The company will sell stop-loss insurance, a type that helps cover unexpectedly large claims against employers who self-fund their health-benefit policies. Generally, these employers set a threshold for how much they choose to pay out based on projected costs, and stop-loss insurance covers the claims when the threshold is surpassed.
Verily hopes that by adding its data-crunching and technological prowess to the equation, it can help employers more accurately assess what sort of risks they face and, eventually, intervene to better predict and control health-care spending on individual employees. With about 79% of private employers with 500 or more employees self-funding their health-care benefits, Verily is betting it can grab a piece of a very large pie. Read More: BenefitsPRO