Case Study: MEMIC improves loss ratios and underwriting speed with Gradient AI

MEMIC Overcomes Covid Pandemic Challenges, Driving Growth with AI and Internal Initiatives

MEMIC, a workers' compensation insurer, faced challenges in driving growth while improving underwriting accuracy and managing a talent shortage. To overcome this, they partnered with Gradient AI to implement its AI-enabled underwriting solution, seeking to modernize their traditional processes and make more informed risk assessments.

Using Gradient AI's models and vast industry data lake, MEMIC empowered its underwriters to make more nuanced and accurate decisions. This partnership proved vital when the COVID-19 pandemic caused major disruption, and the solution helped MEMIC achieve a significant measurable impact, including a more than 20% improvement in its loss ratio over two years while also helping to capture institutional knowledge to address its talent gap.

MEMIC

Greg Jamison

Senior VP of Underwriting