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.