The Builders Group (TBG) provides workers’ compensation policies for contractors, builders, remodelers, subcontractors and suppliers. In order to enhance its claims and underwriting operations, TBG was looking for an AI solution to boost claims and underwriting operations.
Gradient AI, an enterprise software provider for AI solutions in the insurance industry, announced March 7 that The Builders Group (TBG), a provider of workers’ compensation insurance, has selected Gradient AI’s solution to reduce the cost of claims and improve the underwriting risk assessment.
As TBG’s goal is to provide affordable, high-quality workers’ compensation insurance that prioritizes medical care while providing fast and accurate claims settlement, the company sought a solution to streamline its operations. With Gradient AI’s solution, the AI models learn from both TBG’s data and Gradient AI’s extensive industry data set.
Stu Thompson, CEO of TBG, commented: “We selected Gradient AI because of its vast industry dataset containing tens of millions of claims and policies, excellent customer service and extensive experience in AI and insurance.”
Stan Smith, founder and CEO of Gradient AI, said: “The Builders Group, known for its technology innovation, is using AI to better predict risk and improve efficiencies for both workers’ compensation underwriting and claims. With Gradient AI, TBG can leverage our industry data lake and their own data to gain deeper insight into claims and underwriting risks. We are thrilled to be working with TBG to help it manage claims more efficiently, speed quote turnaround times, and most importantly, deliver better outcomes and experiences for its members and their employees.”
Boston-based Gradient AI provides intelligent solutions for the insurance industry that improve loss ratios and profitability by predicting underwriting and claims risks with greater accuracy, as well as reducing quote turnaround times and claim expenses through intelligent automation. Gradient’s AI-powered solutions learn not only from an insurance company’s own data, but also from a high-resolution federated industry database of millions of observations.
The full press release can be found here.
Get industry news distilled, every week: