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![]() Press release
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![]() December 1, 2020 Workers’ Comp Insurance MGU Method Adapts Cutting Edge AI Solution to Streamline Underwriting
NASHVILLE, TN (December 1, 2020) – Method 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. About MethodMethod is the managing general underwriter (“MGU”) of the Salus (sey-luhs), family of workplace injury products and services. Method has extensive experience in all aspects of program management and a broad appetite for high-hazard, high-mod, mid-market risks. To learn more, visit https://www.methodinsurance.com. About SalusFounded by pioneers in the occupational medicine industry, Salus’ mission is to mitigate workplace injuries and deliver exceptional healthcare outcomes for injured workers, expediting a return to work, preserving families’ economic livelihoods, and enhancing employers’ productivity. Salus is headquartered in Nashville, Tennessee, with offices in Austin, Texas, Dallas, Texas, and Omaha, Nebraska. Salus is a WP Global Partners, Inc. portfolio company. To learn more, visit https://www.salusworkerscomp.com. About GradientGradient AI was founded in order to address the need for state-of-the-art Artificial Intelligence (AI) solutions designed specifically for the trillion-dollar insurance industry. AI has emerged as a disruptive force revolutionizing the way insurance professionals achieve their objectives, and Gradient is leading that charge. Our solutions include software and models utilized by many of the world’s most recognized insurance carriers, MGAs, TPAs, pools, PEOs and more. Gradient’s stellar client base continues to grow rapidly. Gradient’s team of expert data scientists and insurance technology experts have an exceptional history of building wildly successful insurance technology companies, with the most satisfied customers in the industry. At Gradient, we focus exclusively on delivering measurable results in your underwriting and claims operations. To learn more, visit https://www.gradientai.com. |