#USA #Portland #HYKE #Aviva #Unum

HYKE's Strategic Leap into the U.S. Market

HYKE, recognized globally for its innovative insurance decision support technology, has unveiled a strategic partnership with Aviva, the prominent U.K. insurer. This collaboration aims to accelerate HYKE's growth initiatives within the complex U.S. benefits ecosystem that both employers and employees currently navigate. The recent investment, alongside follow-up support from Unum, symbolizes a stronger commitment towards addressing the multifaceted challenges associated with health, financial, and voluntary benefit decisions.

The Evolution of HYKE's Solution

With the recent influx of capital, HYKE is set to significantly enhance its market presence in the U.S. This funding will focus on expanding the company’s operations, nurturing partnerships with carriers and brokers, and innovating its technology, especially the proprietary Protection Score. This score serves as a guiding metric for employees to identify any gaps in their financial protections, enabling them to select appropriate coverage tailored to their needs.

Years of productive collaboration in the U.K. have laid a solid foundation for this advancement. Currently, HYKE’s technology enhances Aviva's customer engagement strategies, notably through tools like AvivaScore, which provides users with deep insights into their financial resilience and offers personalized recommendations to align with their life aspirations.

A Response to Industry Challenges

In an era characterized by escalating benefit costs and declining literacy surrounding benefits, HYKE is emerging as a transformative solution. The company's platform streamlines the enrollment process, optimizing selection, and enhancing adoption of supplementary health benefits. This is crucial, especially as U.S. employers grapple with rising administrative burdens and a pressing need for heightened employee satisfaction. By delivering a guided benefits experience that can be completed in under five minutes, HYKE ensures families make informed financial and healthcare decisions efficiently.

For employers, this platform translates to reduced administrative duties, elevated employee engagement, and optimized returns on the investments they make in employee rewards.

Insights from Leadership

Chris Kaye, CEO of HYKE, noted, “The partnership with Aviva and Unum is instrumental in our pursuit to reshape the way individuals understand and interact with their benefits. The investment reflects the momentum we've cultivated, revealing a significant opportunity ahead. As we scale our operations in the U.S., these collaborative efforts will empower millions of employees to make well-informed decisions concerning their health and financial security.”

Arslan Hannani, Chief Innovation Director at Aviva, echoed these sentiments: “The AvivaScore is integral to supporting our customers' financial resilience. Our investment not only deepens our connection with HYKE but also solidifies a long-term commitment to revolutionizing how people engage with insurance, preparing them for the future.”

Future Growth Plans

HYKE's strategic financial infusion will be funneled into several key areas:

• - Market Expansion: The goal is to enhance U.S. market accessibility by leveraging relationships with brokers, carriers, and Human Capital Management/Benefit Administration platforms.
• - Technological Advancement: Work will focus on refining the personalized guidance engine along with the proprietary Protection Score to better serve the needs of U.S. employees.
• - Client Satisfaction Improvement: The plan includes scaling implementations for employers, ensuring continuous engagement with employee benefits year-round.
• - Voluntary Benefits Optimization: Efforts will also emphasize enhancing the optimization strategies for voluntary benefits available to both carriers and brokerage partners.
• - Data-Driven Insights: Developing analytical tools to enable employers to better tailor plan designs for improved financial outcomes.

About HYKE

HYKE operates as a leading platform for benefits decision support, assisting employees in navigating the intricacies of health, financial, and voluntary benefits with clarity. By employing its unique Protection Score along with a guided experience that lasts just five minutes, the platform ensures individuals choose the best coverage options while simultaneously empowering employers and brokers to enhance enrollment outcomes and minimize waste in benefits allocation. To learn more about their offerings, visit www.letshyke.com.

About Aviva

Aviva stands as the U.K.'s premier diversified insurer, with a strong presence in markets across the U.K., Ireland, and Canada, and investments extending to India and China. The firm is dedicated to helping its 25.2 million customers optimize their lives, plan for future uncertainties, and ensure confidence for unexpected challenges. Aviva's innovation ethos is centered on bolstering financial resilience through modern, user-friendly digital solutions.