Allows Underwriters to Better Predict Risk, Improve Pricing Accuracy, Supports Company Expansion Plans
Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry announced today that Service Lloyds Insurance Company has adopted its solution to better predict risk and improve the pricing accuracy of workers' compensation policies.
Specializing in workers' compensation insurance, Service Lloyds is a privately owned company rated A- (Excellent) by AM Best. Recently, the company has expanded its operations geographically while investing in technology and automation to gain efficiencies and enhance customer service. As part of this effort, Service Lloyds implemented Gradient AI's solution to bolster the underwriting process and improve decision-making while enhancing both the customer and agent experience.
By using Gradient AI, Service Lloyds is leveraging the power of machine learning and an industry federated data set containing millions of underwritings and claim records. This has enabled Service Lloyds to move beyond traditional underwriting methods which rely only on industry averages, and instead provide more accurate quotes that are highly correlated with a policy's unique risks.
"Gradient AI is a power tool for our underwriters," said Jacob Clymer, chief operating officer, Service Lloyds. "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."
Clymer added, "The ability to blend our data with Gradient AI's federated data has also been a key performance-enhancing factor especially as we enter new markets. It has helped us drive nationwide expansion, better meet customers' needs and serve a broader range of industries."
"Insurers like Service Lloyds have an opportunity to reinvent the model that underlies the traditional underwriting process," said Stan Smith, founder & CEO, Gradient AI. "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."
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.
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