Ringmaster Technologies Signs Co-Marketing Agreement with Verikai to Sell and Provide Stop-Loss Insurance Procurement and Risk Reports to Underwriters and Brokers
Hudson, OH (May 5, 2020) Ringmaster Technologies, Inc. a leading healthcare software provider, announced today a co-marketing agreement with Verikai to market each other’s products. This relationship enhances Ringmaster’s mission to bring the employee Stop-Loss distribution process into the 21st century. Under this Agreement, Ringmaster and Verikai will promote the integration of Verikai’s Capture Score platform and Ringmaster’s Quote-LinQ platform. Capture Score offers a tool to underwriters to quote fully-insured employers that do not have access to historic claim data. The Capture for Health can return results to an underwriter looking to replace claims data or health questionnairesin just seconds. Quote-LinQ will standardize and centralize the entire Stop-Loss RFQ process by utilizing business rules and eliminating manual intervention. Combining thetwo technologies will help brokers and underwriters understand the potential risk of future high dollar claimants and the true risk of the group overall. By leveraging this data-driven analysis, Quote-LinQ will have the intelligence to target the appropriate underwriter.
“Underwriters have traditionally used individual medical questionnaires or Rx-based scoring to assess the risk of small groups. Unfortunately, these tools completely ignore the underlying individual and social behavior around compliance and adherence that drives much of the cost of claiming,” said Eugene Pompili, President of Ringmaster.“I couldn’t be more excited to offer Ringmaster’s agency, TPA, and underwriting relationships with Verikai’s 250-million person database that delivers over 1 trillion data points on personal behavior. We believe this will help our partners better assess risk and capture profitable new business opportunities that would otherwise be passed over.”
“Verikai’s Capture Score accelerates the underwriting process by offering quick, cost-efficient analysis of a group’s potential risk. This allows carriers and MGUs to focus on the right opportunities that improve close ratios and increased profitability,” said Jon Harts, Chief Revenue Officer of Ringmaster. “That value aligns with our core mission of developing innovative cloud-based technology solutions that drive process improvements and economic efficiencies within the Stop-Loss ecosystem.”
“The process of Stop-Loss quoting and underwriting is broken and archaic. Employers need rates that reflect the true risk of their employees, brokers, and agents need a way to more readily access premium in the market, and MGUs and TPAs need more information to credibly assign that premium appropriately,” said Hari Sundram, CEO of Verikai. “The combined capabilities of Ringmaster and Verikai will provide the first all in one seamless platform for quick quoting small groups to midsize groups that have limited to no first dollar claiming information. It will transform not only the market but healthcare across the board as premiums will finally reflect market value. We couldn’t be happier to participate with a better partner than Ringmaster.”
About Ringmaster Technologies, Inc.
Ringmaster is a cloud-based healthcare software provider created to simplify and enhance administrative processes by utilizing cutting edge technologies. Ringmaster offers the first fully automated workflow optimization solution that will drastically slash processing time and complexity while minimizing the turnaround time for Stop-Loss quoting, contracting, and policy administration. Ringmaster Technologies – Making Workflows Work Smarter. For more information, please visit www.ringmastertech.com
Verikai is an applied data company that has created a proprietary fully automated underwriting platform that leverages 5,000 unique variables on 260 million individuals in the US to score loss ratio at an individual, group, and portfolio level across all personal and group business lines. Delivered via both portal and direct API integration, carriers can now have access to an understanding of the true risk of claiming in both frequency and severity, and not on just identity information alone. This allows optimization of the entire underwriting cycle from marketing to binding so that rate and risk align, and every stakeholder gets the premium they deserve. For more information, please visit www.verikai.com