Vericred unveiled a new suite of enrollment and member management APIs, ushering in a new era of digital connectivity between and employee benefit carriers and InsurTech companies. Vericred’s API Platform enables the simple and seamless exchange of quoting, enrollment and eligibility data between carriers and technology companies such as tech-enabled brokers, BenAdmins, HCMs and HRIS solutions. This news is paired with the announcement of groundbreaking enrollment relationships with Beam, CaliforniaChoice, Kaiser Permanente and Oscar.
“The digital transformation of health insurance and employee benefits is being held back by lack of connectivity and industry standards, resulting in incredible inefficiencies and poor consumer experiences,” said Michael W. Levin, Vericred’s co-founder and CEO. “Our enrollment and member management capability democratizes this connectivity and enables industry-wide digital quote-to-card experiences for carriers, general agents, brokers, employers and employees.”
Vericred’s new suite of APIs enables end-to-end functionality including new group installation, renewals, broker of record changes, member additions, terminations and changes, reconciliation and normalized enrollment status and error handling across all lines of coverage.
“Great products need great foundations. Vericred is critical, foundational infrastructure for our insurance and benefits products at Rippling. We could not have built Rippling without this partnership,” said Parker Conrad, Rippling’s co-founder and CEO.
COVID-19 is a catalyst for the industry’s digital transformation, adding a new layer of complexity to the busy Fall enrollment season. Social distancing regulations permits few, if any, in-person meetings between brokers and their group clients. Open enrollments are being conducted virtually. Employers and brokers need tools and connectivity in order to deliver modern digital experiences to their clients and employees. Vericred’s Platform is essential for those looking to quickly and efficiently scale their digital solutions.
Vericred partners with leading California carriers to create a new standard
CaliforniaChoice, Kaiser Permanente and Oscar, representing a majority of California small group medical members, will use Vericred for health insurance and benefits enrollment and management in California and other regions in which these companies offer coverage.
“Small group health insurance has been stuck in the early 2000s as far as online enrolling, managing and renewing,” noted Kirk Whelan, National Vice President of Small Group Commercial business for Kaiser Permanente. “We support the efforts to move toward digitizing small group enrollments.”
“As the Nation’s largest private exchange we are continuously innovating to meet the needs of our brokers and General Agent partners, and our small business customers,” said Michael Close, CEO of CHOICE Administrators, the parent of CaliforniaChoice and ChoiceBuilder. “Vericred allows us to leverage our own investment in APIs across GAs, tech enabled brokers and a broad spectrum of enrollment and benefit administration solutions.”
In addition to the above health insurance carriers, Vericred is working with Aetna, Anthem, Blue Shield of California, Cigna, Guardian, Humana, MetLife, Principal, Regence Blue Cross Blue Shield, and UnitedHealthcare. Vericred has aggressive plans to complete more than 200 carrier integrations over the next two years.