Vericred Announces New Group Medical Rating API
Vericred , the healthcare data services company, which raised just under $10M since its inception has introduced a new Group Rating API, which delivers group medical insurance benefit and premium data to insurtech platforms through a REST API.
The new API allows insurtech companies to build innovative group quoting platforms without undertaking the substantial engineering required to accurately represent plan availability, benefits and rates, all while delivering the analytics health insurance carriers need. Once integrated, the insurtech platform will pass group and census information to the API, and the API will respond back with all available health insurance plans, benefits and premium data. The response includes age-banded and composite group premiums as well as member-level premiums for both the employee and dependents. Business rules governing plan availability and rating methodologies have been implemented.
“Rating engines are complex to build and maintain. Further, we believe that regulatory changes will result in a more complex rating environment, with more state-to-state variation. Our new Group Rating API allows insurtech companies to focus on building their user experiences instead of the underlying rating engine” – cofounder and CEO of Vericred, Michael W. Levin.
The Group Rating API initially supports community rated (ACA) small group medical products but will expand to include ancillary, level-funded and association products.