Novo Benefits Acquires Allay; Brings Automated Modeling and Quoting to Self-Funded, Mid-Market Health Plans
ENGLEWOOD, Colo., February 19, 2020 (Newswire.com) - Novo Benefits, a leader in self-funded insurance, has completed the acquisition of technology platform Allay in a move that will make quoting and modeling health plans easier and more cost-effective for benefit consultants. The platform will be renamed Novo Connection to better integrate with Novo’s existing portfolio of products.
Rather than hiring a team of in-house health actuaries, Allay’s online platform provides an easy way for advisors to model out various self-funding strategies, understand a group’s risk, customize plan designs and plan components, and secure competitive stop-loss coverage to match the plan designs.
“For over a decade, Novo Benefits has been focused on making health insurance more affordable,” said Michael Poelman, President of Novo Benefits. “We feel that our dedication to transparency, independence, expertise, and customization aligns very well with Allay’s vision. As the industry continues to evolve, we remain committed to providing cutting-edge benefits that challenge the status quo. The Allay platform is a game-changer that will transform the way insurance is delivered in the mid-market. This asset purchase immediately enhances our ability to better serve our broker-partners and provides opportunity and scalability to grow in the digital world.”
Spencer Brydon, who was previously employed by Allay, has transitioned over to Novo Benefits as the Regional VP of Sales for Novo Connection. He has been coordinating with Allay to allow for a smooth transition of their existing business into the Novo family of products.
“I have always been very passionate about what we built at Allay and our ability to simplify the underwriting process for self-funded health plans,” said Brydon. “Having knowledge of both companies, I see a perfect fit where we can blend Allay’s front-end technology with Novo Benefits’ experience and ability to design, implement and manage self-funded health plans. The platform eliminates barriers to self-funding by making it easier for advisors to build and underwrite high-performing health plans in a fraction of the time.”
Julien Emery, Allay CEO, shared his excitement about the deal. “I am thrilled that the next phase of Allay will be with Novo Benefits. Allay and Novo have such strong vision alignment which made me excited about this partnership and acquisition. Novo has a long and proven track record of building superior, more affordable, custom healthcare solutions for their customers. With the assets of both entities combined, Novo is well-positioned to take Allay to the next level and deliver their existing service at scale. Having an in-house, technology-first strategy will help drive better health outcomes, lower costs, and a better experience for employers and employees across the country while providing greater efficiency and peace of mind for broker partners.”
Those interested in learning more can visit www.allay.io or call (720) 221-7113.
Novo Benefits brings customized benefits to mid-market employer groups while bending the trend of rising healthcare costs. Novo Benefits champions industry innovators who are challenging the industry to bring change to healthcare.
Source: Novo Benefits
Categories: Healthcare Insurance