Using AI for Insurance Claims and Underwriting | Stan Smith, Gradient AI
Release Date: 07/20/2023
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info_outlineArtificial Intelligence (AI) has revolutionized how businesses operate, and supply chain management and insurance are no exceptions. With the ability to analyze vast amounts of data and identify patterns, AI has the potential to transform supply chain operations and insurance claims management, making them more efficient, cost-effective, and responsive to customer demands. In this thought leadership article, we explore the power of AI in supply chain management and insurance.
In this episode, we sit with Stan Smith CEO of Gradient AI. Stan has founded six companies and has been working with machine learning and AI since the late 1990s. Stan shares his experiences working with AI and machine learning, starting with his first startup that focused on supply chain management. He discusses how his company used machine learning to predict which suppliers were likely to have issues and how this helped his clients save millions of dollars. Stan also talks about the pain point he saw in the insurance market and how Gradient AI is assisting businesses to leverage AI to solve complex problems and improve their operations. In this episode, Stan also talks about the importance of equity in startups, the challenges of building AI solutions in the insurance industry, and the measures Gradient AI took to ensure client data was secure.
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Founder Bio:
Stan Smith is the Founder and CEO of Gradient AI. Stan founded Gradient AI, first as a unique practice within Milliman to focus on the risk management and insurance industry’s most challenging business problems. He acquired the business from Milliman in 2018, founding Gradient AI as a rapidly growing independent SaaS organization. With nearly 30 years of experience growing AI and technology organizations, Stan’s leadership ensures that Gradient AI is applying the latest Artificial Intelligence and Machine Learning technologies to the insurance industry, resulting in proven financial performance for its stellar list of customers and better treatment and outcomes for individuals. Stan has held founding or executive-level roles for multiple startup companies, including Vice President at MatrixOne, Executive Vice President and General Manager at Agile Software, and CEO and Founder at OpenRatings.Stan also led the development of patented technologies including: technology that predicts bankruptcies for small, privately held suppliers; a global database to improve supplier performance for more than 80 million companies; and, technology that combines assessments with performance data to identify opportunities for reducing inefficiencies through lean initiatives.
Time Stamps:
02:17 Stan Smith's background and experience in the startup world
06:15 Paint point that led to the idea for Gradient AI
09:04 Importance of identifying high-risk claims early
12:18 Ability of Gradient AI's models to accurately predict the cost of a claim
14:32 The complementary nature of AI and human adjusters in claims processing
17:07 Engaging with clients in underwriting operations
19:52 Integration of Gradient AI solutions into commercial systems
23:40 Challenges of building AI solutions in the insurance industry
25:11 Importance of having a team with both AI and insurance expertise
27:14 The importance of culture and team in attracting talent
29:36 Incentives that Gradient AI offers to attract the right talent
32:51 Educating insurance companies about AI and the impact of the pandemic
37:29 Turning interest in AI into investible business problems
40:14 Fundraising journey and partnerships with insurance-focused venture capitalists
41:57 Selecting investors based on industry and AI experience
43:44 Whats coming up new for Gradient AI
44:10 How to get in contact with the Gradient AI team
Resources:
Company website: https://www.gradientai.com/
Twitter: https://twitter.com/GradientAI1
Facebook: https://www.facebook.com/gradientai/
LinkedIn: https://www.linkedin.com/company/gradientai/