Builders Selects Gradient AI to Boost Accuracy of Underwriting, Support Growth in Key Markets
Solution Assesses Risk More Accurately and Quickly Enhancing the Agent and Customer Experience
Boston, MA, July 20, 2022 - Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry announced today that Builders, a leading mutual insurance company, has adopted its solution to streamline and improve its underwriting process to support future expansion.
Builders manages complex, high-severity risks for a variety of industries including construction, retail, hospitality, and manufacturing, among others. As the insurer began to grow geographically and across new industries, it was looking to improve its underwriting process, which was based on traditional, linear pricing methods, to one that could discern and leverage the nuances of complex risks.
Builders chose Gradient AI’s product to enable their agents to evaluate risks with greater precision and speed allowing them to capture more business and decrease loss ratios.
“A key component of Builders’ growth strategy is to leverage innovative technologies to improve our profitability, service and performance,” said Mark Gromek, chief marketing and underwriting officer for Builders. “Gradient AI’s solution enables us to price policies more competitively and assess risks more accurately while delivering the best possible agent and customer experience. Underwriting is part art and part science. Gradient AI allows our underwriters to combine their art with fact-based predictive data, giving them a much stronger basis for making decisions. We believe its technology gives us the complete picture of risk, and that’s a competitive advantage.”
“We are excited to have an innovative enterprise like Builders as a client and we look forward to helping them continue to grow their strong franchise with our leading underwriting solution,” stated Stan Smith, founder and CEO of Gradient AI. “They are clearly an innovator and leader in their market as both their recent growth and adoption of innovative practices and technologies demonstrate.”
Builders, which has a 30-year history and deep insurance expertise in the construction industry, is expanding through strategic diversification into new territories and additional verticals. Builders’ commercial insurance products include innovative Workers’ Compensation, General Liability, Property, Umbrella, and Builders Risk Insurance delivered through independent agents and managing general agents. It considers the adoption of Gradient AI’s underwriting platform as a strategic element in its expansion plans.
About Builders
Headquartered in Atlanta, Builders delivers innovative Workers’ Compensation, General Liability, Property, Umbrella, and Builders Risk Insurance through independent agents. Founded in 1992, the company has evolved into a dynamic, financially strong mutual with a philosophy of deeply supportive partnerships and exceptional expertise. Builders is an AM Best A rated company with more than $1 billion in total assets. The company has more than 17,000 policies in force. For more information, please visit our website at www.bldrs.com.
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