(Image source: ATTIC RRG homepage.)
American Trucking and Transportation Insurance Company, a Risk Retention Group (ATTIC, RRG) selected Gradient AI’s (Boston) claims management solution to predict claim risk, triage claims, and close commercial transportation claims more quickly and cost-effectively.
ATTIC, RRG a member-owned risk retention group in the commercial automotive industry, offers auto liability insurance to small and midsized commercial trucking companies. Committed to empowering motor carriers with greater control of every aspect of insurance, ATTIC, RRG provides access to high premium limits and large deductible options without burdensome collateral requirements.
In recent years, the trucking industry has witnessed an unprecedented surge in claim verdicts, according to research from the American Transportation Research Institute. This escalation can be attributed to several factors, including a notable increase in injury and fatality crashes involving commercial trucks, as well as the impact of social inflation, which leads to claims exceeding the overall economic inflation. In response to these challenges, ATTIC and other insurers serving the trucking sector have been actively exploring new strategies to effectively handle claims and anticipate potential outcomes, according to a Gradient AI statement.
Prior to adopting Gradient AI, ATTIC’s claims predictions were based primarily on an adjuster’s previous claims experience and professional intuition, the vendor statement says. However, limited access to third-party datasets and machine-learning capabilities hindered their ability to assess how they were performing against similar insurers in comparable auto incident scenarios. ATTIC, RRG recognized the need for a larger dataset and more advanced tools to innovate and continue to drive improved results for its members.
ATTIC, RRG chose Gradient AI due to its prior experience applying AI to the commercial auto insurance industry, its commercial auto industry data lake containing millions of claims, and its predictive analytics capabilities for claims solutions, the vendor reports. As a result, ATTIC, RRG can leverage industry data to better understand the direction and development of individual claims to triage higher-risk ones to the more experienced adjusters, enabling them to operate more efficiently, Gradient says.
“Gradient AI’s commercial auto industry data lake and machine learning are game changers for us,” comments Ken Crippen, CEO, ATTIC, RRG. “We leverage Gradient AI’s claims management solution to access extensive datasets and forecast claim outcomes more accurately and much earlier in their lifecycles. This enables us to achieve greater financial stability and predictability, resolve claims more quickly, and deliver substantial cost savings to our member clients.”
ATTIC, RRG is using Gradient AI’s claims management system within Origami Risk’s (Chicago) insurance platform. Gradient AI’s partnership with Origami Risk makes it possible for Gradient AI to deliver a well-integrated solution to ATTIC, RRG and similar insurers that rely on Origami Risk’s platform.
“As commercial automotive businesses experience surges in potential liability and claims costs, AI-powered claims management has become critical to predict, control and contain costs,” says Stan Smith, CEO, Gradient AI. “We are gratified that ATTIC, RRG turned to Gradient Ai to improve claims management and we are excited to partner with Origami Risk to achieve next-level outcomes for the commercial auto industry. The increasing demand we’re seeing from midsized providers and self-insured companies speaks volumes about the challenges these companies are facing and the opportunities that AI-enabled claims management can deliver for them.”