In a release, TBG explained that it chose Gradient AI to reduce the cost of claims and improve its underwriting risk assessment. The solution is powered by AI, which means it learns from both TBG data and Gradient AI industry data with “tens of millions” of claims and underwriting records.
On the claims side, Gradient AI’s solution enables adjusters to perform early claims reviews, analyze risk KPIs, and drive better outcomes. And on the underwriting side of things, Gradient AI will help TBG assess risk more accurately for workers’ compensation policies.
Gradient AI can also be integrated with the cloud-based Origami Risk insurance platform, a claims management solution for consolidating claims data and streamlining workflow processes. This feature allows TBG to work more efficiently.
“We chose Gradient AI because of its extensive industry dataset containing tens of millions of claims and policies, excellent customer service and extensive experience in AI and insurance,” said TBG CEO Stu Thompson. “As a result, our underwriters and claims adjusters can perform their jobs more efficiently. And because Gradient AI solutions integrate seamlessly with the Origami Risk insurance platform, our users can get key decision metrics within the same platform they use to quote policies and manage claim.”
TBG also hopes to use Gradient AI’s solution to acquire and retain the expertise of seasoned talent, to avoid a potential talent gap.
“The Builders Group, known for its technology innovation, uses AI to better predict risk and improve efficiencies for underwriting and workers’ compensation claims,” said Gradient AI founder and CEO Stan Smith. “Using Gradient AI, TBG can leverage our industry data lake and their own data to gain deeper insight into claims and underwriting risks. We’re excited to work with TBG to help it manage claims more efficiently, speed up quote turnaround times, and most importantly, deliver better results and experiences for its members and their employees.”
Last week, the management of general underwriter Medical Risk Managers (MRM) announced that it was also uses Gradient AI solutions. Specifically, MMM uses SAIL’s Gradient AI product to offer stop-loss insurance to small and self-funded groups.
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