Insurtech start-up Gradient AI has raised $6m in a Series A funding round to support the expansion of the artificial intelligence (AI) and machine learning solutions.
Led by Forte Ventures and Sandbox Insurtech Ventures, the financing round was also joined by existing investor MassMutual Ventures.
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Commercial insurers leverage Gradient’s artificial intelligence to automate and boost their underwriting results, cut claim costs, and enhance operational efficiencies.
The software-as-a-service (SaaS) platform provided by Gradient features a proprietary dataset which offers out-of-the-box claims and underwriting accuracy for new clients.
The dataset that includes tens of millions of claims as well as numerous economic, health, and litigation datasets, is being updated with the addition of client-specific data with the passage of time.
Gradient CEO Stan Smith said: “The Gradient platform helps our customers’ claims and underwriting teams make better decisions more efficiently, which allows our customers to write more profitable business, minimize claims, and improve the profitability of their book.”
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By GlobalDataAdditionally, Gradient offers its analytics suite which includes numerous claims and underwriting solutions.
The platform is helpful for insurance carriers, professional employer organisations (PEOs), managing general agents (MGAs), as well as third party administrators (TPAs).
Furthermore, the company uses its AI predictions for management of claims, risk ranking, case-level reserving, subrogation, large losses, medical treatment indicators, settlement, fraud, among others to strengthen productivity, rationalise operations, and boost decision making.
Through API, the platform offers complete automated integration into customers’ own claims and underwriting platforms, which facilitates automated workflows of claims along with processing of policy applications.
Forte Ventures founder and managing partner Tom Hawkins stated: “Gradient will play a critical role in progressing the widespread adoption of ML-based analytics platforms across commercial insurance over the next several years.
“We’re excited to be supporting the Gradient team as it catalyses change in an industry that, at the end of the day, impacts the health and financial outcomes of millions of Americans.”
