Gradient AI and Socotra are partnering to bring AI-powered automation to insurers building underwriting and claims products.
Gradient is an enterprise software provider focused on artificial intelligence products and services for insurers. Socotra provides core platforms for insurtech MGAs and technology-driven insurers.
The partnership requires Gradient AI to integrate its AI products with Socotra’s cloud-based core insurance platform. In doing so, the idea is to help insurers leverage Gradient AI’s vast dataset – which includes tens of millions of policies and claims – through Socotra’s platform.
Here’s the reasoning behind this partnership: claims and underwriting professionals need the most accurate and precise data to know when they can automate quotes or claims, or when they need more experienced staff. to perform a more in-depth examination. As a result, insurers are improving their bottom line by more closely evaluating risk policies, streamlining processes and reducing claims costs, the companies said.
Ascend and Stere are partnering with the goal of jointly helping brokers, MGAs and carriers modernize their digital infrastructure.
Ascend is an insurtech and insurance payments platform that offers clients automated all-in-one financing, collections and accounts payable. Stere provides a digital ecosystem environment for insurance programs, with a focus on MGAs, insurtech MGAs and integrated insurance programs, and their partners such as insurers, front-end insurers, reinsurers and brokers.
The plans involve the two companies joining to digitize key parts of the insurance value chain. Additionally, they will jointly focus on growing their customers in what the companies call an “anchor partnership.”
Pathpoint and Bold Penguin are partnering to boost digital access to excess and surplus products and services for P&C insurance agents.
Pathpoint is a specialist digital wholesale broker that combines technology and service with the idea of offering agents binding quotes from multiple E&S carriers in minutes. Bold Penguin is an insurtech digital exchange that was acquired by American Family Insurance in early 2021.
The partnership is designed to bring streamlined access to Pathpoint’s technology platform for non-qualified products to users of the Bold Penguin terminal. Pathpoint expands its reach and Bold Penguin increases its market capacity.
The first phase of the integration involves Pathpoint offering its general liability coverage for a number of small business categories on the platform, expanding Bold Penguin’s capabilities with the addition of non-allowed products.
Insurance technology company Vertafore has launched its new business quoting platform.
The platform is designed to automate and simplify business quotes throughout the insurance process.
It pre-populates information from Vertafore agency management systems and third-party sources to reduce redundant manual data entry. In addition, it connects agencies and carriers in real time, allowing structured data exchanges and real-time quotes. The platform also enables real-time digital collaboration with customers to help them complete their requests accurately and quickly.
Brewer Lane Ventures
Chris Choi Downer and Rohan Malhotra have been promoted to general partners at Brewer Lane Ventures, a Boston-based venture capital firm specializing in the insurtech and fintech sectors.
Choi Downer previously developed experience in startup analytics and insurance technology investments during stints as a director at Sorenson Ventures and XL Innovate. Prior to that, he was at Goldman Sachs in the Alternative Investments and Manager Selection group.
Prior to Brewer Lane, Malhotra led growth and expansion initiatives at insurtech brokerage Newfront. He has also invested in early-stage fintech and insurtech startups as a founding investor at Argo Ventures.
Brewer Lane Ventures was launched in late 2019.
A retail tech veteran has joined insurance tech company Sure as chief revenue officer.
Rafe Petkovic will focus on establishing a strategic partnership involving Sure’s integrated insurance and SaaS products and services.
Petkovic has over 15 years of experience leading sales, operations, product and merchandising at companies including Google, Jet.com and Walmart. Before joining Sure, he was senior vice president of Klarna, a Swedish fintech company that provides online financial services, including payments for online storefronts.
Sure CEO Wayne Slavin said in prepared remarks that Petkovic will be “a central player” in the company’s accelerated growth strategy and development plans for 2022 and beyond.
Sure, launched in 2015, counts among its customers global insurers who create integrated insurance products on the company’s SaaS infrastructure to distribute, manage and scale digital insurance. Its headquarters are in Santa Monica, California.