 2023, the insurance industry made real progress in tech upgrades designed to support how people engage with their benefits, and we expect that to continue in 2024 – especially the significant adoption of API-enabled technology.”
In addition to the accelerated deployment of API tech, Goggin cited these 2024 predictions and trends for the benefits industry:
- Customization of benefits. Employers are getting more creative in the benefits they offer so they can better attract and retain employees in a highly competitive market. These include pet insurance, elder care and fertility treatments, among others. Companies will tightly measure the ROI on these new, tailored offerings to see which get the greatest response and merit for investment.
- Navigation software emerges. An emerging category of benefits technology known as navigation software helps consumers feel more confident making these critical selections. 2024 will bring new point solutions specialising in specific use cases like care management, benefits utilisation, and more.
- AI integration: In 2024, artificial intelligence will be further integrated into industry technology, making it easier to sort and analyse large data sets and improve decision support for all parties.
To seize these innovative trends there must first be a foundation of accurate benefits enrollment and eligibility data for members, according to Goggin. Learn more about Goggin’s 2024 predictions.
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