Take proactive steps to reduce claims and operational costs

Take proactive steps to improve risk assessment and reduce claims and operational costs

Property & Casualty Solutions

Property & Casualty Insurance Claims Solution

Key Benefits

Reduce cost & duration

 

Do more with less work 


Drive better outcomes 



Business Challenges and Solutions

Across all Property & Casualty lines, insurers face a variety of challenges in their business:


  • More insurers have entered the market creating Increased competition
  • Inflation is driving claims costs higher, exacerbated by supply chain issues and labor shortages
  • Climate change is causing larger and more frequent loss events
  • Operating costs are rising particularly as labor rates increase, as the industry is seeing aging employees retire
  • Fewer younger people joining the insurance workforce, creating a talent gap

 

Given these challenges and more, insurers need to take proactive steps to maximize operating efficiencies and reduce their claims and operational costs.


What if you knew which claims needed attention and were at the greatest risk of becoming costly, so that you could take action quickly to help contain costs and avoid costly litigation and claim outcomes?


Now you can gain these claims benefits with Gradient AI’s Claims Solution for Property & Casualty Insurance.

P&C Claims Suite

 

Claims adjusters face large and growing caseloads, and as a result, they are usually challenged with keeping up with each and every one. Claims managers are working hard to do more with less, staying on top of growing caseloads all while managing their teams at a time of staff shortages and an aging and retiring workforce.


Improve your claims operations and triage process with an “early warning” of the most potentially expensive claims to focus proactively where needed, while reducing the cost of claims.


Capture the collective institutional knowledge of seasoned team members and deploy AI models to impart this wisdom to newer, less experienced employees and provide “guide posts” to help them perform more effectively.

 

Gradient AI’s P&C Claims Solution enables you to:

 

  • Identify claims risks earlier in their lifecycle, enabling proactive steps towards effective outcomes and cost containment
  • Reduce duration of outstanding claims to better contain costs
  • Identify high-risk claims that require the attention of more seasoned adjusters to manage the claim to a better outcome and reduce the cost and duration of claims
Speak with us about P&C Solutions

P&C Overview

Property & Casualty Insurance (often referred to as “P&C”) are types of insurance coverage that help to protect owners and their property. Property insurance helps cover things people own, such as their house or automobile. Casualty insurance provides liability coverage to help protect people if they are found to be legally responsible for an accident that causes injury to someone else or damage to someone else’s property.

 

In short, property and casualty insurance can help pay costs that a person is legally responsible for, up to the limits of the policy. Most often, property and casualty insurance are bundled together into one policy.


Property & Casualty insurance encompasses a wide variety of insurance types, often segmented into Business and Personal lines:

Business

Workers’ Compensation

  • Provides wage replacement and/or medical care to employees who are injured or become ill injured as a direct result of their employment. LEARN MORE →

General Liability

  • Also known as business liability insurance, general liability insurance protects a business owner and their business from “general” claims involving bodily injuries and property damage. Almost every business has a need for general liability insurance.

Commercial Auto

  • Coverage intended to pay for losses involving cars, trucks, vans, and other vehicles that operate while doing business.

Professional Liability (PLI)

  • Protects professionals such as accountants, lawyers, and physicians against negligence and other claims initiated by their clients. Provides coverage beyond general liability coverage, which does not offer protection against claims arising from negligence, malpractice, mistakes, or misrepresentation.

Medical Professional Liability (MPL)

  • A type of PLI that protects a physician or health care institution from the financial risks of practicing medicine. More specifically, it protects the physician from the consequences of a patient’s claim that he or she was injured as a result of the physician’s negligence.

Business Owners Policy (BOP)

  • Combines protection for all major property and liability risks that a business owner faces in one insurance package. Usually sold at a premium that is less than the total cost of the individual coverages.

Commercial Package

  • A package of commercial policies, combining two or more coverages like commercial property and commercial general liability, business crime, equipment breakdown, inland marine, and commercial auto liability.

Personal

Homeowners

  • Property insurance that covers losses and damages to an individual's residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

Personal Auto

  • Insurance for cars owned and used for personal, as opposed to business reasons. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a vehicle. May offer financial protection against theft of the vehicle, and against other damage, such as vandalism, weather, and collision with stationary objects.

 “We are realizing tremendous value from integrating our AI claims models into the Gradient AI solution. As a TPA, a key goal is to support and deliver exceptional value to our clients. By investing in innovative technology, we’ve been able to improve the claims journey for our customers. And our clients are thrilled with the results because of the increased capacity to triage incoming claims, decrease processing times and reduce the costs of claims.”


–  Skip Brechtel, Executive Vice President and CIO, CCMSI


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