(Image credit: Shivendu Shukla/Unsplash.)
Gradient AI, a Boston-based enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, and Duck Creek Technologies (Boston), have announced integrated AI workers’ compensation solutions and their first joint customer, Builders Mutual Insurance.
Ken Bunn, VP, Claims, Builders Mutual Insurance.
Gradient AI describes the joint offerings as bringing its AI solutions to insurance carriers that use Duck Creek’s platform for their operations. This combination of the two companies’ technologies allows underwriters and claims adjusters to uncover and analyze key drivers of workers’ compensation policy and claim risks, better assess them, and minimize their claims exposure, within the platform they already use, a Gradient AI statement says.
Builders Mutual Insurance, a provider of insurance to the construction industry in the Southeast, has adopted the joint solution to streamline claims, better identify risks and save training time. As adjusters enter their notes into the platform, the AI model learns and becomes even more accurate, Gradient AI says.
The vendor reports that Builders Mutual is also using the solution to address one of the most pressing issues in the insurance industry today, the rising talent shortage. During the next 15 years, 50 percent of the current insurance workforce will retire; leaving more than 400,000 open positions unfilled, according to the U.S. Bureau of Labor Statistics. Insurers will be challenged to replace these insurance workers leaving a significant talent gap. According to an Aon and Jacobson Group recent study, 53 percent of property/casualty insurers plan to aggressively hire within the next 12 months.
Rohit Bedi, Chief Revenue Officer, Duck Creek.
To address this challenge in its own operations, Builders is using the joint Duck Creek and Gradient AI solution to leverage the knowledge of its most seasoned personnel and convert it to institutional knowledge. Builders Mutual’s agents now have access to the AI model enhanced by the unstructured data from experienced agents’ notes over many years. This knowledge base allows agents to leverage the experience of a seasoned adjuster that would otherwise have been lost.
“Our organization continually looks for ways to give adjusters the tools to help them identify risks and best serve injured workers so they can recover quickly and return to work as soon as possible,” comments Ken Bunn, VP, Claims, Builders Mutual Insurance. “The integration of Duck Creek and Gradient AI helps with both of those goals, allowing adjusters to work more efficiently and effectively. It also saves us significant time when training new adjusters and helps keep our quality of service consistent as seasoned adjusters retire.”
“Previously, new adjusters would have to sit beside an experienced adjuster for years to observe how they were handling claims,” Bunn adds. “Now, thanks to this integrated solution, our newest adjusters can learn quickly and have guardrails in place as they are making decisions.”
Insights for Impact at the Point of Decision
Stan Smith, CEO, Gradient AI.
“These integrated solutions are delivering a truly reimagined experience for workers’ compensation underwriting and claims management,” comments Rohit Bedi, chief revenue officer, Duck Creek. “Builders Mutual’s adjusters now gain insights from AI solutions that are fully integrated into our Duck Creek platform, which is already a part of their normal workflow. They are getting these insights where they can have the greatest impact, at the point of decision.”
“The integration of Gradient AI’s technology and Duck Creek’s platform empower workers’ compensation underwriting and claims teams to process and prioritize workplace injuries more effectively and efficiently,” comments Stan Smith, CEO, Gradient AI. “Builders Mutual is an innovator leveraging technology to deliver a better customer experience and achieve a better return on risk.”
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