Insuranceciooutlook

Verikai Med/Rx Gives Insurers Medical Claims And Prescription Data Insights

Insurance CIO Outlook | Tuesday, October 04, 2022

The flourishing insurtech's newest product provides a game-changing answer to health underwriters' issues.

FREMONT, CA: "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," says Verikai's President and CEO, Jeff Chen. Verikai, a company in the insurance technology industry, has come up with Med/Rx to expand its existing product portfolio and further streamline the underwriting process for its carrier clients. Using comprehensive clinical and behavioral data to generate risk ratings, Verikai employs machine learning models to provide insurers with a more in-depth understanding of risk by utilizing substantial clinical and behavioral data. With the inclusion of Med/Rx, carriers can run group reports on Verikai's platform to build a baseline of high-cost diseases and prescriptions in each group.

The Med/Rx study contains 10,000 of the most expensive medical diagnoses, such as malignancies, chronic diseases, mental problems, traumas, and drug abuse, to name a few. The Rx portion of the report offers all known prescription information about a group, categorized by pricing category (generic, brand, and specialty drugs). As Med/Rx develops, Verikai will continue to upgrade the product with additional medical conditions and a more comprehensive understanding of price.

"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," concludes Chen.

Verikai is known as "The Future of Underwriting" in the predictive risk industry because it utilizes behavioral data to predict future risk. Now that Med/Rx provides historical risk indicators, Verikai customers have an unmatched competitive advantage.

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