Verikai Launches Med/Rx to Give Insurers Robust Insights on Medical Claims & Prescription Data
The thriving insurtech’s newest product creates a revolutionary solution to the problems that plague health underwriters
SAN FRANCISCO, September 6, 2022 – Insurance technology startup, Verikai, launches Med/Rx to build on their existing product base and further optimize the underwriting process for their carrier clients. Verikai uses machine learning models to give insurers a deeper view of risk, using extensive clinical and behavioral data to create risk scores. Now, with the addition of Med/Rx, carriers will be able to run group reports through Verikai’s platform to establish a baseline of high-cost conditions and prescriptions that appear in each group.
The Med/Rx report includes 10,000 of the most expensive medical diagnoses, including cancers, chronic illnesses, mental disorders, injuries, and drug abuse – to name a few. The Rx half of the report provides all known prescription data on a group, broken down by pricing category (generic, brand, and specialty drugs). As Med/Rx takes shape, Verikai will continue to update the product with additional medical conditions and deeper insights into price.
Verikai’s President and CEO, Jeff Chen, said, “Our mission is to utilize our unique dataset and machine learning technology to provide the insurance industry with the best insight, so underwriters can make the most accurate decisions possible around evaluating risk. Med/Rx will offer our health insurance customers historical claims, medical, and Rx data – on-demand, within minutes.”
“We have been working on this product for over a year and coupled with our risk scores from our flagship Capture product, underwriters will have the most powerful set of predictive risk tools at their fingertips, all within a single platform. There is no other predictive risk vendor on the market that offers carriers a complete and holistic view of risk like Verikai does. We look forward to the positive impact Med/Rx will have on the industry for years to come.”
Within the predictive risk space, Verikai is known as “The Future of Underwriting,” based on their use of behavioral data to predict future risk. Now, with Med/Rx providing historical risk indicators, the competitive edge for Verikai customers is unparalleled.
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 into these individuals’ true health risks. With this data, Verikai generates risk reports in real time with only a census. With Med/Rx, those risk reports are coupled with historical claims and prescription data, giving our customers every underwriting tool available. This greater insight helps insurance companies increase new business, reduce losses, and improve efficiency in the underwriting process – and ultimately, provides consumers and businesses with greater access to a broader range of insurance products.
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