Insurer MEMIC has selected Gradient AI, a provider of artificial intelligence (AI) solutions in the insurance industry, to bolster its underwriting for workers’ compensation policies.
Gradient AI is a 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.
Portland, Maine-based MEMIC provides comprehensive workers’ compensation insurance across 46 states.
The company strives to ensure workplace safety and timely return to health and work for people injured on the job.
As part of this objective, MEMIC wanted to modernise its traditional underwriting process with an AI-based solution that would allow underwriters to analyse more information, thus improving pricing accuracy. After exploring multiple options, the company ultimately selected Gradient AI as the technology enabler for this initiative.
Using Gradient AI, MEMIC can leverage the knowledge of its own people, the power of AI and access to a vast data set containing millions of anonymised underwriting and claim records.
This combination, according to Gradient AI, has enabled MEMIC to move beyond traditional underwriting to quote policies more accurately, reflecting a company’s unique risks.
Greg Jamison, MEMIC’s senior vice president of underwriting, said, “Gradient AI’s large dataset allows us to make more informed and nuanced decisions to evaluate new business risk and pricing. This was one of the key reasons we chose the solution. Gradient AI’s dataset and risk assessment capabilities provide our experienced underwriters a robust tool to quote policies more correlated with their unique risk.”
Stan Smith, founder & CEO, Gradient AI, said, “Insurers like MEMIC are transforming underwriting with AI to capture institutional knowledge, operate more efficiently and price more accurately. MEMIC is leading the way on how to advance underwriting to better serve its customers and we are pleased to support the company in its mission.”
Recently, Gradient AI and Duck Creek Technologies have launched a workers’ compensation solutions product.
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