About Our Marketplace
The Verikai Marketplace, making it easy for brokers and underwriters to cast a wider net in receiving and binding quotes, will be live in just a few weeks. Today, we are breaking down what to expect, and explaining how this new platform will simplify the placement of group health insurance and allow brokers to write way more business.
The Marketplace is the best-in-class option for brokers and underwriters to place small groups for stop loss health coverage without IHQs or historical claims data. There are multiple membership options, and basic membership is free. All brokers get unlimited census submissions and unlimited users. You can invite your entire team to your brokerage account so everyone can create, send, and manage RFPs in one place.
We have made it easy for brokers to get on the platform and start engaging with underwriters within minutes. All it takes is a group census for Verikai’s platform to automatically assess group risk, and match brokers with carrier partners who are already using Verikai’s platform to place business.
As a broker, to generate a census report all you need to do is upload a census file and input some qualifying group information, so Verikai can best match your group to an underwriter partner. Required census information includes: first name, last name, date of birth, gender, and zip code. And – if you can provide individual street addresses the individual match rate will increase significantly. Once your census is uploaded, Verikai’s machine learning models evaluate the groups risk level, based on their clinical and behavioral data. This process only takes a few seconds. When the census is ready, a Capture Score Report will appear – describing if the group is quotable or not, and why. Underwriting partners have pre-established the levels of risk they are willing to write, so as a broker, you will only match with underwriters who are open to quoting your group. Below is an example of a Capture Score Report.
After reviewing the Capture Score Report, brokers can start negotiating with their matched providers. Just toggle from the “overview” section at the top, to “matched underwriters”, and start submitting reports. We wanted the management of group submissions to be as easy as possible, and we think our live messaging feature does just that. Here’s an example of the negotiation process through the Marketplace:
Our mission was to build an environment where brokers and underwriters could easily collaborate in delivering great benefits, at prices and margins that will make everyone’s boss happy. We’re confident the Marketplace has achieved that goal, and now it’s time for you to join us!
No paperwork. No IHQs. Quick and effective rate binding. What could be better?
Head to join.verikai.com to sign up today and experience a whole new way to close business – and if you have questions, don’t hesitate to reach out!