BOSTON–(BUSINESS WIRE)–Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions to the insurance industry, today announced that Bardon Insurance Group, a managing general insurer ( MGU) medical stop-loss, uses its SAIL™ solution to better assess the risk of medical loss for group health insurance.
Stop-loss insurance protects self-funding employers against unexpected and large employee health claims by reimbursing them for claims exceeding a predetermined amount. The stop-loss market is valued at around $25 billion, according to an AM Best report. As employer healthcare costs continue to rise, a growing number of companies are turning to self-funded health insurance models. However, the lack of access to enough historical data prevents many companies from purchasing stop-loss insurance. 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.
Determined to provide his self-funded employers with better and more predictable benefit plans, Bardon sought a solution to expand the limited knowledge he currently had about employee group risk. After evaluating competitive subscription solutions, Bardon ultimately chose Gradient AI’s SAIL solution.
“We chose Gradient AI because of its large, high-quality data set which provides us with better insights to assess the group’s health risk,” said Byrd Preston, Vice President and Chief Underwriting Officer of Bardon. . “With Gradient AI, we can price more aggressively and with confidence because the technology allows us to assess risk at a very nuanced level. We are also able to underwrite faster, more accurately and more ‘provide a better customer experience at all levels.
By leveraging Gradient AI’s SAIL medical underwriting solution, Bardon achieves a higher level of fidelity and resolution for a particular group’s health profile. SAIL’s vast set of medical data, coupled with its machine learning and advanced analytics, enables Bardon to gain insights never before possible, dramatically amplifying its underwriting valuation accuracy and pricing power. The result is that Bardon has gained a unique competitive advantage with the ability to offer highly customized and cost-effective solutions for the self-insurance market. This allows Bardon to provide the stop-loss coverage employers need to deliver benefits more cost-effectively, enabling many employers to self-insure who may not have been able to. doing otherwise.
“We’re thrilled that Bardon is innovating risk management in the employer stop-loss space with the best insights from Gradient AI,” said Stan Smith, CEO and Founder of Gradient AI. “We look forward to continuing our partnership with Bardon and support its work to provide its customers with high quality, cost-effective and competitive health insurance solutions.”
About degraded 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 claims risk with greater accuracy, as well as reducing quote turnaround times and claims costs through intelligent automation. Unlike other solutions that use a limited set of claims and underwriting data, Gradient’s software-as-a-service (SaaS) platform leverages a large data set consisting of tens of millions of policies and claims . It also integrates many other features, including economic, health, geographic and demographic information. Clients include some of the most recognized insurance companies, MGAs, TPAs, risk pools, PEOs and large self-insured in all major lines of insurance. By using Gradient AI’s solutions, insurers of all types are getting a better return on risk. To learn more about Gradient, please visit: https://www.gradientai.com.
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