US insurtech company Gradient AI raises $6m in Series A roundTagged with: artificial intelligence | Forte Ventures | Gradient AI | Insurance | Insurance industry news | MassMutual Ventures | Sandbox Insurtech Ventures | Stan Smith | Tom Hawkins | USA
US insurtech company Gradient AI, which uses artificial intelligence-based solutions, has secured $6.0 million in a Series A financing round led by Forte Ventures and Sandbox Insurtech Ventures.
The financing round also saw participation from MassMutual Ventures, the company’s existing investor.
Gradient AI said that its artificial intelligence solutions enable commercial insurers to automate and enhance underwriting results, bring down claim costs, and deliver operational efficiencies.
The company’s software-as-a-service (SaaS) platform is said to have a dataset made up of tens of millions of claims, which is complemented with various economic, health, and litigation datasets. According to Gradient AI, the strong aggregation of data offers out-of-the-box claims and underwriting precision for new clients, and that it is being refined continuously with client-specific data.
Stan Smith – CEO of Gradient AI said: “The Gradient platform helps our customers’ claims and underwriting teams make better decisions more efficiently, which allows our customers to write more profitable business, minimize claims, and improve the profitability of their book.”
The insurtech company through its suite of claims and underwriting solutions, is said to meet the requirements of insurance carriers, managing general agents (MGAs), third party administrators (TPAs), insurance pools, professional employer organizations (PEOs), and other insurance professionals.
Gradient AI claims that artificial intelligence predictions for claims management, medical treatment indicators, risk ranking, case-level reserving, subrogation, settlement, fraud, large losses, and litigation are enhancing productivity, streamlining operations, and helping in decision making.
The company’s platform is claimed to provide fully automated integration into customers’ own claims and underwriting platforms through API, thereby facilitating straight-through processing of policy applications and automated claims workflows.
Tom Hawkins – founder and Managing Partner at Forte Ventures said: “Gradient will play a critical role in progressing the widespread adoption of ML-based analytics platforms across commercial insurance over the next several years.
“We’re excited to be supporting the Gradient team as it catalyzes change in an industry that, at the end of the day, impacts the health and financial outcomes of millions of Americans.”