SAN FRANCISCO, July 12, 2021 (Newswire.com) - Insurance technology startup 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.
Most insurance brokers face the long-standing problem of finding the most competitive policies for their clients while being confined to their established network of carriers. Verikai's Marketplace takes the stress away, opening doors to new carrier contacts and avoiding the need for previous claims data or individual health questionnaires. Brokers and carriers can communicate entirely through the Marketplace platform, from initial report submission to RFP approvals, and finally to quote binding; all in a fraction of the time.
"We are so excited to join Verikai's Marketplace and see how the platform will elevate our business," said Michael Juergens from Leavitt Group. "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 see the same reports we do, 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."
Verikai's President and CRO, Jeff Chen, said, "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."
Founded in 2018, Verikai is an insurance technology company leveraging alternative data and machine learning to change the way the industry views risk. Our well-established database of more than 1.3 trillion data points includes over 5,000 behavior attributes for 250+ million people in the United States and provides deep insight to these individuals' true health risks. With this data, Verikai generates risk reports in real-time with only a census. This greater insight helps insurance companies increase new business, reduce losses and improve efficiency in the underwriting process - and ultimately, provide consumers and businesses with greater access to a broader range of insurance products.