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Founded Year

2018

Stage

Series B | Alive

Total Raised

$30.95M

Last Raised

$20M | 3 yrs ago

About Gradient AI

Gradient AI operates as an artificial intelligence AI) solution provider for the insurance and healthcare industry. It seeks artificial intelligence (AI) and machine learning (ML) solutions designed specifically for the insurance industry. It was founded in 2018 and is based in Boston, Massachusetts.

Headquarters Location

321 Summer Street Floor 6

Boston, Massachusetts, 02210,

United States

888-958-5846

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ESPs containing Gradient AI

The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.

EXECUTION STRENGTH ➡MARKET STRENGTH ➡LEADERHIGHFLIEROUTPERFORMERCHALLENGER
Insurance / P&C Insurance Tech

The underwriting data platforms market offers technology solutions for insurance companies to streamline their underwriting processes and improve risk assessment. These platforms provide tools for data analysis, automation, and continuous monitoring to enhance efficiency and accuracy in underwriting. The market includes solutions for health, life, and commercial insurance underwriting, with a focu…

Gradient AI named as Challenger among 15 other companies, including Experian, Guidewire Software, and Sapiens.

Gradient AI's Products & Differentiators

    Underwriting Platform

    Gradient’s Underwriting Platform utilizes artificial intelligence and machine learning to provide real-time and automated solutions built to augment internal underwriting departments. Gradient combines your data with additional data sets curated by Gradient to complement your policy history. We use millions of policies, claims and demographic data sets to provide you with pricing insights far beyond what your underwriters can glean from a traditional application. Specific solutions include: Risk Ranking Broker Analytics Claims Severity Loss Ratio Targeting Premium Leakage Payroll Class Codes Group Benefits Underwriting

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Expert Collections containing Gradient AI

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Gradient AI is included in 3 Expert Collections, including Insurtech.

I

Insurtech

3,033 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

A

Artificial Intelligence

11,616 items

Companies developing artificial intelligence solutions, including cross-industry applications, industry-specific products, and AI infrastructure solutions.

F

Fintech

8,122 items

Companies and startups in this collection provide technology to streamline, improve, and transform financial services, products, and operations for individuals and businesses.

Latest Gradient AI News

2024 AI Trends Reshaping Insurance Operations

Feb 19, 2024

The industry’s strategic focus on AI adoption, coupled with nuanced considerations for data quality and talent retention, is poised to usher in a new era of innovation and operational excellence to the insurance sector in 2024. 2024 promises to be an exciting year for artificial intelligence (AI) within the insurance sector, offering new avenues for insurers to implement and capitalize on technological advancements. Last year saw a notable upswing in AI adoption within the insurance industry, and throughout 2023, a growing number of companies integrated AI into their daily operations to enhance efficiency. Looking ahead, expect a continual focus on AI, with insurers dedicating time, money, and resources to develop and execute strategic initiatives involving AI. The shift in 2024 will include a proactive approach, as insurers leverage AI in building streamlined processes, reducing time constraints, and enhancing overall efficacy. The strategic use of AI is expected to address and overcome various common challenges faced by insurers. For 2024, several emerging AI trends are shaping the future of the insurance industry, including: AI Adoption and Investment Accelerates Across the insurance industry, companies are embracing AI as a strategic priority and increasing their AI investments. AI algorithms can provide accurate and consistent insights, enabling insurers to make better and faster decisions and reduce risks. However, AI is not a replacement for human expertise. Instead, it serves as a virtual digital assistant that can give insurers more confidence in making decisions. By combining AI and human judgment, insurers can achieve a more balanced and nuanced approach to decision making and risk assessment, increasing their trust in the outcomes. In 2024, there will be an increased focus on AI for underwriting and claims management, where AI can help optimize policy pricing, reduce quote turnaround times, triage claims, and reduce the duration and cost of claims. There will also be an increase in exploration of Generative AI, which can create new and original content or data based on patterns and information it has learned from previous examples. This will allow insurers to automate tasks such as summarizing medical notes, generating routine correspondence, and processing simple applications and claims. Prioritization of Cloud and Big Data Cloud and big data are the top priorities for insurers. Companies are starting to recognize the essential role these technologies play in enabling data-driven insights and building resilient operational infrastructures. In 2024, there will be more insurers leveraging cloud and big data to drive innovation and operational efficiency in the insurance industry. As this unfolds, it will be critical to ensure data quality because it directly impacts the accuracy and reliability of AI models. Accurate and Competitive Policy Pricing AI’s impact on policy pricing is becoming imperative for enhancing accuracy and customer satisfaction. AI’s ability to analyze vast data sets and external sources to evaluate risk is a game-changer for insurers. It allows them to price policies more accurately based on multiple key risk factors. This capability not only enhances accuracy but also ensures competitiveness and customer-centric pricing structures. Addressing the Talent Gap As aging workers retire, and insurers struggle to find new talent to replace them, AI is emerging as a solution capable of capturing and preserving institutional knowledge. By harnessing AI’s capacity for knowledge preservation, companies are making key shifts in their talent management strategies. AI is not only bridging the talent gap, but also redefining how institutional knowledge is used within the insurance sector. AI’s growing prominence, not only as a technological enabler but as a critical catalytic force, is reshaping the insurance industry. It is becoming an indispensable tool for insurers to enhance their effectiveness and efficiency. The industry’s strategic focus on AI adoption, coupled with nuanced considerations for data quality and talent retention, is poised to usher in a new era of innovation and operational excellence to the insurance sector in 2024. Stan Smith // Stan Smith, Founder and CEO founded Gradient AI to focus on the risk management and insurance industry’s most challenging business problems. He has nearly 30 years of experience growing AI and technology organizations and has held founding or executive-level roles for multiple startup companies. This includes serving as Vice President at MatrixOne, Executive Vice President and General Manager at Agile Software, and CEO and Founder at OpenRatings. Smith also led development of patented technologies including: technology that predicts bankruptcies for small, privately held suppliers; a global database to improve supplier performance for more than 80 million companies; and, technology that combines assessments with performance data to identify opportunities for reducing inefficiencies through lean initiatives. Leave a Comment

Gradient AI Frequently Asked Questions (FAQ)

  • When was Gradient AI founded?

    Gradient AI was founded in 2018.

  • Where is Gradient AI's headquarters?

    Gradient AI's headquarters is located at 321 Summer Street, Boston.

  • What is Gradient AI's latest funding round?

    Gradient AI's latest funding round is Series B.

  • How much did Gradient AI raise?

    Gradient AI raised a total of $30.95M.

  • Who are the investors of Gradient AI?

    Investors of Gradient AI include Sandbox Insurtech Ventures, MassMutual Ventures, Forte Ventures, Stone Point Capital, American Family Ventures and 6 more.

  • Who are Gradient AI's competitors?

    Competitors of Gradient AI include CLARA Analytics, Qumis, Charlee.ai, MotionsCloud, FRISS and 7 more.

  • What products does Gradient AI offer?

    Gradient AI's products include Underwriting Platform and 2 more.

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EvolutionIQ specializes in artificial intelligence (AI) solutions in insurance. The company offers an AI-enabled claims guidance system that helps insurers handle claims more effectively, guiding claimants onto the right recovery path early on. The company primarily serves the insurance industry. EvolutionIQ was formerly known as DeepFraud AI. It was founded in 2019 and is based in New York, New York.

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Aureus Analytics is a customer intelligence and experience company operating in the insurance analytics sector. The company offers data analytics solutions that enable insurers to improve customer experience, increase retention, and identify cross-sell opportunities. These services primarily cater to the insurance industry. It was founded in 2013 and is based in West Hartford, Connecticut.

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