(Image source: AmFed homepage.)
AmFed, a Ridgeland, Miss.-based workers’ compensation insurance carrier and wholly owned subsidiary of Ascot Group (Brighton, Sussex), has adopted Gradient AI’s (Boston) Artificial Intelligence (AI) solution to streamline and improve its underwriting process to support future expansion.
AmFed offers a broad spectrum of workers’ compensation insurance products and services, including third-party administration for self-insureds. The company provides workers’ compensation insurance in the Southeast, with nationwide expansion plans underway. Known for embracing cutting-edge technology, AmFed is continuously seeking ways to be more efficient and differentiate its offerings to customers, according to a Gradient statement. To support these goals, AmFed adopted Gradient AI as the technology enabler to bolster underwriting expertise and improve decision-making while enhancing both the customer and agent experience, the vendor statement says.
Gradient AI says its solution enables AmFed to better predict the risk associated with writing workers’ compensation policies. The insurer chose Gradient AI to help its underwriters better evaluate risks, capture more business, and decrease loss ratios the vendor says. AmFed adopted Gradient AI to gain insights as it enters new geographies and services a broader range of clients, the Gradient statement adds.
“A key reason we chose Gradient AI is due to the insight we receive from the solution’s vast dataset, allowing us to make more informed and nuanced decisions as it relates to evaluating the risk and pricing of new business,” comments Mike Richardson, VP, Underwriting, AmFed. “The additional insight that Gradient AI provides allows our underwriters to offer the right pricing and recommendations to our agents, enabling us to grow our business profitably.”
“AmFed, known for its innovation, is leading the way on how to use the power of AI to improve underwriting operations,” said Stan Smith, founder & CEO, Gradient AI. “We are pleased to support the company’s expansion with our insurance solutions that improve efficiency, speed quote turnaround times, and most importantly, assess and price risk more accurately.”