Convr Expands Document Extraction Capabilities to Include E-Mods

Since our founding in 2016, Convr has been dedicated to the continuous improvement of our underwriting workbench. Evidencing this commitment is our recent expansion of our worker’s compensation insurance underwriting capabilities. For that, Convr’s Intake AI product is now extracting Experience Modification Ratings or Experience Modification Factors, documents also known as E-Mods.

Intake AI and E-Mods
Convr’s artificial intelligence (AI) technology is used to automatically extract, organize, and analyze information from E-Mod documents. And our AI is used to streamline and automate the handling of unstructured data from a variety of other asset types as well, including the following:

• PDFs
• ACORD Forms 
• Loss Runs 
• SOVs 
• Broker Forms 
• Emails 
• Microsoft Excel Spreadsheets 
• Declaration Pages 

 Plus, our AI also can interpret and extract handwritten notes via Optical Character Recognition (OCR) and uses Natural Language Processing (NLP).

Our Intake AI document extraction tool benefits insurance underwriting teams by reducing the need for manual data entry and enabling faster, more accurate processing of information.

Why this Feature Matters:
Adding E-Mod worksheets to the list of documents Convr extracts is big news for the worker’s comp world as these documents list losses and exposures for the past three years. The data-rich experience modifier worksheet provides deep insights into the worker’s comp risk of an insured. For companies in high-risk industries, the E-Mod can significantly affect the cost of worker’s comp insurance, sometimes by thousands of dollars annually.  

All that crucial data needs to be extracted into a structured format so it can be reviewed by underwriting team members who are evaluating the risk. This amounts to real value and real results for worker’s comp underwriting teams.

Why Convr?
What does Convr do for worker’s comp underwriting teams? Our Convr AI Underwriting Workbench eliminates manual submission processing by digitally ingesting, enriching and analyzing underwriting documents. It is an honest statement that there is no other company that does what we do.

For every submission, Convr extracts key data points and augments the information with our Risk 360 AI data lake and third-party data sources to broaden and deepen the risk profile. By automating and digitizing worker’s comp insurance applications, underwriting teams are able to quote faster, with more nuanced insights and greater confidence.

Learn more at convr.com and see how we can help your underwriting team streamline data handling, minimize manual effort, and improve accuracy.