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Skyward Specialty announces partnership with Gradient AI

Specialty insurance firm, Skyward Specialty, has announced its partnership with Gradient AI, an artificial intelligence (AI) solutions provider for the insurance industry.

According to the announcement, through this collaboration, the insurer aims to power its Accident and Health (A&H) division’s latest technology driven stop-loss solution, SkyVantage.

A rise in employer healthcare costs has pushed an increasing number of businesses to self-funded health insurance models. However, Skyward Specialty pointed out, lack of access to sufficient historical data leaves many companies unable to purchase stop-loss insurance,

In addition, they are unable to access necessary protection to self-fund employee benefits and take advantage of the value-added quality and cost containment solutions afforded to self-funded employers.

These employers are relegated to the fully insured market to provide health benefits, resulting in double-digit annual increases and plan designs that leave employees functionally uninsured, the frim noted.

SkyVantage was created to help overcome this challenge, leveraging Gradient AI’s SAIL medical underwriting solution to its full potential.

The insurer can now evaluate group health risk at a deeper level by accessing Gradient AI’s vast medical dataset and machine learning and then integrate this intelligence with their expertise in the underwriting process.

Using the solution, Skyward Specialty leverages these data insights and more precise assessments to offer highly customised and cost-effective solutions for the self-insured market.

As a result, the firm highlighted, employers are able to provide more cost-effective employer benefits while also enabling many employers to self-insure those who may have been unable to do so otherwise.

Byron Way, CEO of Skyward Specialty’s A&H division, commented: “SkyVantage heralds a new era for the self-insurance market with an innovative, holistic solution that simply did not exist before.

“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.”

Stan Smith, founder & CEO of Gradient AI, said: “Skyward Specialty is a company known for leveraging technology to bring disruptive and innovative insurance solutions to market, solving previously unsolvable insurance challenges.

“We’re excited that Gradient AI’s solution has enabled Skyward Specialty to build on its reputation for offering customised solutions to the self-insured market.”

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