Service Lloyds Insurance Company has adopted Gradient AI’s solution to better predict risk and improve the pricing accuracy of workers’ compensation policies.
Gradient AI is an enterprise software provider of artificial intelligence (AI) solutions in the insurance industry.
Service Lloyds, which specialises in workers’ compensation insurance, recently expanded its operations geographically whilst also investing in technology and automation. As part of thi effort, the company has deployed GradientAI’s solution to boost its underwriting process and improve decision-making.
By using Gradient AI, Service Lloyds said it is leveraging the power of machine learning and an industry federated data set containing millions of underwriting and claim records.
Jacob Clymer, chief operating officer at Service Lloyds, said, “Gradient AI is a power tool for our underwriters. Our experienced underwriters’ judgement coupled with Gradient AI’s risk assessment capabilities is a winning combination, enabling us to quote policies significantly more correlated with their unique risk.”
Stan Smith, founder & CEO, Gradient AI, added, “Insurers like Service Lloyds have an opportunity to reinvent the model that underlies the traditional underwriting process. Service Lloyds is leading the way on how to advance underwriting with the power of AI and data. We are pleased to support the company’s expansion efforts.”
Foresight Group, an insurer of high-hazard clients, raised $39m in Series B funding at the beginning of this year for its technology-based workers’ compensation programme.
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