BOSTON--(BUSINESS WIRE)--Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced the launch of WriteSpeed, a turnkey solution that allows workers’ compensation insurers to rapidly leverage AI-enabled underwriting, accelerating time to value.
WriteSpeed leverages Gradient AI’s vast industry data lake to deliver a pre-trained AI model that workers’ compensation underwriters can put to work immediately using the easy-to-use WriteSpeed solution web portal. With WriteSpeed, insurers can assess the risk of policy submissions without requiring internal IT resources or customization. The pre-trained model has been trained on millions of policies and delivers significant value in evaluating policy risk, enabling insurers to make informed underwriting decisions and accurately price policies.
Integrating AI into underwriting is often challenging because of the massive amounts of formatted data that AI models require, which insurers often lack. As a result, data preparation can be time-consuming, error-prone, and potentially require third-party experts. Even after data preparation is complete, additional time is needed to train AI models. With WriteSpeed, insurers can bypass these steps and immediately benefit from AI-enabled underwriting. Insurers can also gain additional value when they are ready, by adding their own data to further enhance the accuracy of Gradient AI’s pre-trained model.
“I think WriteSpeed is a great solution. I really like its simplicity and ease-of-use. It enables insurers to start leveraging AI in their underwriting from day one with very little effort,” commented Stu Thompson, CEO of The Builders Group, a self-insured workers’ compensation fund exclusive to the construction trades, and a Gradient AI underwriting and claims management client.
By providing deep insights into underwriting risks, WriteSpeed empowers insurers to price policies more accurately, quote policies they might have declined, and decline policies they might have quoted, all from day one. As a result, insurers can achieve greater operational efficiency and add an entirely new level of insight to their underwriting process. WriteSpeed facilitates rapid return on investment (ROI) without imposing any demands on internal IT resources.
WriteSpeed also puts insurers on an accelerated path to a powerful, fully integrated AI implementation. Its scalability enables insurers to easily move from the web portal to full integration with their insurance operating system, allowing AI to be embedded directly into their operations.
“WriteSpeed is a game changer for businesses looking to leverage the power of AI in their underwriting operations, without the typical data-related hurdles, roadblocks, and delays,” said Stan Smith, founder and CEO of Gradient AI. “With our pre-trained models learning from one of the industry's largest data lakes, insurers can reap immediate benefits. This helps make AI in underwriting more accessible to businesses that want to get started but may not have the data resources readily available.”
WriteSpeed has moved from the pilot phase into production and is now available immediately.
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 comprising 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-insurers 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.