Gradient AI, an enterprise software provider of artificial intelligence services in the insurance industry, announced that it has partnered with Socotra, the modern core platform provider for insurers and InsurTech managing general agencies.
Providing open APIs and core functionality, Socotra enables insurers to build and launch insurance products. Through this partnership, Gradient AI will integrate its AI services with Socotra’s cloud-native insurance core platform.
With Socotra’s modern core platform, global insurers and InsurTech MGAs can accelerate product development, reduce maintenance costs and improve customer experiences. Socotra provides open APIs, a product-agnostic data model and capabilities to manage the entire policy life cycle.
Gradient AI’s services aim to improve loss ratios and profitability by predicting underwriting and claim risks, as well as reducing quote turnaround times and claim expenses through automation. Gradient’s software-as-a-service platform leverages a dataset comprised of tens of millions of policies and claims. It also incorporates features including economic, health, geographic and demographic information.
Fenris Digital, an insurance data sourcing platform providing a suite of API-delivered, SOC 2 compliant products, announced a new partnership with online insurance marketplace Quotehound.
Quotehound leverages internal technologies to verify, connect and distribute to consumers across the U.S. Fenris will work with Quotehound to advance digital transformation and innovation within the insurance ecosystem through the application of Fenris’ Propensity to Buy scoring service.
This partnership combines Fenris’ API-delivered, SOC2-compliant, cloud-based Propensity to Buy scoring service, which matches applicants or publicly available leads to their proprietary database to create a prospect profile. The profile is then run through Fenris’ scoring algorithm, created specifically for Quotehound, returning results suitable for injection into their workflow in real time. The combined result is instant identification of leads.
Fenris utilizes data repositories of adults, households and small businesses and complete coverage of all properties in the U.S. to enable better customer acquisition for traditional, innovative and embedded insurance providers. Using Fenris’ Propensity to Buy scoring service, aggregators can make informed decisions about which leads to bid on and how much to bid on each.
UK-based InsurerCore, a professional risk appetite network exclusively for insurance professionals, and U.S.-based Stere, a capacity placement marketplace for capacity seekers and providers, have launched a capacity/business search engine that fuses professional networking with program and portfolio level matchmaking capabilities.
The new joint platform means that Stere MGA and program administrator clients gain access to the London market network while InsurerCore members have access to Stere’s selection engine and program placement digital ecosystem, which aim to improve program owner placement success rates and tackle speed-to-market, capacity sourcing and other challenges facing the industry.
InsurerCore is a professional network exclusively for insurance professionals that enables efficient and informed communication around risk and risk appetite. Detailed product listings, an insurance search engine, analytics and a scrolling news feed are some of the features that support this.
Stere is a digital ecosystem for insurance programs. With Stere, program leaders source capacity and access digital tools. Stere clients are capacity seekers, such as MGAs, program administrators and embedded insurance programs, along with their ecosystem partners such as carriers, fronting carriers, reinsurers, brokers, program consultants and technology providers.
Sources: Gradient AI, Fenris Digital, InsurerCore