LAS VEGAS--(BUSINESS WIRE)--Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced at InsureTech Connect Vegas its Q1 and Q2 highlights and continued momentum for 2023 and beyond. During this time, the company increased revenue by more than 100% and added over 30 new customers.
“Gradient AI is in rapid-growth mode and well-positioned to continue on this path well into 2023,” said Stan Smith, founder and CEO. “The market’s response to our AI solutions has been overwhelmingly positive, and our clients are achieving tremendous returns on their investment working with Gradient AI. Once they experience the value of reducing risk while giving underwriters and claims professionals deeper insights, there is no going back. It would be like asking them to give up GPS in their cars.”
Revenue Growth, Customers, Staffing
In 2022, the company grew its Q1 and Q2 revenue by more than 100%, over the same period in 2021, despite economic challenges across all sectors of the economy and other headwinds in the current business environment. Gradient AI has added over 30 new customers and expanded within existing clients for more than 40 implementations, including Allied National, AmFed, Builders, Cannon Cochran Management Services, Service Lloyds and True Captive. The company has nearly doubled the size of its staff and continues to look for talent with positions open in engineering, field operations and finance.
The company attributes its record-breaking growth to several factors including that the insurance industry is finally embracing technology transformations and AI solutions as enablers to drive growth, innovation and profitability. Insurers are seeing the value of AI and machine learning to deliver innovative insurance solutions, harness cognitive learning insights from new data sources, streamline processes, gain deeper insights, and grow their businesses significantly. Recent customer successes include over $300 million in savings for a customer’s clients and 700% revenue growth as a direct result of implementing Gradient AI’s solutions.
Partnerships
Gradient AI partners with leading insurtech technology companies that integrate its technology into their platforms to bring a combined value-added, end-to-end solution to insurance clients. Recent partnerships include Origami Risk, Duck Creek, Guidewire, Spear Technologies, and Socotra.
Strengthened Executive Team
Earlier this year, the company made key leadership hires, adding a chief marketing officer and a chief revenue officer to its executive team.
Paul Cataldo, chief marketing officer, is responsible for driving growth through successful marketing initiatives. Paul is a senior technology executive with more than 25 years of experience, with a focus on leveraging big data to improve business processes and outcomes. He holds certifications in artificial intelligence, machine learning and neural networks.
Anthony Tuffile, chief revenue officer, has more than 20 years of experience in sales and organizational leadership. He leads Gradient AI’s sales organization and is responsible for the company’s revenue growth strategy, and execution.
Funding
In April 2021, Gradient AI announced that it raised $20.0 million in Series B financing led by American Family Ventures with participation from principals from Stone Point Capital, and BSC Capital as well as existing investors MassMutual Ventures, Sandbox Insurtech Ventures and Forte Ventures. Previously, the company raised $6.0 million in Series A financing led by Forte Ventures and Sandbox Insurtech Ventures. In the months ahead, Gradient AI intends to continue to invest in technology and automation, as well as continue to grow its employee headcount and its partner and customer ecosystem.
About Gradient AI
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. It also incorporates numerous other features including economic, health, geographic and demographic information. Customers include some of the most recognized insurance carriers, MGAs, TPAs, risk pools, PEOs and large self-insureds across all major lines of insurance. By using Gradient AI’s solutions, insurers of all types achieve a better return on risk. To learn more about Gradient, please visit: https://www.gradientai.com.
