(Image source: Gradient AI homepage.)
Gradient AI (Cambridge, Mass.), an enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, has announced its partnership with Spear Technologies (San Francisco) to integrate its AI solutions with Spear Technologies’ SpearClaims, the company’s property/casualty enterprise claims management system.
“Gradient AI’s technology is disrupting claims management with its powerful intelligent automation, performance, and analytics all in one solution,” comments Stan Smith, founder and CEO, Gradient AI. “These capabilities enable claim managers to triage incoming claims, decrease processing times and reduce the costs of claims. We’re excited about integrating our solution with Spear’s claims management system as this will facilitate improved decision-making, faster responses and measurable improvements for our mutual clients.”
Spear Technologies describes SpearClaims as a multi-line claims administration system that handles claims from multi-jurisdiction workers compensation, commercial, personal, auto, property, and homeowners’ insurance. The agreement with Gradient AI will enable it to boost its existing claims capabilities by improving speed, accuracy and efficiency, according to a joint statement from the companies. The integrated offering enhances customer experiences while improving the bottom line for insurance companies by assessing the risk of policies more precisely, streamlining processes, and reducing claim expenses, the vendors say.
Gradient AI’s claims solution is designed to enable teams to triage claims proactively by predicting the risk level of new and existing claims automatically. The vendor describes the solution as transforming reactive claims operations into proactive insights, enabling insurers to identify high-risk claims before they explode into significant cost-drivers. Gradient says its AI-powered solutions are more accurate than other solutions because they not only learn from an insurance company’s own data, but from a high-resolution industry federated database with millions of observations and ten times (10x) the features of legacy assessment processes.
“The partner relationship with Gradient AI enables us to offer a powerful combination of capabilities to our respective clients,” comments Jose Tribuzio, CEO, Spear Technologies. “The integrated solution predicts the risk level of new and existing claims enabling teams to triage them more effectively and quickly ensuring that higher risk claims get the attention they deserve.”