US-based Service Lloyds Insurance Company, which specialises in workers’ compensation, has implemented Gradient AI’s solution to enhance compensation underwriting.
The move will allow Service Lloyds to improve risk forecasts and pricing accuracy for workers’ compensation policies.
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The adoption of Gradient AI’s solution enables Service Lloyds to utilise machine learning capabilities as well as industry related data comprising millions of underwritings and claim records. This, in turn, will help in providing more accurate quotes.
With the Gradient AI solution, Service Lloyds substitutes conventional underwriting systems that depend only on industry averages.
Service Lloyds chief operating officer Jacob Clymer said: “Gradient AI is a power tool for our underwriters.
“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.”
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By GlobalDataIn addition, the latest deployment has helped Service Lloyds to support its recent expansions. It has also invested in technology and automation to enhance customer services.
Clymer added: “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.
“It has helped us drive nationwide expansion, better meet customers’ needs and serve a broader range of industries.”
Gradient AI founder and CEO Stan Smith said: “Insurers like Service Lloyds have an opportunity to reinvent the model that underlies the traditional underwriting process.
