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HOUSTON and BOSTON, Oct. 04, 2022 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (“Skyward Specialty”), a frontrunner within the specialty property and casualty (P&C) market, has partnered with Gradient AI, a number one enterprise software program supplier of synthetic intelligence (AI) options within the insurance business, to energy its Accident and Health (A&H) division’s newest expertise pushed stop-loss resolution, SkyVantage.
As employer healthcare prices proceed to rise, an rising variety of companies are turning to self-funded well being insurance fashions. However, lack of entry to adequate historic information leaves many firms unable to buy stop-loss insurance, entry crucial safety to self-fund worker advantages and reap the benefits of the value-added high quality and value containment options afforded to self-funded employers. These employers are relegated to the absolutely insured market to present well being advantages, leading to double-digit annual will increase and plan designs that go away staff functionally uninsured.
Skyward Specialty A&H met this problem with SkyVantage, which leverages Gradient AI’s SAIL medical underwriting resolution. As a outcome, Skyward Specialty can consider group well being threat at a deeper stage by accessing Gradient AI’s huge medical dataset and machine studying after which integrating this intelligence with their experience within the underwriting course of. Using the answer, Skyward Specialty leverages these information insights and extra exact assessments to provide extremely personalized and cost-effective options for the self-insured market. This permits employers to present worker advantages extra cost-effectively whereas additionally enabling many employers to self-insure who could have been unable to achieve this in any other case.
“SkyVantage heralds a new era for the self-insurance market with an innovative, holistic solution that simply did not exist before,” mentioned Byron Way, CEO of Skyward Specialty’s A&H division. “Our philosophy is when the employer plan wins, we win. Combining Gradient AI’s group health data and advanced machine learning with our highly skilled and experienced stop-loss underwriters makes SkyVantage a true differentiator in the market.”
“Skyward Specialty is a company known for leveraging technology to bring disruptive and innovative insurance solutions to market, solving previously unsolvable insurance challenges,” mentioned Stan Smith, founder & CEO of Gradient AI. “We’re excited that Gradient AI’s solution has enabled Skyward Specialty to build on its reputation for offering customized solutions to the self-insured market.”
Gradient AI’s SAIL resolution leverages AI and an enormous information set to provide deeper well being and medical information and insights than its rivals. In addition, its skill to collaborate with clients to ship options that meet the distinctive wants of its business mannequin is a key motive Skyward Specialty selected to work with Gradient AI.
About Skyward Specialty
Skyward Specialty is a quickly rising specialty insurance firm, delivering industrial property and casualty merchandise and options on a non-admitted and admitted foundation. The Company operates by means of eight underwriting divisions – Accident & Health, Captives, Global Property, Industry Solutions, Professional Lines, Programs, Surety and Transactional E&S.
Skyward Specialty’s subsidiary insurance firms include Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company. These insurance firms are rated A- (Excellent) by A.M. Best Company. For extra details about Skyward Specialty, its individuals, and its merchandise, please go to skywardinsurance.com
About Gradient AI
Gradient AI is a number one supplier of confirmed synthetic intelligence (AI) options for the insurance business. Its options enhance loss ratios and profitability by predicting underwriting and declare dangers with larger accuracy, in addition to lowering quote turnaround instances and declare bills by means of clever automation. Unlike different options that use a restricted claims and underwriting dataset, Gradient’s software-as-a-service (SaaS) platform leverages an enormous dataset comprised of tens of thousands and thousands of insurance policies and claims. It additionally incorporates quite a few different options together with financial, well being, geographic and demographic data. Customers embrace among the most acknowledged insurance carriers, MGAs, TPAs, threat swimming pools, PEOs and huge self-insureds throughout all main strains of insurance. By utilizing Gradient AI’s options, insurers of every kind obtain a greater return on threat. To be taught extra about Gradient, please go to https://www.gradientai.com.
Media Contact
Haley Doughty
Skyward Specialty Insurance Group
713-935-4944
[email protected]
Media Contact
Elyse Familant
Results PR
[email protected]
