AmFed Adopts Gradient AI to Streamline Underwriting for Workers’ Comp Insurance
Provides Insights to Better Predict Risk, Improve Pricing Accuracy
BOSTON, June 07, 2022 - (BUSINESS WIRE)--Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry announced today that AmFed, a leading insurance carrier, has adopted Gradient’s Artificial Intelligence (AI) solution to streamline and improve its underwriting process to support future expansion.
AmFed offers a broad spectrum of workers’ compensation insurance products and services, including Third Party Administration for self-insureds. The company provides workers’ compensation insurance in the Southeast, with nationwide expansion plans underway. Known for embracing cutting-edge technology, AmFed is continuously seeking ways to be more efficient and differentiate its offerings to customers. To support these goals, AmFed adopted Gradient AI as the technology enabler to bolster underwriting expertise and improve decision-making while enhancing both the customer and agent experience.
Gradient AI’s solution enables AmFed to better predict the risk associated with writing workers’ compensation policies. The company chose Gradient AI to help its underwriters better evaluate risks, capture more business, and decrease loss ratios. AmFed adopted Gradient AI to gain insights as it enters new geographies and services a broader range of clients.
“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,” said Mike Richardson, VP of Underwriting for AmFed. “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.”
“AmFed, known for its innovation, is leading the way on how to use the power of AI to improve underwriting operations,” said Stan Smith, founder & CEO, Gradient AI. “We are pleased to support the company’s expansion with our insurance solutions that improve efficiency, speed quote turnaround times, and most importantly, assess and price risk more accurately.”
AmFed is committed to delivering quality, service, continuous improvement and innovation to its partners, employers and injured workers. AmFed is a wholly-owned subsidiary of Ascot Group, a global specialty (re)insurance group.
About Gradient
Gradient AI is a leading provider of proven artificial intelligence (AI) solutions for the insurance industry. Its solutions improve loss ratios and profitability by predicting underwriting and claim risks with greater accuracy, as well as reducing quote turnaround times and claim expenses through intelligent automation. Unlike other solutions that use a limited claims and underwriting dataset, Gradient's software-as-a-service (SaaS) platform leverages a vast dataset comprised of tens of millions of policies and claims. It also incorporates numerous other features including economic, health, geographic and demographic information. Customers include some of the most recognized insurance carriers, MGAs, TPAs, risk pools, PEOs and large self-insureds across all major lines of insurance. By using Gradient AI’s solutions, insurers of all types achieve a better return on risk. To learn more about Gradient, please visit: https://www.gradientai.com.
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Contact:
Elyse Familant
978-376-5446