Vericred raises $23m for health insurance and benefits tech
Founded in 2014, Vericred was founded on the principle that big tech companies like Amazon, Netflix and Apple have changed the paradigm for entertainment and e-commerce. As such, why can’t health insurance be similarly transformed?
Recognising that the infrastructure for creating a seamless “quote-to-card” experience was not already in place, Vericred endeavours to be a leader in digital distribution and fulfillment. Based in the US, it currently serves carriers, insurtechs, digital health developers, consultants, and researchers.
Connecting insurance carriers
Vericred’s platform leverages APIs to connect health insurance carriers and transform the overall speed, reliability and efficiency of the digital quote experience.
From quoting to decision-making and enrollment, its solution enables innovation, accelerates deployment and reduces costs across the board.
The apparent value of Vericred has been testified by its oversubscribed Series B funding round, which was led by Aquiline Technology Growth and joined by others such as Echo Health Ventures and MassMutual Ventures. Michael Levin, Co-Founder and CEO, said in a recent article that investors’ appreciation of “connectivity” had brought the interest:
“One of the reasons why there hasn’t been a lot of innovation is because it’s lacked a digital foundation, a digital structure on which to build. Connectivity transcends even just the data connectivity. It’s about community, it’s about connecting all these entities and the people there as well.”
Max Chee, Head of Aquiline Technology Growth, confirmed that this was the principal value of Vericred’s platform.
“Aquiline’s investment in Vericred is rooted in our shared vision of a fully digitally connected employee benefits ecosystem, where plan quoting, enrollment, and renewal is a seamless experience, much like booking travel or applying for a new credit card online.”
Tech improves health insurance
Streamlining health insurance for the modern consumer appears to be a rapidly developing insurtech market. Companies like Alignment Healthcare and Sidecar Health are reaching high market valuations and launching IPOs.
Potentially boosted by the global fixation on health resulting from the pandemic, as well as a rejuvenation of interest in the sector for the same reason, health-focused insurers are set to introduce a new consumer standard.
Image source: Vericred
Tribe and APOLLO announce national insurance campaign
Tribe Property Technologies in partnership with APOLLO insurance has announced a national insurance campaign to digitise insurance for condominium owners, renters, landlords, and developers across Canada. The aim of the campaign is to make insurance access easier and faster for owners while improving the coverage and protection of condominiums and rental buildings.
According to several surveys, nearly half of 4.5mn rented houses in Canada do not have tenant insurance protection, meaning those individuals and their families are put at risk of fire and water damage.
What does the national insurance campaign include?
According to Tribe, the company is working with APOLLO to ensure that this type of insurance is easier to access. It aims to achieve this by introducing a direct connection to APOLLO's insurance technology from both Tribe's strata and condo management platform and rental software to allow for increased education and awareness for owners into insurance risks and options.
It also includes the future ability for notifications for mid-term cancellations, and plans to offer protection from potential strata/condo corporation deductibles, Tribe said.
"We are excited to partner with APOLLO to bring accessibility, visibility, and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents while protecting the value of their biggest assets", said Joseph Nakhla, Chief Executive Officer of Tribe.
Nakhla added: “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities”.
APOLLO uses technology as a channel between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
"We like that Tribe is taking a fresh approach to condo living and building smart homes through tech-enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities”, said Jeff McCann, Chief Executive Officer of Apollo.