Verikai

Verikai

Predictive data and risk platform for insurance

About Verikai

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

Industries

AI & Machine Learning

Financial Services

Company Size

11-50

Company Stage

Acquired

Total Funding

$5.8M

Headquarters

San Francisco, California

Founded

2018

Overview

Verikai provides a predictive data and risk platform specifically designed for the insurance industry. Its main product, Capture scores, uses AI and machine learning to analyze the behaviors of millions of individuals, offering insurers valuable insights for more accurate risk assessments. This helps improve the precision and efficiency of underwriting processes. Unlike many competitors, Verikai focuses solely on the insurance sector, tailoring its services to meet the unique needs of insurance firms. The company's goal is to enhance risk evaluation processes for insurers, ultimately driving profitable growth through a subscription-based model that ensures consistent value and revenue.

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Simplify's Take

What believers are saying

  • Growing demand for AI-driven underwriting boosts Verikai's market potential.
  • Capture360 aligns with rising interest in SDoH data integration.
  • Acquisition by AFG enhances collaboration with traditional insurers.

What critics are saying

  • Increased competition from similar AI-driven insurance tech firms.
  • Potential regulatory challenges due to reliance on alternative data.
  • Strategic shifts post-acquisition may impact business model and relationships.

What makes Verikai unique

  • Verikai uses AI and machine learning for precise insurance risk assessment.
  • Capture360 integrates SDoH data, offering comprehensive risk scores.
  • Subscription-based model ensures steady revenue and client value.

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Funding

Total Funding

$5.8M

Below

Industry Average

Funded Over

2 Rounds

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

Company News

Business Wire
Feb 29th, 2024
Verikai Redefines Healthcare Decision-Making With The Unveiling Of Capturehealth And Capture360

SAN FRANCISCO--(BUSINESS WIRE)--Verikai, an industry innovator in health insurance, proudly announces the launch of CaptureHealth and Capture360, two groundbreaking solutions designed to revolutionize healthcare risk analysis. These offerings are part of the comprehensive Verikai platform. The CaptureHealth model provides a health-centric risk score by feeding comprehensive medical claim and health history data into Verikai's proprietary machine learning models. Capture360 adds hundreds of thousands of behavioral and social determinants of health (SDoH) factors to CaptureHealth in order to deliver the most accurate and comprehensive risk score in the market. Verikai's breakthrough scoring technology uniquely combines dozens of sources of curated medical and pharmaceutical data covering over 330 million Americans, with behavioral attributes and SDoH, offering unparalleled precision in health risk assessment. CaptureHealth and Capture360 collectively address longstanding industry challenges, offering concise and comprehensive views of claims histories while simplifying the task of assessing medical and pharmaceutical risks

Coverage
Sep 16th, 2022
Verikai Launches Med/Rx

Insurance technology startup Verikai is launching Med/Rx for carriers to run group reports through Verikai’s platform to establish a baseline of high-cost conditions and prescriptions that appear in each group. The Med/Rx report includes 10,000 of the most expensive medical diagnoses, including cancers, chronic illnesses, mental disorders, injuries, and drug abuse – to name a few. The Rx half of the report provides all known prescription data on a group, broken down by pricing category (generic, brand, and specialty drugs). As Med/Rx takes shape, Verikai will continue to update the product with additional medical conditions and deeper insights into price

Verikai
Apr 13th, 2022
Verikai, Inc. recognized as #3 on the list as an innovative leader in insurance technology

Verikai is featured as #3 on the list as an innovative leader in insurance technology.

Business Wire
Jan 18th, 2022
American Financial Group Inc acquired Outcomes2Outreach on Jan 18th 22'.

American Financial Group (NYSE: AFG) announced today the acquisition of Verikai, Inc. (“Verikai"), a machine learning and artificial intelligence company that utilizes a predictive risk tool for assessing insurance risk, effective December 2021.

Business Wire
Jan 18th, 2022
American Financial Group, Inc. Announces Purchase Of Verikai, Inc.

CINCINNATI--(BUSINESS WIRE)--American Financial Group (NYSE: AFG) announced today the acquisition of Verikai, Inc. (“Verikai"), a machine learning and artificial intelligence company that utilizes a predictive risk tool for assessing insurance risk, effective December 2021. Verikai will continue to be led by its President and CEO, Jeff Chen. AFG paid approximately $120 million in cash at closing. Carl H. Lindner III, AFG’s Co-CEO, stated: “We are thrilled to welcome the Verikai team to AFG. We

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