Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that Columbia Insurance Group has selected its solutions to innovate its claims operations for both workers’ compensation and commercial auto claims.
Columbia Insurance Group is a property and casualty (P&C) carrier serving customers and independent agents across 14 states in the Midwest and Southeast. Recently, the insurance group was seeking a better approach to reduce claims duration and reach more accurate claim settlements for clients. Columbia turned to Gradient AI to help it identify and quickly address workers’ comp and commercial auto claims with higher potential severity, while better managing costs and reducing risk for the company’s clients.
Gradient AI’s claims management solution identifies high severity claims earlier, enabling Columbia’s adjusters and supervisors to act before these claims develop into high-cost drivers. Additionally, in an industry facing a generation of adjusters that will soon retire, Columbia saw Gradient AI’s solution potential to capture and retain the expertise of seasoned adjusters with decades of industry experience and transfer it to newer employees, reducing training time dramatically.
“Gradient AI’s solution will allow us to settle claims faster, fairer and more accurately, delivering a better customer experience,” said Michael LeBlanc, vice president of claims at Columbia Insurance Group. “Its large, federated database, blended with the data from our current claims management system, will help us to learn from tens of millions of claims observations throughout the industry, providing us with important insights.”
Gradient AI’s claims solution enables teams to triage claims by predicting the risk level of new and existing claims automatically. It transforms claims operations from a reactive process to a proactive one, enabling insurers to identify high-risk claims before they explode into significant cost drivers. Gradient’s AI-powered solutions are more accurate than other solutions because they not only learn from an insurance company’s own data, but also from a high-resolution industry federated database with millions of observations and ten times (10x) the features of legacy assessment processes.
“By incorporating AI into its claims process, Columbia Insurance Group is revolutionizing the way its claims administration and settlement operations are handled in the workers’ compensation and commercial auto insurance areas,” said Stan Smith, founder and CEO of Gradient AI. “We are pleased to partner with an insurance industry leader of the caliber of Columbia as it processes and settles claims more quickly and accurately, a scenario where everybody wins.”
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’s software-as-a-service (SaaS) platform leverages a vast dataset comprised of 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, TPAs, risk pools, PEOs and large self-insureds 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, please visit: https://www.gradientai.com.
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