What You Should Know:
– Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, recently announced that it has acquired Prognos Health’s analytics business underwriting unit to leverage data from the company’s large collection of integrated medical records and lab data via its real-world data marketplace.
– The acquisition will enable Gradient AI to expand its medical database capabilities by integrating Prognos Health’s data with SAIL™, Gradient AI’s leading medical underwriting solution. Medical records on 325 million de-identified U.S. patients can be accessed through the Prognos Marketplace.
Expanding Healthcare Insurers’ Improved Risk Assessment
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 claim risks with greater accuracy, as well as reducing quote turnaround times and claim expenses through intelligent automation. Unlike other solutions that use a limited claims and underwriting dataset, Gradient’s software-as-a-service (SaaS) platform leverages a vast dataset comprised of tens of millions of policies and claims.
In addition to retrieving medical and prescription claims data (capabilities Gradient AI already offers), customers will now have access to lab data, which has been a missing factor for many insurers when predicting group risk. According to the Centers for Disease Control and Prevention (CDC), 70% of today’s medical decisions depend on laboratory test results because they are among the best indicators of disease severity and progression.
With the acquisition, Gradient AI will become the only company in the group medical insurance market to provide medical, prescription, and lab data from a single source. Insurers will benefit by having further insight into group members’ health for more informed risk assessment and improved underwriting accuracy.
“The acquisition of Prognos underwriting business unit is a game changer. Our combined solution will provide a holistic picture of group health risk that has never before been possible,” said Stan Smith, CEO and founder, Gradient AI. “Insurers will now have a single point of access to multiple data sources, covering medical, prescription and lab data improving their abilities to project group health assessments and costs with much greater confidence.”
Gradient AI aspires to continue its innovation in assessing group health risks. In the future, the company plans to expand its data sources to include information from Electronic Health Records (EHRs) and claims-based patient population data.
“We are excited to join forces with Gradient AI to create a next-generation industry leading solution for group health insurance,” said Sundeep Bhan, co-founder and CEO, Prognos Health. “Gradient AI is a clear leader in healthcare analytics underwriting. Prognos looks forward to supporting the rapid innovation at Gradient AI by leveraging the most relevant data from the Prognos Marketplace. With the sale of the underwriting business unit, Prognos will continue to focus on our real-word data marketplace and democratizing data to improve health.”
