Boston, MA, February 1, 2021 – Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that it has partnered with Spear Technologies to integrate its state-of-the-art AI solutions with Spear Technologies’ SpearClaims, the company’s property and casualty enterprise claims management system.
To attain greater efficiency and deliver exceptional customer experiences, today’s insurance companies are seeking ways to improve their claims management processes. To be successful, claims professionals need the most accurate and precise data to know when claims can be automated or when they require further triage and closer examination by more experienced adjusters.
SpearClaims is 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. 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.
“Gradient AI’s technology is disrupting claims management with its powerful intelligent automation, performance, and analytics all in one solution,” said 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.”
Gradient AI’s claims solution enables teams to triage claims proactively by predicting the risk level of new and existing claims automatically. It transforms reactive claims operations into proactive insights, enabling insurers to identify high-risk claims before they explode into significant cost-drivers. Gradient’s 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.” said Jose Tribuzio, CEO of 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.”
About Spear Technologies
Spear Technologies provides property and casualty insurance organizations with an enterprise claims management system for the future. Developed on the Microsoft Power Platform, SpearClaims delivers unparalleled control, speed, and results. By leveraging this top-rated low-code/no-code development platform, Spear Technologies empowers companies with the ability to easily and quickly configure and tailor SpearClaims to meet their unique needs. SpearClaims’ architecture provides the capabilities for using built-in AI and automation tools to extend capabilities for competitive differentiation and results. For more information, visit https://spear-tech.com/.
About Gradient AI
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.