Solution Allows Underwriters to Better Predict Risk, Capture Institutional Knowledge, and Address Talent Shortage
BOSTON–(BUSINESS WIRE)–#AIinInsurance—Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry today announced that MEMIC has adopted its underwriting solution to better identify risks and improve the underwriting accuracy of workers’ compensation policies.
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 modernize its traditional underwriting process with an AI-based solution that would allow underwriters to analyze far 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 anonymized underwriting and claim records. This combination has enabled MEMIC to move beyond traditional underwriting to quote policies more accurately, reflecting a company’s unique risks.
“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,” said Greg Jamison, MEMIC’s senior vice president of underwriting. “Gradient AI’s dataset and risk assessment capabilities provide our experienced underwriters a robust tool to quote policies more correlated with their unique risk.”
MEMIC is also using Gradient AI to tackle a major issue facing the insurance sector today: the shortage of available talent and the looming retirement of baby boomers. Gradient AI, helps MEMIC preserve the institutional knowledge of its seasoned underwriters both through structured (the data they enter into MEMIC’s database) and unstructured data (the notes the underwriters have taken over the years). As a result, new underwriters are able to leverage the experience of their seasoned counterparts that would otherwise be lost. This saves the company significant training time and helps maintain the quality of service as seasoned underwriters retire.
“Insurers like MEMIC are transforming underwriting with AI to capture institutional knowledge, operate more efficiently and price more accurately,” said Stan Smith, founder & CEO, Gradient AI. “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.”
Gradient AI is a leading 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. Unlike other solutions that use a limited claims and underwriting dataset, Gradient’s software-as-a-service (SaaS) platform leverages a vast dataset comprised of tens of millions of policies and claims. It also incorporates numerous other features including economic, health, geographic and demographic information. Customers include some of the most recognized insurance carriers, MGAs, TPAs, risk pools, PEOs and large self-insureds across all major lines of insurance. By using Gradient AI’s solutions, insurers of all types achieve a better return on risk. To learn more about Gradient, please visit: https://www.gradientai.com.