Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced that Signal Mutual Indemnity Association has partnered with Gradient AI to more efficiently rank risks, triage claims and improve claim management performance.
Signal Mutual is the largest self-insured group provider of Longshore benefits in the United States. Its success stems from its unique business model for selecting, underwriting, and serving its members, while supporting the broader community of maritime employers. The Signal claims management and adjusting teams are highly regarded in the industry for their superior claim outcomes and unsurpassed service to the Association’s members.
With approximately 5,000 new claims each year, the Association is constantly seeking ways to improve its claims management efficiency and effectiveness. Recently, Signal Mutual turned to artificial intelligence and engaged with Gradient AI to optimize the workers’ compensation claims workflow and triage claims more efficiently.
With Gradient AI, Signal Mutual can now triage claims rapidly for more effective resolution. Simpler claims are sent to less experienced staff and processed quickly through expedited processes, while claims predicted to become complex are promptly assigned to more seasoned adjusters. This approach frees up internal resources to focus on claims that need more attention at the time when it is needed most.
Signal Mutual chose Gradient AI due to its extensive experience in AI within the insurance industry, as well as its predictive analytics capabilities for claims solutions and its vast industry data lake containing tens of millions of policies and claims.
“While we have only recently started integrating Gradient AI into our claims process, it’s already making a positive impact on the way we work,” said Ann Latimer, SVP and head of claims operations for Signal Mutual. “At Signal, we are committed to expediting injured workers’ return to work, minimizing claims costs, and enhancing our members’ claims experience. We look forward to continuing to leverage Gradient AI’s capabilities to resolve claims more quickly and reduce our overall cost of claims.”
Gradient AI has also collaborated with Signal to create an adjusters’ scorecard that leverages analytics to ensure members’ claims are managed effectively and efficiently, leading toward the best possible resolution.
In the future, Signal Mutual plans to further leverage Gradient AI’s industry data lake, benchmarking and reserves-setting capabilities.
“We are excited to support Signal Mutual’s goal of continuously improving its claims management operations and outcomes,” said Stan Smith, CEO and founder of Gradient AI. “Our suite of AI-powered solutions and the scorecards we’ve created together are just the beginning. We look forward to continuing our partnership with the Signal team to improve the claims experience for its members’ organizations and their employees.”
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 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, 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, please visit: https://www.gradientai.com.
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