Gradient AI, a software provider of artificial intelligence (AI) solutions in the insurance industry, has partnered with Socotra, a provider of a cloud-native platform for insurers.
Through its open APIs and core functionality, Socotra enables insurers to rapidly build and launch insurance products.
Gradient said its AI 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.
This partnership will see Gradient AI integrate its AI solutions with Socotra’s cloud-native insurance platform, allowing 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. Socotra said this will enable insurers to price more competitively, reduce claims expenses and loss ratios, and improve quote turnaround times.
Stan Smith, founder and CEO, Gradient AI, said, “Through our partnership with Socotra, insurers and InsurTechs can assess the risk of policies more precisely, streamline processes, and reduce claim expenses.
“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.”
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