Gradient AI and Duck Creek Technologies Deliver Integrated Workers’ Compensation Underwriting and Claims Management Solutions, Leveraging Artificial…

LAS VEGAS--(BUSINESS WIRE)--Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, and Duck Creek Technologies, a leading technology solutions provider to the property and casualty (P&C) insurance industry, today announced integrated AI workers compensation solutions and their first joint customer, Builders Mutual Insurance.

The joint offerings bring Gradient AI's state-of-the art AI solutions to insurance carriers that leverage Duck Creeks platform for their operations. This powerful combination allows underwriters and claims adjusters to uncover and analyze key drivers of workers compensation policy and claim risks, better assess them, and minimize their claims exposure, within the platform they already use.

Builders Mutual Insurance, a leading insurer for the construction industry in the Southeast, has adopted the joint solution to streamline claims, better identify risks and save training time. As adjusters enter their notes into the platform, the AI model learns and becomes even more accurate.

Builders Mutual is also using the solution to address one of the most pressing issues in the insurance industry today, the rising talent shortage. During the next 15 years, 50% of the current insurance workforce will retire; leaving more than 400,000 open positions unfilled, according to the U.S. Bureau of Labor Statistics. It will be challenging to replace these insurance workers leaving a significant talent gap. According to an Aon and Jacobson Group recent study, 53% of P&C insurance companies plan to aggressively hire within the next 12 months.

To address this challenge in its own operations, Builders is using the joint Duck Creek and Gradient AI solution to leverage the knowledge of its most seasoned people and convert it to institutional knowledge. Builders Mutuals agents now have access to the AI model enhanced by the unstructured data from experienced agents notes over many years. This knowledge base allows agents to leverage the experience of a seasoned adjuster that would otherwise have been lost.

Our organization continually looks for ways to give adjusters the tools to help them identify risks and best serve injured workers so they can recover quickly and return to work as soon as possible, said Ken Bunn, vice president of Claims, Builders Mutual Insurance. The integration of Duck Creek and Gradient AI helps with both of those goals, allowing adjusters to work more efficiently and effectively. It also saves us significant time when training new adjusters and helps keep our quality of service consistent as seasoned adjusters retire.

Bunn added, Previously, new adjusters would have to sit beside an experienced adjuster for years to observe how they were handling claims. Now, thanks to this integrated solution, our newest adjusters can learn quickly and have guardrails in place as they are making decisions.

These integrated solutions are delivering a truly reimagined experience for workers compensation underwriting and claims management, said Rohit Bedi, chief revenue officer of Duck Creek. Builders Mutuals adjusters now gain insights from AI solutions that are fully integrated into our Duck Creek platform, which is already a part of their normal workflow. They are getting these insights where they can have the greatest impact, at the point of decision.

The integration of Gradient AIs technology and Duck Creeks platform empower workers compensation underwriting and claims teams to process and prioritize workplace injuries more effectively and efficiently, said Stan Smith, CEO of Gradient. Builders Mutual is an innovator leveraging technology to deliver a better customer experience and achieve a better return on risk."

About Duck Creek Technologies

Duck Creek Technologies (NASDAQ: DCT) is the intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit http://www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information LinkedIn and Twitter.

About Gradient AI

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 AIs 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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Gradient AI and Duck Creek Technologies Deliver Integrated Workers' Compensation Underwriting and Claims Management Solutions, Leveraging Artificial...