Gradient AI said it has raised $6 million in financing to help fuel development of its AI-based enterprise software focused on insurance underwriting and claims management.
The Massachusetts-based InsurTech said that Forte Ventures and Sandbox Insurtech Ventures led the round, which also included participation from previous investor MassMutual Ventures.
Gradient’s artificial intelligence is designed to help commercial insurers automate and improve underwriting results, reduce claim costs, and improve operational efficiencies. The Gradient software-as-a-service (SaaS) platform touts a proprietary dataset comprised of tens of millions of claims, which is complemented with several economic, health, and litigation datasets. This robust aggregation of data provides out-of-the-box claims and underwriting precision for new clients, and it is continuously refined with client-specific data over time, Gradient said.
Gradient’s analytics suite is focused on addressing the needs of insurance carriers, managing general agents (MGAs), professional employer organizations (PEOs), third party administrators (TPAs), insurance pools and other insurance professionals with a broad suite of claims and underwriting products and services. The artificial intelligence predictions for claims management, risk ranking, case-level reserving, medical treatment indicators, subrogation, large losses, settlement, fraud, and litigation are pitched as boosting productivity, optimizing operations, and improving decision making. Gradient’s platform delivers fully automated integration into customers’ own claims and underwriting platforms via API, thus enabling automated claims workflows and straight-through processing of policy applications, according to the company.
Source: Gradient AI