Nasvhille, TN – Origami Risk recently announced that Method Insurance Services (Method), a managing general underwriter specializing in workers’ compensation insurance, will enhance the effectiveness of its technology-based tools and resources with the addition of Origami Risk’s Policy Administration Solution Suite.
Along with streamlining Method’s policy administration workflows, Origami will integrate with artificial intelligence and machine learning capabilities of Gradient AI into its popular, cloud-based platform.
Among the first steps in its drive to accelerate its rate to quote and enhance the accuracy of its risk pricing model, Method has been utilizing Gradient’s Artificial Intelligence Predictive Underwriting Model since early 2020. The model enables Method to predict the number of claims each policy is likely to have and the probable losses associated with them. Gradient’s AI trains on tens of millions of data points to perfect their proprietary pricing models. Leveraging Gradient’s federated data sets with an eye towards entering into new markets, Method has seen a 12X increase in quoted business since adoption.
Origami’s platform will enable Method’s underwriting and loss data to be automatically fed real-time to Gradient AI, enhancing its ability to respond to submissions and lower loss ratios. The platform will also bring new functionality that will improve customer interfaces. Ease of integration was a key factor in the decision to utilize the Origami/Gradient solution.
“We’re excited about Origami’s ability to integrate quickly and seamlessly with Gradient AI along with new tools it will bring to enhance agent and customer experiences,” said Charles Smith, Director of Operations, Method. “This solution set is a perfect match for our business model, which leverages technology to drive speed, accuracy, efficiency and rapid growth.”
“We’re amazed at how well our capabilities complement those of Origami,” said Stan Smith, founder and CEO, Gradient AI. “The combination of our resources should help Method achieve its vision of quickly building market share, accelerating its geographic expansion, retaining accounts and winning new business, all while underwriting profitably.”
“Our ability to deliver and implement a state-of-the-art insurance technology solution for Method demonstrates not only the versatility of our platform, but also the experience and commitment of our service team and their ability to collaborate effectively with our clients,” said Christopher Bennett, president, Core Solutions division, Origami Risk. “We have built a strong reputation for helping our clients drive efficiencies and improve performance through steady innovation and by tailoring our tools and functionality to their individual needs.”
Source: Origami Risk