Democratizing the Insurance Concept to Reach a Wider Footprint

Human beings are known for a myriad of different things, but most importantly, we are known for getting better on a consistent basis. This progressive approach, on our part, has already got the world to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to scale up the human experience through some outright unique avenues, but even after achieving such a monumental feat, technology will somehow continue to produce the goods. The same has grown increasingly evident over the recent past, and assuming one new insurtech development shakes out just like we envision, it will only make that trend bigger and better moving forward.

Gradient AI, one of the fastest growing Artificial Intelligence (AI) insurtech players in the industry, has officially confirmed that Western Skies has selected its SAIL^TM solution for the purpose of providing stop-loss access to smaller, self-funded groups. On an actionable note, Western Skies plans on using the stated solution to enter new markets, while simultaneously offering more affordable insurance plans to small and midsize businesses. But why did the company pick Gradient’s SAIL product in particular? Well, the answer has to include the solution’s extensive pool of data and predictive analytics, analytics that will give the Western Skies a sneak peek into those largely unexplored customer segments. This, in turn, should empower the company to reach a wider customer network, meaning a bigger number of professional brokers, agents, and third-party administrators, who, more often than not, work within the stratosphere of small businesses. Another detail worth the attention here is how SAIL allows the company to move past the traditional medical underwriting, as it is equipped enough to give the user a proper lowdown on statistical probabilities behind financial underwriting, thus providing significantly greater accuracy in assessing risk and pricing policies.

“Gradient AI’s technology is revolutionary and on the leading edge of the industry,” said Dave Kesler, vice president of underwriting for Western Skies. “It has enabled us to innovate and deliver new insurance solutions to the market. With Gradient AI, we can combine our strengths from our traditional business with SAIL’s predictive analytics to reach new markets that were previously unattainable. This has been a game changer for Western Skies.”

Although Western Skills has already collaborated with various small to midsize businesses in the past, it has restricted itself to working alongside companies that boast over 150 employees. The stated limitation creates a massive gap, because according to a NAICS Association report, nearly 89% of the more than 18 million businesses in the United States operate with fewer than 100 employees.

Not just its customer base, but Western Skies will also use SAIL’s deep set of capabilities to expand geographically, with the company, following its success in the southeast, now looking to enter the west and northeast region.

“We’re excited to partner with Western Skies, offering innovative new insurance opportunities to the small business market,” said Stan Smith, CEO and founder of Gradient AI. “With this stop-loss insurance partnership, everybody wins. Employers and employees can obtain insurance at more competitive rates, and Western Skies and their partnering brokers, agents, and TPAs can now serve a new market segment.”

A part of the ManhattanLife group, Western Skies has risen up the ranks by letting producers offer both traditional network options and cost-effective, Reference Based Pricing (RBP) reimbursement models. The company’s unique proposition lies within its ability to combine the workings of a direct carrier with an MGU’s underwriting expertise.

Moving on to Gradient AI, founded in 2018, Gradient AI is best known for providing intelligence AI-based solutions across the insurance industry. Talk about how the company stands out within such a competitive market, Gradient’s software-as-a-service (SaaS) platform, unlike other solutions that use limited claims and underwriting datasets, applies an expansive data pool made from millions of policies and claims. Given the wide-reaching abilities, the company is currently able to serve insurance carriers, MGAs, TPAs, risk pools, PEOs, and large self-insurers across all major lines of insurance.