Gradient AI
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Gradient AI Company Information
Gradient AI is a company that specializes in providing artificial intelligence solutions for the insurance industry, focusing on underwriting and claims management. The company offers specific solutions tailored for Group Health, Property and Casualty, and Workers’ Compensation insurance. Gradient AI leverages a vast industry data lake to enhance its AI models, providing automation solutions for claims and underwriting processes, and intelligent auditing solutions to improve audit efficiency.
The company serves a diverse array of mid-market and large insurers, including primary carriers, third-party administrators, self-insured entities, brokers, captives, excess and surplus carriers, managing general agents and underwriters, professional employers’ organizations, reinsurers, and risk pools. Gradient AI is based in the Seaport District of Boston, Massachusetts, and is backed by investors such as MassMutual Ventures, Sandbox Insurtech Ventures, BSC Capital, American Family Ventures, Forté Ventures, and Stone Point Capital.
Founded as an independent company in 2018, Gradient AI has experienced rapid growth, closing out 2022 with more than 100 customers and over 100% year-over-year growth. The company provides a variety of solutions, including a Group Health Underwriting Portal for streamlined data collection and risk assessment, a Renewal Analytics Solution for Group Health underwriting, and a Medical-Only Conversion solution for Workers’ Compensation claims. Additionally, Gradient AI offers Risk Ranking solutions for Workers’ Compensation and Commercial Auto claims, Total Incurred Prediction (TIP) solutions for claims management, Legal Engagement solutions to predict the likelihood of claimants retaining lawyers, and Litigation Probability solutions to predict the likelihood of formal litigation. The company also provides solutions for Straight-Through Processing (STP) in underwriting, premium auditing to ensure premium adequacy, and portfolio analysis to improve the mix of business in insurance portfolios.