Vericred

Vericred

API solutions for health insurance management

About Vericred

Simplify's Rating
Why Vericred is rated
B
Rated B on Competitive Edge
Rated A on Growth Potential
Rated C on Rating Differentiation

Industries

Enterprise Software

Healthcare

Company Size

51-200

Company Stage

Early VC

Total Funding

$53.8M

Headquarters

New York City, New York

Founded

2014

Overview

Ideon specializes in enhancing the health insurance and employee benefits industry through its APIs (Application Programming Interfaces). These APIs enable different software systems to communicate, streamlining processes such as quoting, selling, enrolling, and managing health insurance and employee benefits. Ideon primarily serves businesses in the health insurance sector, including insurance carriers, brokers, and HR technology platforms, helping them improve their digital transformation efforts. Unlike many competitors, Ideon focuses on providing API solutions that can be easily integrated into existing systems, allowing clients to enhance their services without overhauling their infrastructure. The company operates on a subscription and usage-based pricing model, generating revenue based on how much clients utilize its APIs. Ideon's goal is to make the employee benefits industry more efficient and transparent, simplifying the management of benefits for businesses.

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Simplify's Take

What believers are saying

  • Growing demand for API-driven solutions in health insurance boosts Ideon's market potential.
  • Partnerships with firms like BerniePortal enhance Ideon's digital transformation capabilities.
  • Ideon's collaboration with Clarify Health strengthens competitive health plan networks.

What critics are saying

  • Increased competition in the API and InsurTech space pressures Ideon to innovate.
  • Rapid technological advancements may strain Ideon's resources and impact profitability.
  • Potential data privacy concerns could arise as Ideon expands its data exchange capabilities.

What makes Vericred unique

  • Ideon's APIs streamline quoting, selling, enrolling, and managing health insurance benefits.
  • The company partners with major firms like Prudential to enhance digital transformation.
  • Ideon achieved HITRUST certification, ensuring high standards of data protection and security.

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Funding

Total Funding

$53.8M

Meets

Industry Average

Funded Over

4 Rounds

Early VC funding comparison data is currently unavailable. We're working to provide this information soon!
Early VC Funding Comparison
Coming Soon

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

2%

2 year growth

0%
Prudential
Dec 16th, 2024
Prudential collaborates with Ideon for technology that will help simplify the workplace benefits experience

NEWARK, N.J. - Prudential Financial, Inc. (NYSE: PRU) announced today that its Group Insurance business has collaborated with Ideon, a leader in data exchange and connectivity solutions, to deliver unique technology solutions for benefits eligibility and enrollment processes for workplace clients and their employees.

PRWeb
Oct 2nd, 2024
BerniePortal Partners with Ideon to Streamline Benefits Enrollment for Small Employers

BerniePortal and Ideon have partnered to launch an API solution that will securely transmit employee benefits information between BerniePortal and insurance companies.

II Reporter
Apr 25th, 2024
AgencyBloc, Ideon Partner to Enhance Benefits Quoting Experience for Agencies

AgencyBloc (Cedar Falls, Iowa), a provider of insurance growth enablement solutions catering to the health, senior, and benefits industries, has partnered with Ideon (New York), provider of application program interface (API) solutions that connect InsurTechs and insurance carriers in the health and benefits industry.

Business Wire
Apr 16th, 2024
Ideon Names Benefits And Technology Leader Steve Swad As Ceo

NEW YORK--(BUSINESS WIRE)--Ideon, the leader in data and connectivity solutions for carriers and benefits technology platforms, today announced Steve Swad as its new Chief Executive Officer, effective immediately. In a complementary move, Ideon co-founder Dan Langevin has been promoted to President and CTO. Swad brings decades of C-level leadership experience from the employee benefits industry and various high-profile technology and media companies. Previously, Swad led Benefitfocus, a top benefits administration platform, as its CEO before its acquisition by Voya Financial. Swad's impressive career also includes roles as CEO of Rosetta Stone, COO of Apptopia, and CFO positions at Vox Media, Comverse Technology, and AOL. Langevin, co-founder of Ideon and its CTO since 2014, has played a pivotal role in shaping the company's technology and advancing its business

Clarify Health
Jun 29th, 2023
Clarify Health and Ideon Partner to Build Stronger, More Competitive Health Plan Networks | Clarify Health

San Francisco, CA (June 29, 2023) – Clarify Health, a leading healthcare analytics and value-based payments platform company, today announced a new partnership with Ideon, the platform powering digital experiences in health insurance and benefits, that will enable health plans to build more competitive networks that deliver high-quality, cost-effective healthcare to members.

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