Service Lloyds Adopts Gradient AI to Enhance Workers’ Comp Underwriting
June 29, 2022
The software enables the carrier to move beyond traditional underwriting methods and provide more accurate quotes that highly correlated with a policy’s unique risks.
By Anthony R. O’Donnell
Service Lloyds Insurance Company (Austin, Texas), a nationwide workers’ compensation insurer, has adopted software from Gradient AI, an enterprise software provider of artificial intelligence (AI) solutions, to better predict risk and improve the pricing accuracy of workers’ compensation policies.
Service Lloyds is a privately owned company rated A- (Excellent) by AM Best writing more than $250 million in annual premium. Recently, the company has expanded its operations geographically while investing in technology and automation to gain efficiencies and enhance customer service. As part of this effort, Service Lloyds implemented Gradient AI’s solution to bolster the underwriting process and improve decision-making while enhancing both the customer and agent experience, according to a Gradient AI statement.
By using Gradient AI, Service Lloyds will leverage the power of machine learning and an industry federated data set containing millions of underwritings and claim records, the Gradient AI statement says. The vendor reports that this has enabled Service Lloyds to move beyond traditional underwriting methods which rely only on industry averages, and instead provide more accurate quotes that are highly correlated with a policy’s unique risks.
“Gradient AI is a power tool for our underwriters,” comments Jacob Clymer, COO, Service Lloyds. “Our experienced underwriters’ judgement coupled with Gradient AI’s risk assessment capabilities is a winning combination, enabling us to quote policies significantly more correlated with their unique risk.”
“The ability to blend our data with Gradient AI’s federated data has also been a key performance-enhancing factor especially as we enter new markets,” Clymer adds. “It has helped us drive nationwide expansion, better meet customers’ needs and serve a broader range of industries.”
Reinventing the Underwriting Process
“Insurers like Service Lloyds have an opportunity to reinvent the model that underlies the traditional underwriting process,” says Stan Smith, founder & CEO, Gradient AI. “Service Lloyds is leading the way on how to advance underwriting with the power of AI and data. We are pleased to support the company’s expansion efforts.”
This article first appeared: https://iireporter.com/service-lloyds-adopts-gradient-ai-to-enhance-workers-comp-underwriting/