Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today it has entered into an agreement to partner with Gradient AI, a provider of artificial intelligence solutions specifically designed for insurance and risk management.
Gradient AI’s artificial intelligence solutions will be integrated with Sapiens’ core workers’ compensation offerings, Sapiens CoreSuite for Workers’ Compensation and Sapiens GO for Workers’ Compensation, providing predictive insights for both underwriting and claims processes. Underwriting predictions for every policy help drive more profitable pricing and insights for all claims to reduce claims’ duration, severity and administrative cost.
“We are thrilled to partner with Sapiens in their mission to provide world class underwriting and claims solutions to their customers,” said Stan Smith, CEO, Gradient AI. “Our model solutions trained on our vast proprietary data set composed of more than 25 million pieces of historical workers’ compensation data and over 40 external data sources, will deliver measurable results to Sapiens customers.”
“Predictive analytics are already significantly impacting business operations and the customer experience in the insurance industry,” said Roni Al-Dor, president and CEO, Sapiens. “Integrating AI capabilities into our core workers’ compensation suites will empower insurers to better forecast future probabilities via real-time insights. We are pleased to partner with Gradient AI and plan to expand its technology to our property & casualty and life core suites in the near future.”