Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, has announced that it has partnered with Socotra, a cloud-native core platform for insurance and insurtech MGAs.
Through this partnership, Gradient AI will integrate its AI solutions with Socotra’s cloud-native insurance core platform. The combination will allow insurers to leverage the intelligence of Gradient AI’s dataset, which is comprised of tens of millions of policies and claims, directly through Socotra’s innovative platform. This enables insurers to price more competitively, reduce claims expenses and loss ratios, and improve quote turnaround times.
“Through our partnership with Socotra, insurers and insurtechs can assess the risk of policies more precisely, streamline processes, and reduce claim expenses”, said Stan Smith, founder and CEO, Gradient AI. “The joint offering provides clients with the power of AI and the ease, flexibility, and innovation of Socotra’s platform to operate more profitability with accurate pricing and enhanced customer experiences.”
Helping insurers of all sizes capitalise on data
Gradient AI’s solutions 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.
Unlike other solutions that use a limited claims and underwriting dataset, Gradient's software-as-a-service (SaaS) platform leverages a vast dataset comprised of tens of millions of policies and claims. It also incorporates numerous other features including economic, health, geographic and demographic information.
Customers include some of the most recognized insurance carriers, MGAs, TPAs, risk pools, PEOs and large self-insureds across all major lines of insurance.
“We’re excited to partner with Gradient AI and welcome them into Socotra’s growing community,” said Ekine Akuiyibo, VP of business development and deployments, Socotra. “Gradient AI delivers federated data and machine learning capabilities to provide business insights far beyond those of traditional analysis methods. Socotra provides a modern core platform that helps insurers leverage data to drive profitability at every stage of the insurance value chain. Together, we look forward to helping insurers of all sizes capitalise on data to accelerate digitally and unlock new market opportunities in claims management and underwriting.”