Prudential Financial, a leading global financial services leader, and Nayya, a pioneer in the benefits experience platform, have announced a strategic partnership. This alliance aims to utilise artificial intelligence and data science to enhance the decision-making process of employees regarding workplace benefits.
This collaboration between Prudential and Nayya is designed to counteract the growing confusion about selecting cost-effective benefits among US employees, a problem intensified by the increasing complexity and cost of healthcare. Prudential, renowned for managing assets worth approximately $1.4tn as of March 31, 2023, and Nayya, founded in 2019 and dedicated to transforming the benefits selection process, are joining forces to bring innovation to employee benefits.
Prudential Group Insurance’s clients will be able to utilise Nayya’s benefits decision support tool during open enrollment, thanks to this new partnership. This tool aims to clarify benefits options for employees and encourage informed decision-making. Prudential is renowned for offering a range of group life, disability, corporate and trust-owned life insurance, as well as providing plan administrative services. The company is a significant contributor to expanding access to investing, insurance, and retirement security.
In contrast, Nayya is committed to ensuring that employees understand, choose and use their benefits effectively, leading to better financial outcomes for both employees and employers. Nayya’s platform employs health and financial wellness data to offer personalised, real-time benefits recommendations and year-round guidance to employees.
Prudential Group Insurance head of product, Michael Estep, said, “Our goal is to help employers better educate and engage their employees during moments that matter. We are transforming the enrollment experience by providing simple yet powerful ways to help employers be the rock their employees can rely on when selecting workplace benefits.”
Similarly, Nayya’s founder and chief executive officer, Sina Chehrazi, emphasised the significance of the partnership with Prudential, stating it as a “key milestone in employee empowerment.” Chehrazi said, “Employers are spending more on benefits than ever before and they want to enable their employees to make informed decisions to maximise their health and financial wellness. Prudential’s leadership is bringing innovation to the benefits experience with scale and pace. It will change the trajectory of our industry and our ecosystem in positive ways.”
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