Gradient AI, an enterprise software company providing artificial intelligence solutions to the insurance industry, announced an expanded relationship with MEMIC, a Florida-based workers’ compensation insurer. MEMIC is leveraging Gradient AI’s technology to enhance its claims management outcomes.
Gradient AI offers tools for claims benchmarking and total incurred prediction. The benchmarking solution compares individual claims to similar industry claims, highlighting any abnormalities to determine if the reserve for a specific claim is on target. The total incurred prediction solution predicts the future cost on a case-by-case basis, allowing MEMIC to set future reserves within a certain range of the predicted cost.
By using Gradient AI’s products, MEMIC plans to identify trends and outliers, improve the decision-making process and refine its reserve management processes.
