Medical Risk Managers (MRM), a full service Managing General Underwriter (MGU), has selected Gradient AI’s SAIL solution to offer stop loss insurance to small, self-funded groups.
Gradient AI is a provider of proven artificial intelligence (AI) solutions for the insurance industry.
Its solutions aim to improve loss ratios and profitability by predicting underwriting and claim risks with greater accuracy, as well as reducing quote turnaround times and claim expenses through intelligent automation.
According to Gradient AI, as healthcare costs continue to rise, more small and midsize employers are turning to self-funded insurance plans.
To offset the financial risks of these plans, employers often buy high-deductible stop-loss policies to cover the risk of unexpected catastrophic claims. In the past, mostly large companies have self-insured since it has been difficult for small companies to obtain the claims data essential to purchase stop-loss insurance.
With Gradient AI’s vast dataset and machine learning capabilities, MRM can evaluate group health risk at a deeper level.
Combined with its own expertise, MRM can create highly customised and cost-effective self-insured solutions, enabling employers who may have previously been unable to self-insure to now do so. By leveraging Gradient AI’s SAIL medical underwriting solution, MRM is able to obtain a complete and accurate picture of the health profile of a particular group.
Chris Rice, president, Medical Risk Managers, said, “With the increasing cost of healthcare, we are finding that self-funded plans with stop loss insurance have become very popular with smaller groups.
“Self-funded plans offer greater flexibility, control, and cost-saving opportunities. However, until now, we were not able to offer these plans to smaller businesses due to the lack of claims history available. Now with access to robust data and analytics that Gradient AI’s SAIL solution provides, we can quote business that was simply not possible before.”
Last year, Insurer MEMIC selected Gradient AI, a provider of artificial intelligence (AI) solutions in the insurance industry, to bolster its underwriting for workers’ compensation policies.
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