Boston, MA -(BusinessWire)- Gradient AI recently announced that Builders 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.