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.”
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.