The Builders Group taps into AI-powered solution

The Builders Group taps into AI-powered solution | Insurance Business America

The Builders Group taps into AI-powered solution

Insurance software provider Gradient AI announced that The Builders Group (TBG) is using its solutions to streamline claims and to better evaluate underwriting risks.

TBG offers workers’ compensation policies for contractors, builders, remodelers, subcontractors and suppliers. The group’s self-insured and member-owned workers’ compensation fund counts nearly 700 member companies.

In a release, TBG explained that it selected Gradient AI to reduce the cost of claims and improve its underwriting risk assessment. The solution is AI-powered, which means it learns from both TBG’s data and Gradient AI’s industry data with “tens of millions” of claims and underwriting records.

On the claims side, Gradient AI’s solution enables adjusters to conduct earlier claim assessments, evaluate risk KPIs, and drive better outcomes. And on the underwriting side of things, Gradient AI will help TBG assess risk more accurately for workers’ compensation policies.

Gradient AI can also integrate with the cloud-based Origami Risk insurance platform, a claims management solution for consolidating claims data and streamlining workflow processes. This feature enables TBG to work more efficiently.

“We selected Gradient AI because of its vast industry dataset containing tens of millions of claims and policies, excellent customer service and extensive experience in AI and insurance,” said TBG CEO Stu Thompson. “As a result, our underwriters and claims adjusters can perform their jobs more proficiently. And because Gradient AI’s solutions seamlessly integrate with the Origami Risk insurance platform, our users will be able to obtain key decision metrics within the same platform that they are using to quote policies and manage claims.”

TBG also hopes to utilize Gradient AI’s solution to capture and retain the expertise of seasoned talent, to prevent a potential talent gap.

“The Builders Group, known for its technology innovation, is using AI to better predict risk and improve efficiencies for both workers’ compensation underwriting and claims,” said Gradient AI founder and CEO Stan Smith. “With Gradient AI, TBG can leverage our industry data lake and their own data to gain deeper insight into claims and underwriting risks.  We are thrilled to be working with TBG to help it manage claims more efficiently, speed quote turnaround times, and most importantly, deliver better outcomes and experiences for its members and their employees.”

Last week, managing general underwriter Medical Risk Managers (MRM) announced that it is also using Gradient AI’s solutions. Specifically, MRM is using Gradient AI’s SAIL product to offer stop-loss insurance to small, self-funded groups.