Verikai raises $6 million Series A
San Francisco-based alternative data platform Verikai has raised $6 million in Series A funding led by ManchesterStory Group with participation from ValueStream Ventures, and Plug N Play. The Series A funding follows a seed investment round in early 2018. Seed investors included Aioi Nissay Dowa Insurance Company Limited and National General Insurance.
Founded in 2018, the team of ~9 offers insurers a data platform in which data analysis and insight are directly served through a real-time API into the underwriting workflow. According to the company, its database includes more than 4,000 behavioral attributes on 260 million people in the US-trained and calibrated through its proprietary machine informed modeling on over 25 million unique individual claimants in both P&C and A&H product lines.
Use cases in Health include the ability to avoid risky groups, develop discount strategies, and price renewals accurately.
“The strong interest from the VC community signals a realization that differentiated underwriting and applied data are now necessities for insurers seeking profitable new premium. This funding will allow us to build out a marketplace infrastructure where risk and rate can be fundamentally aligned between distributors and carriers. Ultimately, this alignment allows employers and individuals with positive behavioral attributes to receive the rate relief they deserve.” – Hari Sundram, co-founder and CEO of Verikai.