Skyward Specialty Insurance Group, a property & casualty (P&C) insurer has partnered with Gradient AI, to power its Accident and Health (A&H) division.
Gradient AI is an enterprise software provider of artificial intelligence (AI) solutions in the insurance industry.
Skyward said that as employer healthcare costs continue to rise, an increasing number of businesses are turning to self-funded health insurance models. However, lack of access to sufficient historical data leaves many companies unable to purchase stop-loss insurance, access necessary protection to self-fund employee benefits and take advantage of the value-added quality and cost containment solutions afforded to self-funded employers. These employers are relegated to the fully insured market to provide health benefits, resulting in double-digit annual increases and plan designs that leave employees functionally uninsured.
Skyward presents its technology solution SkyVantage to meet this challenge.
The solution leverages Gradient AI’s SAIL medical underwriting solution. As a result, Skyward Specialty said it can evaluate group health risk at a deeper level by accessing Gradient AI’s vast medical dataset and machine learning and then integrating this intelligence with their expertise in the underwriting process.
Byron Way, CEO of Skyward Specialty’s A&H division, said, “SkyVantage heralds a new era for the self-insurance market with an innovative, holistic solution that simply did not exist before.
“Our philosophy is when the employer plan wins, we win. Combining Gradient AI’s group health data and advanced machine learning with our highly skilled and experienced stop-loss underwriters makes SkyVantage a true differentiator in the market.”
Earlier this year, Mutual insurance company Builders adopted technology from Gradient AI.
Builders opted for Gradient AI’s product to enable its agents to evaluate risks with greater precision and speed allowing them to capture more business and decrease loss ratios.
Service Lloyds Insurance Company also recently adopted Gradient AI’s solution to better predict risk and improve the pricing accuracy of workers’ compensation policies
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