Sapiens Partners with Gradient AI to Apply Predictive Insights to Workers' Compensation Underwriting and Claims Processes

Rhea-AI Summary

Sapiens International Corporation (NASDAQ: SPNS) announced a partnership with Gradient AI to enhance its workers' compensation offerings. This collaboration will integrate Gradient AI's predictive analytics solutions into Sapiens' CoreSuite and GO platforms, improving underwriting and claims processes. The aim is to offer insurers better forecasting capabilities and reduce costs associated with claims. Gradient AI CEO Stan Smith noted that the AI model will leverage over 25 million pieces of historical data, driving profitability for Sapiens' customers. Sapiens plans to expand AI integration into additional insurance sectors.

Positive

• Partnership with Gradient AI enhances predictive analytics for underwriting and claims.
• Integration aims to reduce claims duration, severity, and administrative costs.
• Utilization of over 25 million historical data pieces for better decision-making.

Negative

• None.

HOLON, Israel, Aug. 19, 2020 /PRNewswire/ -- 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."

About Gradient AI

Gradient AI was founded in order to address the need for state-of-the-art Artificial Intelligence (AI) solutions designed specifically for the insurance industry. AI has emerged as a disruptive force revolutionizing the way insurance professionals achieve their objectives, and Gradient is leading that charge. Our solutions include software and models utilized by many of the world's most recognized insurance carriers, MGAs, TPAs, pools, PEOs and more. Gradient's team of expert data scientists and insurance technology experts have an exceptional history of building wildly successful insurance technology companies, with the most satisfied customers in the industry. At Gradient, we focus exclusively on delivering measurable results in your underwriting and claims operations. To learn more about Gradient AI, please visit www.gradientai.com.

About Sapiens

Sapiens International Corporation empowers insurers to succeed in an evolving industry. The company offers digital software platforms, solutions and services for the property & casualty, life, pension & annuity, reinsurance, financial & compliance, workers' compensation and financial markets. With more than 35 years of experience delivering to over 500 organizations globally, Sapiens has a proven ability to satisfy customers' core, data and digital requirements. For more information: www.sapiens.com.

Media Contact
Alex Zukerman
CMO and Chief of Strategy, Sapiens
+972 546 724 910
alex.zukerman@sapiens.com

 

 

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SOURCE Sapiens International Corporation

FAQ

What is the significance of Sapiens' partnership with Gradient AI for SPNS investors?

The partnership aims to enhance Sapiens' workers' compensation offerings, potentially leading to improved profitability through predictive analytics.

How will the integration of Gradient AI's solutions impact Sapiens' CoreSuite for Workers' Compensation?

The integration is expected to enhance underwriting accuracy and streamline claims processing, ultimately benefiting Sapiens' clients.

When was the partnership between Sapiens and Gradient AI announced?

The partnership was announced on August 19, 2020.

What benefits do predictive analytics bring to Sapiens' clients?

Predictive analytics provide insights that can help insurers forecast risks, optimize pricing, and reduce claims costs.