Nashville, TN – Method recently announced that it has partnered with Gradient AI to incorporate state-of-the-art Artificial Intelligence (AI) and Machine Learning (ML) solutions into the underwriting process. Method utilizes Gradient’s Artificial Intelligence Predictive Underwriting Model to predict the number of claims each policy is likely to have and the probable losses associated with those claims. Gradient’s AI trains on tens of millions of data points to perfect their proprietary pricing models.
“Reducing friction, eliminating inefficiencies, increasing speed from rate to quote; all while, most importantly, pricing the risk accurately. Method is truly leading the way in taking advantage of the power of AI for automated underwriting in Workers’ Compensation.” says Stan Smith, Founder & CEO, Gradient A.I.
Method has been utilizing the GradientAI model since early 2020. It currently assists Method Underwriters in finding best-in-class risk and price quotes at a profitable rate based on predicted loss ratios for future policy terms. These predictions are essential to maintaining the loss ratio and profitability for each policy.
“We’re pushing the future of risk analysis, utilizing cutting edge tech to improve our underwriting quantity and quality.” says Rob Hynek, Director, Programs at Method.
In late 2020, Method will begin using GradientAI’s predictive analytics model to roll- out low-touch automated underwriting for submissions less than $35,000 in premium incorporating.
“Streamlining our process with guided predictive analytics for smaller submissions will allow us to improve quote turnaround time from days to hours.” says Charles Smith, Operations Manager at Method.
Method is the managing general underwriter (“MGU”) of the Salus family of workplace injury products and services.
Source: Method