Gradient AI serves artificial intelligence (AI) solutions for the insurance industry to mend 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. This will let the prediction of futuristic stats for the analyst to work upon. This Portland based firm provides comprehensive workers’ compensation insurance in approximately 46 states and let’s the underwriting prediction glide the insurer way towards a desired outlook. The company strives for safe and cozier workplace for it’s employees and timely return to health and work for people injured on the job, showing utmost concern and a leading example of humanity combining with team work policy.
MEMIC wants to modernize its traditional underwriting process with an AI-based solution that would allow underwriters to analyze more information and improving pricing accuracy and based on their requirements Gradient AI has been selected to hold this portion of work as the technology enabler for this initiative.
This will level up 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 to have a better outlook for the comprehensive work.
This united gesture will take beyond traditional underwriting to quote policies more precisely, reflecting a company’s unique risks.
Greg Jamison, MEMIC’s senior vice president of underwriting, stated that, “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. Gradient AI’s dataset and risk assessment capabilities provide our experienced underwriters a robust tool to quote policies more correlated with their unique risk.”
Similarly views on this were shared by-Stan Smith, founder & CEO, 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.”