Gradient AI, a provider of artificial intelligence (AI) solutions in the insurance industry and Duck Creek Technologies have launched a workers’ compensation solutions product.
The companies have also announced their first joint customer Builders Mutual Insurance.
The joint offerings bring Gradient AI’s AI solutions to insurance carriers that leverage Duck Creek’s platform for their operations.
According to Duck Creek, this combination allows underwriters and claims adjusters to uncover and analyse key drivers of workers’ compensation policy and claim risks, better assess them, and minimise their claims exposure, within the platform they already use.
Builders Mutual Insurance, a leading insurer for the construction industry in the Southeast US, has adopted the joint solution.
Additionally, Duck Creek said that Builders Mutual is using the solution to address the pressing issue of a rising talent shortage. This is a problem across the insurance industry.
During the next 15 years, 50% of the current insurance workforce will retire; leaving more than 400,000 open positions unfilled, according to the US Bureau of Labor Statistics.
Therefore, to address this in its own operations, Builders is using the joint Duck Creek and Gradient AI solution to leverage the knowledge of its most seasoned people 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.
Ken Bunn, vice president of Claims, Builders Mutual Insurance, said, “Our organisation 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.
“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.”
Gradient AI acquired Prognos Health’s analytics business underwriting unit earlier this month.
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