The AI underwriting solution enables MEMIC to better predict risk, preserve the institutional knowledge of its seasoned underwriters and address talent shortage – all at the same time.
Gradient AI, an enterprise software provider for AI solutions in the insurance industry, announced November 15 that MEMIC, an insurer that provides workers’ compensation insurance, has adopted Gradient AI’s underwriting solution. In doing so, the insurer is modernizing its underwriting process to better identify risks and improve the underwriting accuracy of workers’ compensation policies.
In addition to better identifying risk and improving the underwriting accuracy of workers’ compensation policies, the AI solution also helps MEMIC preserve the institutional knowledge of its experienced underwriters, both through structured data (the data they enter into the MEMIC database) and unstructured data (the notes the underwriters have taken over the years).
Stan Smith, founder & CEO of 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.”
This is the second announcement of Gradient AI in a short period of time for workers’ compensation, following the recent news that Columbia Insurance Group has chosen the AI solutions provider. The P&C insurer has selected Gradient AI to increase the efficiency and accuracy of claims processing in workers’ compensation and commercial automotive insurance.
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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