Mutual insurance company Builders had adopted technology from Gradient AI, an enterprise software provider of artificial intelligence (AI) solutions to the insurance industry.
Builders manages complex, high-severity risks for a variety of industries including construction, retail, hospitality, and manufacturing.
The company’s underwriting process was based on traditional, linear pricing methods, but as it expanded, it looked to improve this to a model that could discern and leverage the nuances of complex risks.
To this end, Builders opted for Gradient AI’s product, which the company said will enable its agents to evaluate risks with greater precision and speed allowing them to capture more business and decrease loss ratios.
Mark Gromek, chief marketing and underwriting officer for Builders, said, “A key component of Builders’ growth strategy is to leverage innovative technologies to improve our profitability, service and performance. Gradient AI’s solution enables us to price policies more competitively and assess risks more accurately while delivering the best possible agent and customer experience.
“Underwriting is part art and part science. Gradient AI allows our underwriters to combine their art with fact-based predictive data, giving them a much stronger basis for making decisions. We believe its technology gives us the complete picture of risk, and that’s a competitive advantage.”
Earlier this month, Service Lloyds Insurance Company adopted Gradient AI’s solution to better predict risk and improve the pricing accuracy of workers’ compensation policies.
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