Traditional and “digital first” brokers and GAs are leveraging multi-carrier quoting technology to improve their productivity and better serve their clients. Carriers do not have to build quoting/rating APIs to gain representation on these platforms. Vericred brings your rating algorithms, base rates, factors, business, and rounding rules into our Platform and delivers group quotes through an API to our InsurTech partners.learn more
With Vericred’s Group Rating API, you can build a quoting solution for fully insured and level-funded small group medical, and ancillary, without aggregating and normalizing the underlying data and without building and maintaining your own rating engine. Carrier-specific business rules and other validations are built into our API, preventing quoting of ineligible products for a given group.learn more
Our Group Rating API is more than just plan and rate data – it includes all of the logic around plan availability, business rules, and rate build-up (including composite rates).
Multiple Lines of Coverage
In addition to ACA Medical, our Group Rating API delivers level funded quotes and dental and vision quotes with other lines of coverage coming soon.
Our Group Rating API includes all ACA carriers and plans, on-exchange (SHOP) and off-exchange, in FFM states, and SBM states. We also deliver level funded medical and dental and vision plans from select carriers.
Business Rules and Validations
Group and employee location, in state and out of state employees, participation rates, SIC codes, voluntary, and many other carrier specific validation are built in so that employers will not be quoted products for which they are ineligible.
Building an apples-to-apples experience for brokers, employers, and employees is hard if the same benefit design is presented three different ways by three different carriers. We developed a Bakus-Naur Form (BNF) context-free grammar to apply to all benefit presentations. This allows for consistent presentation of benefits across carriers.
API Calls and Responses
- Employer information
- Employee census
- Requested lines of coverage
- Other attributes for ancillary lines (i.e. SIC code, participation rate, etc.)
- Available plans
- Plan benefits
- Rates (age banded and/or composite)
See how Vericred’s group rating API helped Benelinx, an agency management solution, scale its quoting engine from 1 state to 19 in just one year.
Our Solutions Enable Your Company’s Mission
Contact us today to find out how we can help.