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Gradient AI, a Boston-based provider of artificial intelligence software solutions in the insurance industry has announced that MEMIC, (Portland, Maine) has adopted its underwriting solution to better identify risks and improve the underwriting accuracy of workers’ compensation policies.
MEMIC provides comprehensive workers’ compensation insurance across 46 states. The company’s mission, as characterized by a statement from Gradient AI, is to ensure workplace safety and timely return to health and work for people injured on the job. MEMIC wanted to modernize its traditional underwriting process with an AI-based solution that would allow underwriters to analyze far more information, thus improving pricing accuracy.
Gradient’s software contains a data set with millions of anonymized underwriting and claim records. The combination of this feature with AI has enabled MEMIC to move beyond traditional underwriting to quote policies more accurately, according to the statement.
“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,” comments Greg Jamison, SVP, Underwriting, MEMIC. “Gradient AI’s dataset and risk assessment capabilities provide our experienced underwriters a robust tool to quote policies more correlated with their unique risk.”
Capturing Institutional Knowledge
MEMIC is also using Gradient AI to address a shortage of available talent and the looming retirement of baby boomers. Gradient helps MEMIC preserve the institutional knowledge of its seasoned underwriters both through structured (the data they enter into MEMIC’s database) and unstructured data (the notes the underwriters have taken over the years). As a result, new underwriters are able to leverage the experience of their seasoned counterparts that would otherwise be lost.
“Insurers like MEMIC are transforming underwriting with AI to capture institutional knowledge, operate more efficiently and price more accurately,” says Stan Smith, founder & CEO, Gradient AI. “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.”