Empowering users to quickly and dynamically analyze what percentage of employees would be affected by switching networks
NEW YORK–(BUSINESS WIRE)–Vericred, a data services platform powering the digital distribution of health insurance and employee benefits, announced today the immediate availability of its Disruption Analysis API. Vericred’s new API enables InsurTech companies to build decision support tools that help their users — primarily brokers and employers — assess what percentage of an employee population would be affected, positively or adversely, by switching health or dental insurance networks.
Disruption analysis, traditionally, has been a complex process through which employers and insurance brokers evaluate how the transition to a different group health insurance (or dental) network would impact employees’ in-network access to their most important doctors, health systems and hospitals. Analyzing plans in this manner has rarely been accessible within the small group environment, as it was typically a high-cost and inefficient process.
Vericred’s latest API, however, empowers InsurTech companies — which include online insurance marketplaces and quoting platforms — to build user-facing solutions that make disruption analysis far more streamlined and automated. Rather than having to build and maintain the underlying data and logic themselves, InsurTechs can leverage Vericred’s API to develop these features, easily and within an accelerated timeline.
“Traditionally, it’s been expensive, time-consuming and labor-intensive for brokers and employers to examine how switching to a new insurance plan would disrupt members’ in-network access to their preferred doctors and dentists,” said Michael W. Levin, Vericred’s co-founder and CEO. “Using our new Disruption Analysis API, InsurTech companies can effortlessly bring to their customers features that are imperative in today’s complex insurance market.”
According to the Kaiser Family Foundation’s 2018 Employer Health Benefits Survey, 61 percent of employers offering health benefits had shopped for a new health plan during the past year, with 25 percent of those businesses choosing to change carriers. Further, it is likely that more businesses will reconsider their options in 2020 and beyond, as the Trump Administration’s new policy on HRAs will afford employers another alternative to traditional group plans. As open enrollment approaches, companies will require disruption analysis and other support tools to best analyze how switching group plans, or transitioning from a group plan to the individual market, would impact their employees’ in-network access to providers.
The Disruption Analysis API — which includes all major medical and dental networks — joins Overlap Analysis and Shop-by-Doctor as the third component of Vericred’s suite of provider-network solutions.
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Vericred (www.vericred.com) is building infrastructure for the digital distribution of health insurance and employee benefits. The Vericred Platform serves as a data translation layer between insurance carriers and technology companies that are transforming the way health insurance and employee benefits are quoted, sold, enrolled and managed. Vericred offers robust solutions for technology companies focused on the under 65 individual, Medicaid and Medicare markets, as well as the group market. For more information visit www.vericred.com or interact with us on Twitter, Facebook and LinkedIn.
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