Engage PEO Enhances Workers’ Comp Underwriting with Gradient AI
AI-powered Solution Increases Risk Appetite, Drives Profitability, and Spurs Rapid Expansion
Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, announced at NAPEO’s Risk Management Workshop that Engage PEO is leveraging its Underwriting Solution to enhance its workers’ comp underwriting process and fuel its business expansion as part of Engage PEO’s broader AI strategy to facilitate operational efficiency and improve results.
Engage PEO, a leading professional employer organization (PEO) offering HR outsourcing solutions to small and mid-sized businesses nationwide, has been experiencing tremendous growth recently. The company’s strong growth during the past several years has included the completion of five mergers and acquisitions, the addition of three operational centers, and a significant increase of clients and worksite employees.
To help meet this demand, Engage PEO implemented Gradient AI’s Underwriting Solution to enhance the accuracy and efficiency of its underwriting process. By leveraging the solution’s AI-powered predictive analytics and a large industry dataset, Engage PEO has enhanced its risk assessment capabilities, allowing for an increased risk appetite and better insights as it expands into new markets and services a broader range of clients.
“Gradient AI’s ability to harness AI to glean insights from its vast data lake, predict future outcomes, and make more informed decisions has contributed significantly to the success of our Work Comp program,” said Julie Cirillo, chief risk officer, Engage PEO. “It has even expanded our risk appetite – we now consider higher risks we previously would have declined quoting. The model enables us to accurately evaluate that risk, we have expanded our market reach and increased profitability. In addition, Gradient AI has significantly streamlined our underwriting process, reducing evaluation times from hours to minutes.”
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Engage PEO is also using Gradient AI’s solution to address talent shortages within the industry. By leveraging Gradient AI’s technology to capture and apply institutional knowledge, Engage PEO can onboard and empower less experienced underwriters, who now leverage Gradient AI’s underwriting solution to obtain an accurate risk prediction.
Gradient AI has also had a significant impact on the company’s sales and renewal season. Cirillo commented, “This year, we relied on Gradient AI during our busiest season from October through January, and the results were remarkable. Since the sales and renewals were driven by AI powered data insights, the experience was seamless for both our team and clients. It was the first time in 10 years I got to enjoy Christmas!”
“By leveraging the power of Gradient AI, Engage PEO is positioned to drive even greater success in the PEO industry,” said Stan Smith, founder and CEO, Gradient AI.
Not only is Gradient AI significantly enhancing Engage PEO’s underwriting process, but it is also being used to support the company’s M&A activities by evaluating segments of risk within a whole book of business. Julie Cirillo added, “This solution has assisted in integrating our acquired companies, allowing for fast and accurate review of both the portfolio and individual clients to ensure profitability is maintained with the transition to our risk-bearing program.”
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 AI’s software-as-a-service (SaaS) platform leverages a vast industry data lake 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, MGUs, 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.
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