Skyward Specialty Insurance Group to partner with Gradient AI
Specialty P&C insurance company Skyward Specialty Insurance Group has announced a partnership with Gradient AI, to leverage the latter’s artificial intelligence technology to power the former’s stop-loss solution, SkyVantage.
A company release explained that as employer healthcare costs continue to climb, it has forced more businesses to turn to self-funded health insurance models. But the lack of access to sufficient historical data leaves many companies unable to purchase stop-loss insurance, access protection to self-fund employee benefits, and take advantage of the cost containment benefits of self-funded programs.
To address this, Skyward Specialty is leveraging Gradient AI’s SAIL medical underwriting solution to evaluate group health risk for its SkyVantage product. SAIL boasts a vast medical dataset and machine learning capability, which Skyward combines with its expertise in the underwriting process to offer a highly customized solution to the self-insured market.
“SkyVantage heralds a new era for the self-insurance market with an innovative, holistic solution that simply did not exist before,” said Skyward Specialty A&H division CEO Byron Way. “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,” added Gradient AI founder and CEO Stan Smith. “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.”
Read more: RB Jones acquires ocean cargo business
Skyward Specialty Insurance Group is the exclusive underwriter of cargo insurance policies for insurance provider RB Jones, after the latter last month acquired the Smart Cargo Insurance business from the managing general agent Corvus Insurance.
