January 16, 2024
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Convr’s Processing Speed Advantage

Our platform was built to understand the formats of data contained within the many commonly used document types and attachments to support speed of ingestion

The Convr Underwriting Workbench has a variety of methods and mechanisms built-in to provide quick responses to users. We’ve selected a few examples for your edification.

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Training and Tuning forms in the submission process supports processing speed. When a new submission is received within the Convr platform, data is ingested and aggregated within our submission hub. Our platform has been built to understand the formats and layouts of such data contained within the many commonly used document types and attachments to support the speed of ingestion. Ingestion speed is assured by the continuous training and tuning of our software.

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Convr expedites clearance using stages for file preparation to increase processing speed. Our approach to file preparation is extracting in steps starting with ACORDs and email. Once this step is completed, then we extract the data from SOV’s and loss runs and supplemental forms. By prioritizing in this way, the clearance/account setup process takes in only the necessary information for each step in the process.

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Sequential Processing expedites access from large data sets by consuming in chunks rather than all at once. Within the Convr Underwriting Command Center platform, we ensure quick response time whether it’s retrieving data from customer data or the Risk 360 AI data lake with Sequential Processing. Whenever third-party data is ingested, processed, and accessed from the Convr Risk 360 data lake, we use Sequential Processing to our customers’ advantage.

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Concurrent Processing is another methodology used by Convr for simultaneous task management. This is how we ensure fast response time for external data operating asynchronous tasks. An example of this approach is also from the submission process wherein the Convr Underwriting Command Center platform executes multiple API calls concurrently using asynchronous tasks. That translates directly to processing speed.

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For more detail, with each external API call, the Convr application places a task request on a set of queues that distributes tasks among multiple workers. This allows each worker to operate on many task requests at the same time. For example, one underwriting team member can action two task requests simultaneously–-one for property data and another for a review, and another underwriting team member can be processing a valuation data request. The results from each external API call can be completed at the same time and stored. Concurrent processing is just one of many ways we ensure quick and complete responses for a pleasant user experience.

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It’s just a part of the technology that lies at the core of the Convr Underwriting Command Center platform that was designed for speed.

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Accelerate Your Commercial Underwriting

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Convr's AI patented technology is transforming the commercial Property and Casualty (P&C) Insurance underwriting process by automating critical steps of underwriting, improving accuracy, and enhancing decision-making. By leveraging advanced technologies and machine learning, the process enables insurers to streamline their workflows, reduce manual effort, and ultimately make better-informed underwriting decisions. As the insurance industry continues to evolve, our artificial intelligence (AI) will play a critical role in shaping the future landscape of commercial insurance underwriting.

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If you want to see how Convr’s AI technology could help your underwriting teams increase efficiency and quote business faster, sign up now to meet with our team.

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Everyone knows the best models win at taming documents!\nOur Intake module ingests and enriches data from both structured and unstructured documents including PDFs, Excel and emails across commercial property and casualty (P&C) insurance asset types, including ACORDs, Inspection Forms, SOVs, Loss Runs, Schedules, and more.

Powered by Convr AI and the Risk Context Engine – a purpose-built commercial insurance ontology, knowledge graph, and semantic layer that powers a multi-line schema – transforming fragmented submissions into structured, decision-ready intelligence. By grounding every document, application and data source into a consistent schema, Convr Intake ensures contextually complete, consistent, and reliable data from the start. The result is faster processing, fewer manual touchpoints, and improved risk clarity for accelerated MGA Growth.

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By eliminating re-keying and reducing back-and-forth data gathering, submissions are ready to quote in less than 10 minutes! This is how our MGA customers underwrite smarter and faster to unlock substantial written-premium growth without adding to headcount.

If you’re exploring ways to scale faster with AI, better data and meaningful operational efficiency, Convr welcomes the opportunity to share how leading MGAs are using Convr today.\nJust reach out to Convr today to see how we can help!

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Are You Ready for an Underwriting Workbench? 4 Signs You’re Ready to Implement Now

A commercial property and casualty P&C insurance carrier’s sustainability and long-term success is best determined not only by their approach to solving today’s problems, but how poised they are for adaptation and future growth.\nUnderwriting workbenches are a powerful and effective solution to solving some of today’s top underwriting issues, but how they align to an organization’s existing processes, technologies and long-term goals will ultimately determine their success and lasting power.\nFor underwriting teams and commercial insurance organizations as a whole, there are some not-so-subtle signals that your underwriters could be ready for an underwriting workbench now and for many years into the future.\nTake a look below to see how these four signs show up across the people, processes and technology within your organization:

  1. Underwriting team members are forced to toggle between multiple systems to evaluate a single risk, losing valuable time that could be used working on other higher-value submissions
  2. Critical data is manually rekeyed or copy-pasted across tools, rather than being automatically and consistently captured, losing efficiency and productivity
  3. Documents such as PDFs, loss runs and emails, etc. are driving most underwriting decisions but are fragmented, manually processed files and hard to operationalize
  4. Quote and bind turnaround times are inconsistent or slipping, resulting in missed opportunities and losing business for your organization

\nOur team has deep insurance experience—so we get it. It’s tough to get everyone on board to implement a new tool or end-to-end solution . . . but the number of companies that have realized quick wins with Convr’s off-the-shelf, AI underwriting capabilities is remarkable—so why wouldn’t you give us a go? \n \nIf you’ve done a simple search online, you’ve likely already discovered the Convr AI Underwriting Workbench, considered our capabilities and have some understanding of how our solutions can solve some of your team’s biggest problems. Powered by a commercial P&C insurance ontology, our workbench enriches and expedites submissions decisions – reducing submission through quote times by 70%, increasing new business win rates, and quickly identifies renewal material changes. \nWith Convr you can start with the module that addresses your biggest bottleneck today, then grow into Convr's broader workbench over time. As a refresher, here are some proven off the shelf solutions you might consider: \nIntake: Our Intake engine eliminates manual submission processing by digitally ingesting, preparing and analyzing underwriting documents. For every submission that flows through your business, we extract key data points and augment the information with third-party data to broaden and deepen the risk profile. By automating and digitizing the insurance application process, underwriting teams can quote faster, with more confidence, enhanced application data and deeper insights. \nRisk 360: Commercial insurance underwriting teams can streamline research and enhance applicant data by enriching submissions with the power of AI. Risk 360 is a vast data lake comprised of the digital footprint of millions of businesses—built with an underlying knowledge graph that unleashes detailed insights from the intersection of tens of thousands of data elements. \n \nConvr AI: Deep Learning Models, Agentic and Generative AI are assistive to users generating a risk summary from submission data and helping customers perform their workflow tasks with greater ease, improving productivity. \nConvr has the skill and enthusiasm to quickly roll-out your project and implement one of these programs today. These off-the-shelf options we presented above are standard implementations that can be up and running for your operation in as few as four weeks and are a great way to advance your team’s underwriting business goals. Just ask and we’ll give you a customer reference that recently got up and running in as few as 19 days!\nTo learn more about the many modules within Convr’s AI-powered underwriting workbench contact us today at convr.com. \n

Realize End-to-End Underwriting Excellence with Convr AI

Experience how commercial P&C insurance organizations benefit from submission through quote with a frictionless process enriched by AI decisioning, empowering them to make better decisions, faster.