Service Lloyds Insurance Company has adopted GradientAI’s artificial intelligence (AI) solution to better predict risk and improve the pricing accuracy of its workers’ compensation policies. Service Lloyds leverages machine learning and a federated database with millions of underwriting records and claims records to harness the power of Gradient AI. By adopting these practices, Service Lloyds has moved beyond traditional underwriting methods that rely only on industry averages, and instead provides more accurate quotes based on the unique risks of each policy.
Jacob Clymer, chief operating officer, Service Lloyds, said, “Gradient AI is a power tool for our underwriters. Our experienced underwriters’ judgment coupled with Gradient AI’s risk assessment capabilities is a winning combination, enabling us to quote policies significantly more correlated with their unique risk.”
Clymer added, “The ability to blend our data with Gradient AI’s federated data has also been a key performance-enhancing factor especially as we enter new markets. It has helped us drive nationwide expansion, better meet customers’ needs and serve a broader range of industries.”
Service Lloyds recently geographically extended its operations while putting money into automation and technology to increase efficiency and improve customer service. Service Lloyds adopted Gradient AI’s technology as part of this endeavours to strengthen the underwriting procedure and enhance decision-making while increasing both the customer and agent experience.
Stan Smith, founder & CEO, of Gradient AI, said, “Insurers like Service Lloyds have an opportunity to reinvent the model that underlies the traditional underwriting process. Service Lloyds is leading the way on how to advance underwriting with the power of AI and data. We are pleased to support the company’s expansion efforts.