Vericred, a data services company simplifying the exchange of information between health insurance and employee benefit carriers and InsurTech companies, announced the immediate availability of level-funded plans through its Group Rating API. With this new functionality, Vericred is facilitating the distribution and quoting of these attractive alternatives to fully insured group plans.
Until now, level-funded plans have been quoted through carrier websites and broker portals, or through complex integrations with carrier APIs. As a result, it has been difficult for InsurTech applications serving brokers to offer multi-carrier level-funded quoting, thereby limiting visibility of these plans to the detriment of carriers, brokers and employers. Through this enhancement to its Group Rating API, Vericred is making it easy for these tech companies to quote and compare level-funded plans across carriers, and even against fully insured medical plans.
“Level-funded plans are rapidly increasing in popularity, with some brokers expecting more than 50 percent of their small group book of business to migrate to level-funded products over the next two years,” said Vericred CEO Michael W. Levin. “Our new API supports this exponential growth by enabling tech platforms to build carrier-agnostic, level-funded quoting solutions for brokers and employers. And for our carrier partners, this is a cost-effective pathway to achieve visibility for level-funded products across the quoting tools brokers are using today.”
Vericred is debuting this new functionality with two carrier launch partners: AllSavers, a UnitedHealthcare subsidiary, and Humana, and expects to add level-funded plans from additional national and regional carriers and TPAs over the coming months. Initially, the rating API will deliver “illustrative” or street quotes, which are subject to underwriting and approval. Later this year, Vericred intends to further expand its capability to underwritten quotes.
