Gradient AI, an enterprise software provider of artificial intelligence (AI) solutions for the insurance industry, has launched a turnkey solution WriteSpeed to allow workers’ compensation insurers to deploy AI-enabled underwriting.
Gradient AI is an enterprise software provider of artificial intelligence (AI) solutions in the insurance industry.
The new AI-enabled underwriting solution, WriteSpeed, will leverage Gradient AI’s vast industry data lake to deliver a pre-trained AI model that workers’ compensation underwriters can put to work immediately.
According to Gradient AI, the pre-trained model has been trained on millions of policies and delivers significant value in evaluating policy risk, enabling insurers to make informed underwriting decisions and accurately price policies.
The company went on to explain that integrating AI into the underwriting process is often challenging because of the vast amounts of formatted data that AI models require, which insurers often lack. As a result, data preparation can be time-consuming, error-prone and potential require third party experts.
By providing deep insights into underwriting risks, Gradient AI said WriteSpeed empowers insurers to price policies more accurately, quote policies they might have once declines, and decline policies they might have quoted.
Stan Smith, founder and CEO of Gradient AI, said, “WriteSpeed is a game changer for businesses looking to leverage the power of AI in their underwriting operations, without the typical data-related hurdles, roadblocks, and delays.
“With our pre-trained models learning from one of the industry’s largest data lakes, insurers can reap immediate benefits. This helps make AI in underwriting more accessible to businesses that want to get started but may not have the data resources readily available.”
Last year, Service Lloyds Insurance Company adopted Gradient AI’s solution in a bid to better predict risk and improve the pricing accuracy of workers’ compensation policies.
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