Alphabet’s Verily has announced plans to launch Coefficient, a health insurance subsidiary that will eventually leverage Verily’s various technologies and health-related devices. The insurance subsidiary will be backed by Swiss Re Group’s Swiss Re Corporate Solutions commercial insurance unit. According to Verily, its Coefficient will, among other things, offer ‘novel insurance and payment models.’
Verily Life Sciences is a health-centric business owned by Alphabet. In an announcement on Tuesday, the company said that it is launching its Coefficient insurance subsidiary to offer stop-loss insurance for employers, meaning they’ll get reimbursed for money spent toward employee health claims beyond a certain pre-determined amount.
Coefficient will, according to Verily, offer a ‘data-driven model that is unique in the traditional employer stop-loss market.’ The precision risk data-driven solution will take advantage of Verily’s data science, as well as its hardware and software products, to offer customers what the company says is ‘more predictable