Tag: Press
Vericred Announces New Multi-Line Rating API for Insurtech
**NOTE: Ideon is the company formerly known as Vericred. Vericred began operating as Ideon on May 18, 2022.**
Extending Medical Rating API to Dental, Vision and Beyond
NEW YORK–(BUSINESS WIRE)–Today, Vericred, Inc., a data services company building digital distribution infrastructure for health insurance and employee benefits, introduced a new Multi-Line Rating API that enables insurtech companies and carriers to expand their distribution of ancillary and voluntary products.
For insurtech companies offering health insurance and employee benefit quoting functionality, the Multi-Line Rating API provides a single point of access to plan availability, benefits and rates for multiple lines of coverage. This eliminates the substantial engineering otherwise required to accurately rate and present these products.
Carriers are able to expand their membership through the Multi-Line Rating API by quickly and easily gaining representation on today’s digital platforms and maintaining visibility of quote activity on each platform through Vericred’s analytics.
The Multi-Line Rating API leverages Vericred’s plan design and rate, provider-network, and formulary data. Building on its Group Rating API, which delivers group medical insurance benefit and premium data, the Multi-Line Rating API delivers major medical, vision and dental plan availability, rates and benefit descriptions. It will expand further to include short term medical, cancer, disability, life, pet, accident, critical illness, GAP, hospital indemnity, legal, hearing and other lines of coverage.
The API serves rating engines, benefits administration platforms, private exchanges, insurance sales and enrollment applications, and WBEs.
“Accurate and comprehensive multi-line quoting is critical to meeting the needs of the market,” said Michael W. Levin, Vericred’s co-founder and CEO. “With this API we are offering a solution that allows insurtech companies, and carriers, to present brokers, employers and individuals with a broad array of coverage options without the substantial engineering and operations burden of maintaining numerous different rating methodologies and schemas.”
Interested insurtech companies can learn more in Vericred’s API Documentation or by emailing sales@vericred.com.
About Vericred
Vericred (www.vericred.com) is a healthcare data services company that enables innovation, efficiency and transparency in the health and benefits industry. The company serves as a data translation layer between insurance carriers and insurtech companies to deliver structured health insurance data to insurtech platforms that are transforming the way health insurance is quoted, sold, enrolled and used. Today, the company delivers plan design and rate, provider network and formulary data for major medical insurance product lines. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.
Insurance Business Review: Vericred Introduces Network Analytics Suite for Insurance Carriers
Vericred Announces Provider Network Analytics Suite for Insurance Carriers
**NOTE: Ideon is the company formerly known as Vericred. Vericred began operating as Ideon on May 18, 2022.**
NEW YORK–(BUSINESS WIRE)–Today, Vericred, Inc., a data services company building digital distribution infrastructure for health insurance and employee benefits, introduced its new Network Analytics Suite to deliver to health insurance carriers actionable metrics and deep insights into their own and competing provider networks. Vericred introduced the product at the annual AHIP Institute & Expo gathering of U.S. health insurance carriers in San Diego.
“Vericred’s new provider network analytics suite offers a graphical, 360 degree view of a carrier’s own networks and those of their competitors,” said Michael W. Levin, Vericred’s co-founder and CEO. “Networks, broad and narrow, are a key health insurance product differentiator. Our network analytics suite, developed based on feedback from carrier partners, helps carriers identify competitive advantages and weaknesses and to curate their networks to strengthen their product offerings.”
The Network Analytics Suite provides dynamic dashboards that allow for views of markets by provider specialty and geography at the state, county and zip code level. Features include overlap analysis which allows the user to compare any two networks showing those providers in common to both networks and those providers unique to each network. Users can identify weaknesses, and analyze lists of individual providers. Network penetration is measured by the percentage of available providers by specialty within a given geography and can be compared between networks.
The relative strength of networks can be measured and visualized by specialty. Provider density can be viewed against various population models to determine under and over saturation of provider specialties. Network sufficiency can be benchmarked using standards from the Centers for Medicare and Medicaid Services (CMS) or the carrier, and measured against other networks. Passing and failing regions can be identified graphically.
The Network Analytics Suite supports individual-under-65 and small group networks, as well as Medicare Advantage networks. Interested carriers may learn more by emailing sales@vericred.com.
About Vericred
Vericred (www.vericred.com) is a healthcare data services company that enables innovation, efficiency and transparency in the health and benefits industry. The company serves as a data translation layer between insurance carriers and insurtech companies to deliver structured health insurance data to insurtech platforms that are transforming the way health insurance is quoted, sold, enrolled and used. Today, the company delivers plan design and rate, provider network and formulary data for major medical insurance product lines. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.
Vericred Announces New Group Medical Rating API, Simplifying the Rating Environment for Insurtech Platforms
**NOTE: Ideon is the company formerly known as Vericred. Vericred began operating as Ideon on May 18, 2022.**
NEW YORK–(BUSINESS WIRE)–Today, Vericred, a leading healthcare data services company, introduced its new Group Rating API, which delivers group medical insurance benefit and premium data to insurtech platforms through a REST API. This 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. Vericred’s new Group Rating API furthers the company’s vision of becoming the digital distribution infrastructure for the health insurance and employee benefits industry.
With Vericred’s Group Rating API, insurtech platforms no longer need to build and maintain their own rating engines to deliver accurate quotes to their customers. This aids new entrants to the market, as well as existing platforms which can now shed the overhead of maintaining their own rating engine.
Once integrated, the insurtech platform will simply 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,” says Michael W. Levin, Vericred’s co-founder and CEO. “Our new Group Rating API allows insurtech companies to focus on building their user experiences instead of the underlying rating engine.”
Vericred’s Group Rating API will also generate reporting and analytics for carrier partners.
Levin continues, “Carriers seek visibility on quote activity. Our Group Rating API delivers this, with metrics on insurtech quote activity by platform and broker so that carriers can better manage their distribution.”
The Group Rating API initially supports community rated (ACA) small group medical products but will expand to include ancillary, level-funded and association products. Interested tech companies can learn more in Vericred’s API Documentation or by emailing sales@vericred.com.
About Vericred
Vericred (www.vericred.com) is a healthcare data services company that enables innovation, efficiency and transparency in the health and benefits industry. The company serves as a data translation layer between insurance carriers and insurtech companies to deliver structured health insurance data to insurtech platforms that are transforming the way health insurance is quoted, sold, enrolled and used. Today, the company delivers plan design and rate, provider network and formulary data for major medical insurance product lines. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.