Skyward Specialty, a supplier of specialty insurance, has announced a cooperation with Gradient AI, a provider of artificial intelligence (AI) solutions for the insurance sector.

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The release states that the insurer hopes to use this partnership to fuel SkyVantage, the newest technology-driven stop-loss solution for its Accident and Health (A&H) division.

An increasing number of firms are switching to self-funded health insurance arrangements as a result of rising employer healthcare expenditures. However, Skyward Specialty noted that many businesses are unable to obtain stop-loss insurance due to a lack of access to significant historical data.

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.

Insurance Firm, Skyward Specialty Announces Partnership with Gradient AI

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 firm noted.

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

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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 customized 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.

Insurance Firm, Skyward Specialty Announces Partnership with Gradient AI

“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.”

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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 customized solutions to the self-insured market.”