PrestigePEO Leverages AI-driven Insights for Informed Decision-Making and Optimal Pricing Strategies
Boston, MA March 19, 2024 – Gradient AI, a leading enterprise software provider of artificial intelligence (AI) solutions in the insurance industry, today announced successful results of the implementation of its SAIL™ AI Solution by PrestigePEO, one of the nation’s largest professional employer organizations (PEO).
SAIL provides comprehensive insights into group health risks, enabling data-driven decision-making, smarter underwriting, and more accurate pricing strategies. In PrestigePEO’s case, which offers large-company employee benefits and HR services to small and medium-sized businesses (SMBs), SAIL enables the company to identify both good risk and bad risk among SMB populations covered under its umbrella of services and streamline group insurance selection processes while supporting its growth strategy.
Before adopting SAIL, PrestigePEO faced challenges in acquiring comprehensive information about the risk profiles of various groups, hindering its ability to make informed underwriting decisions for group health insurance for the SMBs it serves.
Gradient AI’s SAIL Solution has significantly enhanced PrestigePEO’s underwriting process. By harnessing SAIL’s advanced machine learning capabilities and vast de-identified data sources, PrestigePEO now possesses a comprehensive understanding of group risk profiles. This knowledge empowers its underwriters to make data-driven decisions, leading to more accurate pricing and improved risk management strategies.
Andrew Lubash, PrestigePEO founder and CEO, said, “The knowledge derived from SAIL enables PrestigePEO to strategically determine pricing for plans tailored for SMBs. This AI solution recognizes different risk factors, providing guidance on adopting a more assertive pricing approach during low-risk scenarios and when to reconsider or adjust pricing to accommodate higher risks. This aids in gaining a deeper understanding of the marketplace dynamics and the businesses we engage with, ultimately enhancing our decision-making process.”
“SAIL has significantly improved PrestigePEO’s underwriting process,” said Stan Smith, founder and CEO of Gradient AI. “By providing actionable insights into group risk profiles, SAIL enables PrestigePEO to make better and more informed decisions, ultimately leading to improved loss ratios and enhanced profitability.”
About PrestigePEO
Melville, N.Y.-based PrestigePEO, also known as Prestige Employee Administrators LLC, provides integrated, end-to-end outsourced solutions to small and medium-sized businesses (SMBs) for managing all integral benefits and human resources operations. This includes support for employee benefits management, payroll administration, workers’ compensation, compliance, and HR guidance, among other areas. PrestigePEO’s full spectrum of solutions helps SMBs lower employee benefit costs, reduce administrative workloads, and manage critical HR functions.
PrestigePEO is among only 1% of PEOs accredited by the Employer Services Assurance Corporation (ESAC), certified (CI) through Workers Comp Risk Management and classified as a Certified Professional Employer Organization (CPEO) by the IRS – demonstrating financial stability and strict adherence with a diverse range of regulatory and security standards.
To learn more, visit www.prestigepeo.com and follow PrestigePEO on Facebook, Twitter, LinkedIn and YouTube.
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. To learn more about Gradient AI, please visit https://www.gradientai.com.
