ADP, a global leader in human capital management (HCM) technology, has made a strategic investment in Nayya, a pioneering platform aimed at transforming employee benefits management.
This investment was facilitated through ADP Ventures, ADP’s strategic investment branch.
The funding amount, while not disclosed, marks a significant step in a partnership that began in 2022. Nayya has been collaborating with ADP to enhance benefits management for over 600,000 employees using ADP Workforce Now. In an expansion of this collaboration, Nayya’s services will now reach an additional 400,000 employees through ADP TotalSource, the world’s largest Professional Employer Organization (PEO).
Nayya specializes in using artificial intelligence to improve how employees select and manage their benefits across health and retirement plans. This system not only simplifies the decision-making process for employees but also ensures they maximize the benefits available to them.
The investment will enable Nayya to further develop its product suite and expand its reach across ADP’s client base.
Usman “Oz” Khan, senior vice president at ADP Ventures, said, “We’re excited to invest in and deepen our relationship with Nayya. This partnership is setting a new benchmark for benefits guidance and employee experience through our data-driven approach: elevating industry standards for how benefits can be managed and enjoyed.”
In addition to enhancing benefits management, this partnership is poised to offer substantial benefits to various stakeholders within the ecosystem. Employers will be able to optimize their benefits expenditure more effectively, brokers will have the tools to offer personalized advice at scale, and benefits carriers will gain deeper insights into consumer needs, leading to better product offerings.
George Michaels, ADP’s senior vice president of Health & Wealth, emphasized the broader implications of the partnership. “The expanded relationship with Nayya through ADP Ventures represents an exciting opportunity to extend capabilities to PEO and across our entire client base, ensuring millions of employees can benefit from personalized guidance.
“This will enable employees and employers to select, optimize and manage benefits including claims management to retirement planning that meet their needs and supports their health and wealth-related goals.”
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