AI Underwriting Software For Worker’s Comp Insurers
June 15, 2023
WriteSpeed, an artificial intelligence solution that allows workers’ compensation insurers to rapidly leverage AI-enabled underwriting, will accelerate time to value, according to software provider Gradient. The company’s model has been tested on “millions of policies” and is said to deliver significant value in evaluating policy risk, “enabling insurers to make informed underwriting decisions and accurately price policies.” According to the company, it will allow insurers to assess the risk of policy submissions without requiring internal IT resources or customization. That should allow them to price policies more accurately, quote policies they might have declined, and decline policies they might have quoted. From a risk management point of view, it might make for more competition in the Worker’s Comp field by helping insurers who’d like to write policies but don’t have the data resources readily available.
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