This implementation aims to refine risk assessments, enabling more precise pricing and improved financial outcomes. Credit: Sutthiphong Chandaeng/Shutterstock.

Illinois-based managing general underwriter Evolution Risk Partners has incorporated insurtech company Gradient AI’s underwriting solution, SAIL, to enhance decision-making accuracy for its self-funded clients.  

Through the move, Evolution Risk aims to refine risk evaluation, resulting in more precise pricing and better financial outcomes.  

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Evolution Risk specialises in offering medical stop-loss solutions for self-funded medical programmes by collaborating with employers and brokers. 

Powered by machine learning algorithms, SAIL utilises datasets including medical, prescription and lab data.  

The adoption of SAIL provides Evolution Risk with enhanced insights into risk, which is beneficial for fully insured clients or those involved in M&A, where data can be scarce. 

Evolution Risk founder and CEO George Lemmon said: “SAIL allows us to expedite underwriting decisions and provide guidance on the most challenging cases, which makes us more valuable to our brokers. We are able to partner on a much bigger piece of their world and provide a stronger, more consultative approach to our brokers and our customers, which is priceless.” 

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Gradient AI founder and CEO Stan Smith stated: “We are excited to be working with Evolution Risk Partners and support its efforts to enhance risk assessment and underwriting in the alternative risk space.  

“By leveraging Gradient AI’s advanced capabilities, Evolution Risk Partners now has the tools necessary to enhance its risk assessment and underwriting process. This allows the company to make more informed, data-driven decisions and support its continued growth and success.” 

Last year, Gradient AI raised $56.1m in a Series C funding round led by Centana Growth Partners, with contributions from existing investors such as MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures.