Novo Benefits, a company which specialises in creating self-funded insurance solutions, has completed the acquisition of technology platform Allay.
The financial details of the transaction have not been made public.
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This acquisition is part of Novo Benefits’ strategy to bring automated modelling and quoting to self-funded, mid-market health plans.
Post-merger, Allay will be re-branded as Novo Connection in order better integrate it with Novo’s existing portfolio of products.
Allay’s online platform allows advisers to model out various self-funding strategies rather than hiring a team of in-house health actuaries.
It helps the advisers understand a group’s risk, customise plan designs, and plan components, and secure competitive stop-loss coverage to match the plan designs.
Novo Benefits president Michael Poelman said: “For over a decade, Novo Benefits has been focused on making health insurance more affordable.
“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.”
Novo Connection sales regional vice president Spencer Brydon said: “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.”
Allay CEO Julien Emery shared: “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.”
