63% of employees say they aren’t confident when choosing benefit plans that best fit their unique needs
NEWARK, N.J., July 13, 2023 - Prudential Financial, Inc. (NYSE: PRU) announced today it has formed a strategic partnership with Nayya, a leading benefits experience platform, to harness artificial intelligence and data science that empowers employees to make better workplace benefits decisions.
The new partnership will allow Prudential Group Insurance clients to take advantage of Nayya’s benefits decision support tool during open enrollment, which will help their employees better understand their benefit options and make smart decisions.
As healthcare costs and complexity continue to increase in the U.S., many employees are confused about how to select cost-effective benefits that meet their personal needs. According to Nayya’s research, 63% of employees say they don’t understand their benefits, despite the billions of dollars invested in benefits education by companies. Nayya’s platform allows companies to leverage health and financial wellness data to provide real-time, personalized benefits recommendations for their employees, as well as year-round guidance to make the most of their benefits.
“Our goal is to help employers better educate and engage their employees during moments that matter,” said Michael Estep, head of product for Prudential Group Insurance. “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.”
Sina Chehrazi, Nayya’s founder and chief executive officer, said the company’s partnership with Prudential represents a key milestone in employee empowerment. “Employers are spending more on benefits than ever before and they want to enable their employees to make informed decisions to maximize their health and financial wellness,” Chehrazi said. “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.”
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of March 31, 2023, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for nearly 150 years. For more information, please visit news.prudential.com.
Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability and corporate and trust-owned life insurance in the U.S. to institutional clients primarily for use within employee and membership benefit plans. The business also sells critical illness, accidental death and dismemberment and other ancillary coverages. In addition, the business provides plan administrative services in connection with its insurance coverages, and administrative services for employee paid and unpaid leave, including FMLA, ADA, and PFL.
Founded in 2019, Nayya is a new age, software and data infrastructure company transforming the way employees understand, choose and use their benefits, driving better financial outcomes for employees and employers. Year round, Nayya analyzes data to ensure that the right benefits and point solutions are provided to employees when they need it most. Nayya’s mission is to give consumers financial peace on their best days, and confidence on their worst. Nayya is headquartered in New York, N.Y. For more information, please visit nayya.com.