Verikai introduces health insurance marketplace

San Francisco-based alternative data platform Verikai has updated their user interface and with it launched their new product: Marketplace. Verikai uses machine learning models to give insurance providers a deeper view of risk, using extensive clinical and behavioral data. Now, with the addition of the Marketplace, brokers will be able to run group reports through Verikai’s established system and immediately get matched with underwriters who are willing to write the group.

Brokers and carriers can communicate entirely through the Marketplace platform, from initial report submission to RFP approvals, and finally to quote binding.

“We are so excited to join Verikai’s Marketplace and see how the platform will elevate our business. We started using Verikai recently and the results speak for themselves. Verikai’s risk insights hold substantial weight during rate negotiations – sometimes resulting in double digit decreases. And with the Marketplace, binding competitive rates should be easy, because the carriers are seeing the same reports we are, and they already understand the precision of Verikai’s risk predictions. There’s really nothing else like this on the market, and we can’t wait to dive in.” – Michael Juergens from Leavitt Group.

“We’re striving to improve health insurance for all parties involved, and in working towards that goal we created a tool that will help our customers better serve employers to meet their insurance needs. While updating our user interface, we thought could a single UI built on our risk scores help both brokers and underwriters? Given the ACA has a marketplace for consumers to find individual insurance options, a similar solution could also exist for group health. It was during this time that the Marketplace was born. Nine months later, here we are launching the most exciting product in our company’s history.” – Verikai’s President and CRO, Jeff Chen.