Gradient AI deepens partnership with employees’ comp insurer

Enterprise software program supplier Gradient AI has introduced an expanded relationship with employees’ compensation insurer MEMIC. This announcement was made through the WCI 2023 Conference, marking a major step ahead of their collaboration.

MEMIC has already been using Gradient AI’s underwriting resolution to enhance danger prediction and seize institutional data. Now, they’ve determined to leverage Gradient AI’s capabilities additional to boost their claims administration outcomes. This expanded settlement will see MEMIC using Gradient AI’s ClaimsBenchmarking and Total Incurred Prediction options.

The ClaimsBenchmarking resolution permits MEMIC to establish traits and outliers inside their claims knowledge, enabling them to refine their decision-making course of and enhance reserve administration. By evaluating their claims’ reserves to business norms, MEMIC’s claims managers can decide if a reserve is enough or requires adjustment.

The Total Incurred Prediction resolution permits MEMIC to foretell the longer term price of every case, enabling claims managers to set reserves inside a sure vary primarily based on these predictions. This method gives a extra correct and constant technique for managing reserves, guaranteeing that future predictions align with predetermined parameters, Gradient AI stated.

With roughly 11,000 open claims at any given time, MEMIC is continually in search of methods to boost the effectivity and accuracy of its claims administration operations. Recognizing the worth of synthetic intelligence and machine studying, MEMIC selected Gradient AI’s Benchmarking and Total Incurred Prediction options to optimize declare outcomes, scale back prices, and enhance reserve accuracy.

“Our claim team is excellent but Gradient AI takes our game to a new level,” stated Matt Harmon, senior vp of claims at MEMIC. “The benchmarking tool compares individual claims to similar industry claims. It highlights those claims deviating from norms, enabling us to decide if reserve levels are adequate. Adequate reserves create greater accuracy when calculating experience modification factors, and in turn, better serve the interest of the policyholder and MEMIC alike.”

“MEMIC’s visionary approach to unleashing the potential of data within its workers’ comp claim operations is commendable,” said Stan Smith, founder and CEO of Gradient AI. “Through strategic benchmarking against industry-wide data, and leveraging powerful predictive insights, the company is poised to elevate the precision of its case reserves, amplify claims management effectiveness, and enhance its ability to grow profitably. We are proud to provide industry-leading underwriting and claims management solutions and thrilled to continue to support MEMIC on its journey toward greater excellence.”

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