BTIS Adopts Gradient AI to Improve Risk Assessment in Workers' Compensation Policies
June 27 2024 - 9:02AM
Business Wire
AI-Driven Underwriting Solution Enables BTIS
to Assess Risk More Accurately and Accelerate Quote Turnaround
Time
Gradient AI, a leading enterprise software provider of
artificial intelligence (AI) solutions in the insurance industry,
today announced Builders & Tradesmen's Insurance Services, Inc.
(BTIS), has adopted its underwriting solution to better predict
risk and improve the pricing accuracy of workers' compensation
policies.
BTIS, a Managing General Underwriter (MGU), is a nationwide
insurance intermediary focused on serving small businesses with a
wide range of commercial insurance lines. The company is dedicated
to building strong partner relationships through outstanding
service and innovative insurance solutions. BTIS has experienced
significant growth over the past 25 years. To sustain and build on
this momentum, the company wanted to enhance its underwriting
process to write more profitable policies while efficiently scaling
its workers' compensation business.
BTIS selected Gradient AI’s underwriting solution to evaluate
risks with greater precision and speed, enabling the company to
capture more business and reduce loss ratios. Gradient AI’s risk
scoring and underwriting model helps BTIS assess risk more quickly
and guide pricing decisions. This allows BTIS to create highly
customized and cost-effective workers’ comp policies for its
carrier customers, and deliver quotes faster than before.
“After seeing the success of Gradient AI with one of our carrier
partners, we decided to integrate it with another carrier and into
our proprietary workers' compensation underwriting platform,” said
Paul Hohlbein, president of BTIS. “We evaluated several options and
chose Gradient AI because of its leadership in the field.
Leveraging AI is key to enhancing the underwriting process for our
customers and carrier partners. We are committed to delivering a
world-class experience through our workers' compensation
marketplace, and Gradient AI is a crucial part of our
strategy."
Stan Smith, CEO of Gradient AI, added, "We are excited to
partner with BTIS in its efforts to improve underwriting accuracy
and efficiency. Our AI-driven underwriting solutions are designed
to help MGAs like BTIS and other insurers achieve better outcomes
by leveraging large, industry specific datasets and advanced
machine learning models. We look forward to supporting BTIS as they
continue to expand their work comp book of business aggressively
and profitably."
In the future, BTIS plans to leverage Gradient AI’s underwriting
solution with additional carriers as its business further
expands.
About Gradient AI
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 AI’s
software-as-a-service (SaaS) platform leverages a vast industry
data lake 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, MGUs, TPAs,
risk pools, PEOs, and large self-insured employers 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 AI, please visit: https://www.gradientai.com or follow on
LinkedIn or X.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240627500247/en/
Media Contact Elyse Familant Results PR
elysef@resultspr.net