Gradient AI, an enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, has been deployed by Bardon Insurance Group to better evaluation the risk of medical loss for group health insurance.
Gradient AI is a provider of proven artificial intelligence (AI) solutions for the insurance industry. Its 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.
Stop-loss insurance protects self-funded employers from unexpected and large employee health benefit claims by reimbursing them for claims over a predetermined amount.
The stop-loss market is valued at approximately $25bn, according to an AM Best report.
Gradient AI said that as employer healthcare costs continue to rise, an increasing number of businesses are turning to self-funded health insurance models. However, lack of access to sufficient historical data leaves many companies unable to purchase stop-loss insurance. These employers are relegated to the fully insured market to provide health benefits, resulting in double-digit annual increases and plan designs that leave employees functionally uninsured.
Determined to provide its self-funded employers with better and more predictable benefits plans, Bardon searched for a solution to expand the limited insights it currently had into the risk of employee groups. After evaluating competitive underwriting solutions, Bardon ultimately chose Gradient AI’s SAIL solution.
Byrd Preston, Bardon vice president and chief underwriting officer, said, “We chose Gradient AI because of its broad and high-quality dataset which provides us with greater insights to evaluate group health risk. With Gradient AI, we can price more aggressively and confidently because the technology allows us to assess risk at a very nuanced level. We are also able to underwrite more quickly, accurately and provide better customer experience all around.”
Last month, Insurer MEMIC selected Gradient AI to bolster its underwriting for workers’ compensation policies.
Copyright © 2022 FinTech Global
