Providing open APIs and robust core functionality, Socotra enables insurers to rapidly build and launch novel insurance products with minimal effort and expense. Through this partnership, Gradient AI will integrate its state-of-the-art AI solutions with Socotra’s cloud-native insurance core platform. The powerful combination allows insurers to leverage the intelligence of Gradient AI’s vast dataset, which is comprised of tens of millions of policies and claims, directly through Socotra’s innovative platform. This enables insurers to price more competitively, reduce claims expenses and loss ratios, and improve quote turnaround times.
“Through our partnership with Socotra, insurers and insurtechs can assess the risk of policies more precisely, streamline processes, and reduce claim expenses”, said Stan Smith, founder and CEO, Gradient AI. “The joint offering provides clients with the power of AI and the ease, flexibility, and innovation of Socotra’s platform to operate more profitability with accurate pricing and enhanced customer experiences.”
To compete, claims and underwriting professionals need the most accurate and precise data to know when quotes or claims can be automated or when they require closer examination by more experienced staff. This results in an improved bottom line for insurance companies through assessing the risk of policies more precisely, streamlining processes, and reducing claim expenses.
“We’re excited to partner with Gradient AI and welcome them into Socotra’s growing community,” said Ekine Akuiyibo, VP of business development and deployments, Socotra. “Gradient AI delivers federated data and machine learning capabilities to provide business insights far beyond those of traditional analysis methods. Socotra provides a modern core platform that helps insurers leverage data to drive profitability at every stage of the insurance value chain. Together, we look forward to helping insurers of all sizes capitalize on data to accelerate digitally and unlock new market opportunities in claims management and underwriting.”
Source: Benzinga
