The property and casualty insurer selected Gradient AI to increase the efficiency and accuracy of claims processing in workers’ compensation and commercial automotive insurance. Gradient AI’s solution alerts adjusters to high-risk claims and speeds up claims processing.
Gradient AI, a provider of AI solutions for the insurance industry, including intelligent automation to reduce quote turnaround times and claim expenses, announced November 1 that Columbia Insurance Group, a property and casualty (P&C) carrier, has selected the company’s AI solutions. In doing so, the P&C insurer aims to better manage costs and reduce risk for its clients.
Severe claims quickly develop into costly factors. That’s why Columbia Insurance Group was looking for a better approach to reduce claims duration and provide more accurate claims settlements for clients. Furthermore, in an industry where a generation of adjusters will soon be retiring, Columbia saw Gradient AI’s solution as having the potential to capture and retain the expertise of experienced adjusters with decades of industry experience and pass it on to new employees.
The founder and CEO of Gradient AI, Stan Smith, said: “By incorporating AI into its claims process, Columbia Insurance Group is revolutionizing the way its claims administration and settlement operations are handled in the workers’ compensation and commercial auto insurance areas. We are pleased to partner with an insurance industry leader of the caliber of Columbia as it processes and settles claims more quickly and accurately, a scenario where everybody wins.”
Michael LeBlanc, vice president of claims at Columbia Insurance Group, added: “Gradient AI’s solution will allow us to settle claims faster, fairer and more accurately, delivering a better customer experience. Its large, federated database, blended with the data from our current claims management system, will help us to learn from tens of millions of claims observations throughout the industry, providing us with important insights.”
Gradient AI recently announced that it grew its revenue by more than 100% in Q1 and Q2 compared to the same period last year. The company attributes the record-breaking growth in part to the insurance industry’s increasing adoption of technology transformations and AI solutions.
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.
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