Caps Off Year of Record Growth Solidifying a Leadership Position as Provider of AI Solutions for Insurance Underwriting and Claims
BOSTON–(BUSINESS WIRE)–#AIinInsurance–Continuing momentum from a successful H1 2022, Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that it closed out 2022 with more than 100 customers and well over 100% year-over-year growth. The company has experienced four consecutive quarters of record growth, capping off a year of unprecedented success.
“To be selected by many leading insurance providers serves as testimony to our team’s relentless commitment to delivering AI-powered solutions that drive meaningful and positive outcomes,” said Stan Smith, Gradient AI’s founder and CEO. “This significant market adoption has propelled us into a leadership position in providing underwriting and claims solutions for the insurance industry. We expect continued momentum in 2023 as we further innovate and create compelling solutions for our markets.”
Gradient AI’s H2 2022 milestones include:
Revenue Growth, Customers, Staffing
In 2022, the company grew its Q3 and Q4 revenue by more than 100% over the same period in 2021, acquiring new accounts to end the year with over 100 customers. These additions are across its multiple lines of business including Property and Casualty, Workers’ Compensation, and Group Health. To meet this strong demand, the company grew its workforce which now exceeds 100 employees and continues to look for talent with positions open in engineering, field operations, marketing and finance.
Acquisitions and Partnerships
In October 2022, Gradient AI acquired Prognos Health’s analytics business underwriting unit, providing access to an extensive collection of integrated medical records comprised of 325 million de-identified US patients as well as lab data, which has been a missing factor for many insurers when predicting group risk. Gradient AI is uniquely positioned in its ability to offer healthcare insurers improved risk assessment through access to medical, prescription and lab data on a single platform, improving underwriting accuracy.
Gradient AI also has partnerships with leading insurtech companies that integrate its technology into their platforms, including Guidewire, Origami Risk, Duck Creek, and Socotra. As a result, platform providers’ clients benefit from a combined value-added, end-to-end solution, enriched by AI at the point of decision.
Despite many experts prognosticating challenging economic headwinds, Gradient AI projects strong growth ahead as insurers look to bolster their core underwriting and claims operations. This is driving the industry to seek solutions that leverage data and AI to amplify staff intelligence and operational efficiency. Recent customer successes include over $300 million in savings for a customer’s clients and over 100% revenue growth as a direct result of implementing Gradient AI’s solutions.
Stan Smith added, “AI is also enabling insurers to meet one of their greatest challenges– how to mitigate the ever-growing talent exodus created by the Great Resignation, particularly as the baby boomer generation retires.”
Gradient AI is a leading 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. Unlike other solutions that use a limited claims and underwriting dataset, Gradient’s software-as-a-service (SaaS) platform leverages a vast dataset comprised of tens of millions of policies and claims. It also incorporates numerous other features including economic, health, geographic and demographic information. Customers include some of the most recognized insurance carriers, MGAs, TPAs, risk pools, PEOs and large self-insureds across all major lines of insurance. By using Gradient AI’s solutions, insurers of all types achieve a better return on risk. To learn more about Gradient, please visit: https://www.gradientai.com.