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Verikai provides an insurtech platform leveraging machine learning and AI for predictive insurance risk assessment. Its core product analyzes alternative data to generate risk reports, significantly boosting underwriting efficiency for carriers and managing general agents. This enables precise risk evaluation, streamlines operations, drives new business, and helps reduce client loss ratios.
Established in 2018 by Brett Coffin and Hari Sundram, Verikai emerged from the insight of modernizing insurance underwriting. They recognized potential in applying machine learning to alternative datasets, surpassing traditional methods. Their vision was precise, expedited risk evaluation, transforming decision-making in the insurance industry.
Verikai serves insurance companies, underwriters, and brokers, primarily in health insurance. Its solutions empower clients to underwrite business accurately and swiftly. The company’s vision redefines the industry’s risk management, providing tools to navigate market shifts and broaden access to essential insurance products for consumers and businesses.
Verikai has raised $6.0M across 1 funding round.
Verikai has raised $6.0M in total across 1 funding round.
Verikai is an insurtech company that builds AI-driven machine learning solutions for healthcare risk assessment and underwriting, primarily serving insurance carriers in fully insured and stop-loss markets.[1][2][3] Its core products, like Capture and CaptureHealth, merge medical, pharmaceutical, behavioral, lifestyle, and social determinants of health (SDoH) data to deliver interpretable risk scores, enabling faster, more accurate decisions that minimize underwriting risks and uncover hidden conditions.[1][2] Acquired by American Financial Group in 2021 after raising $7.33M, Verikai has shown growth through expanded data integration and industry adoption, positioning it as a leader in predictive analytics for group health risk.[2][4]
Verikai was founded in 2018 in San Francisco by industry experts aiming to revolutionize healthcare risk assessment, which traditionally overlooked non-medical data like lifestyle and behavioral factors.[2][3] The idea emerged from recognizing gaps in underwriting practices, prompting the creation of machine learning models that incorporate alternative data—over 5,000 behavioral attributes across 250+ million U.S. individuals—for precise risk prediction.[1][3] Early traction came from its comprehensive database and interpretable AI scores, leading to its acquisition by American Financial Group in 2021, which fueled further innovation and scalability while maintaining its mission.[2][4]
Verikai rides the insurtech wave, capitalizing on AI/ML advancements and exploding alternative data availability to disrupt outdated underwriting reliant on incomplete medical records.[1][3][4] Timing aligns with rising healthcare costs, regulatory pressures for precise risk pricing, and post-pandemic demand for behavioral insights in group insurance—market forces favoring data-driven players amid a $4,485-company insurtech sector.[4] It influences the ecosystem by enabling carriers to automate assessments, reduce fraud, and expand coverage, much like peers FRISS and ForMotiv, while pushing SDoH integration as a standard for equitable, efficient insurance.[3][4]
Verikai's trajectory points to deeper AI enhancements, potentially expanding into P&C or individual markets via American Financial Group's resources, as healthcare data volumes surge with wearables and real-world evidence.[2][4] Trends like generative AI for predictive modeling and stricter risk regulations will amplify its edge, evolving it from niche underwriter to ecosystem enabler—ultimately redefining "confident decisions" in a data-rich insurance future.[1] This builds on its founding promise: transforming risk views through all-encompassing analytics.[2]
Verikai has raised $6.0M across 1 funding round. Most recently, it raised $6.0M Series A in July 2020.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jul 1, 2020 | $6M Series A | Matt Kinley | Cantos Ventures, Manchesterstory Group, Plug & Play Ventures, ValueStream Ventures | Announced |
Verikai has raised $6.0M in total across 1 funding round.
Verikai's investors include Matt Kinley, Cantos Ventures, ManchesterStory Group, Plug & Play Ventures, ValueStream Ventures.
