Gradient AI, an AI insurance software provider, has acquired Prognos Health’s analytics business underwriting unit.
According to Gradient, it has acquired the unit to leverage data from the firm’s large collection of integrated medical records and lab data via its real-world data marketplace.
The firm said the acquisition will enable it to expand its medical database capabilities by integrating Prognos Health’s data with SAIL, Gradient AI’s leading medical underwriting solution.
The acquisition will also enable Gradient customers to have access to lab data, which it claims has been a missing factor for many insurers when predicting group risk.
With the acquisition, Gradient AI said it will become the only company in the group medical insurance market to provide medical, prescription, and lab data from a single source. Insurers will benefit by having further insight into group members’ health for more informed risk assessment and improved underwriting accuracy.
Gradient AI CEO and founder Stan Smith said, “The acquisition of Prognos underwriting business unit is a game changer. Our combined solution will provide a holistic picture of group health risk that has never before been possible.
“Insurers will now have a single point of access to multiple data sources, covering medical, prescription and lab data improving their abilities to project group health assessments and costs with much greater confidence.”
Skyward Specialty Insurance Group, a property & casualty insurer previously partnered with Gradient AI to power its Accident and Health division.
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