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

Property & Casualty Insurance Solutions

Underwriting Key Benefits

Price more accurately

Decrease quote turnaround time

Enable straight-through processing

Claims 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
Increased online offerings create additional price pressure
Inflation is driving claims costs higher, exacerbated by supply chain issues and labor shortages
“Social inflation” caused by increasing litigation awards put increased pressure on insurers’ reserve levels
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 could identify good underwriting risks that others miss, and price them to win, while avoiding bad risks or pricing them so you can maintain a healthy loss ratio? Imagine if you could do this while also dramatically reducing quote turnaround times.

And 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 benefits for both underwriting and claims, with Gradient AI’s Solution for Property & Casualty Insurance.

P&C Underwriting Suite

Improve your risk assessment capacities through a combination of machine learning, our vast dataset, and modeling expertise.

Obtain predictive insights to identify risk with speed and accuracy never before possible, enabling you to price more accurately and better manage risk. Compete more effectively and win more business. Gain powerful assessment capabilities so you can keep your rates competitive while maintaining healthy reserves and loss ratios. Ensure that your pricing accurately reflects risk.

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

Price policies more accurately and with deeper insights
Enable Straight Through Processing by identifying low-risk applications
Accelerate expansion into new markets with a deeper understanding of risk

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.

“A key reason we chose Gradient AI is due to the insight we receive from the solution’s vast dataset, allowing us to make more informed and nuanced decisions as it relates to evaluating the risk and pricing of new business. The additional insight that Gradient AI provides allows our underwriters to offer the right pricing and recommendations to our agents, enabling us to grow our business profitably.”

– Mike Richardson, Vice President of Underwriting, AmFed

“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. 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.”

– Jacob Clymer, Chief Operating Officer, Service Lloyds

“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