A huge portion of commercial property and casualty (P&C) insurance applicants barely exist online. Many small and mid-size commercial insureds (the bread and butter of commercial insurance underwriting) are nearly invisible online.
Think about it . . . landscapers, contractors, florists and more. The food truck owners, small town auto mechanics and mom and pop shops . . . many don’t have:
- a website
- a strong social media presence
- consistent business filings
- complete insurance applications
Underwriting team members call this a low digital footprint risk and it’s a problem for them. When the submission comes in, they need to know if the business is real, if the owners do what they claim to do, and if the exposure is what the agent says it is.
But if the business has no digital presence, the underwriter is lost without their normal verification tools including website and online reviews, access to pertinent safety records and satellite exposure checks as well as prior filings.
That’s where Convr’s AI Underwriting Workbench shines. With our Biz Intel web search feature for low digital footprint companies, that hard to find information easily turns up for the underwriter within our underwriting platform.
The Convr Underwriting Workbench’s Biz Intel can uncover:
1) Business Classification
2) Appetite relevant exposures
3) Number of employees
4) Revenue
It turns an unknown into a knowable risk, giving the underwriter the opportunity to decide whether or not to write the risk rather than to spend time investigating it further. It’s a shortcut for underwriting team members of all levels as they spend less time searching for the details that move the decision.
All in one place:
In the Convr AI Underwriting Workbench, every new submission with the web option enabled, runs Biz Intel and returns the results inline. The hard-to-find details land next to the submission you're working on, not three tabs away from it.
Why it matters:
Low-digital-footprint submissions take time that underwriters often can't justify spending. Enrichment surfaces the missing data automatically, so accounts that would have been deprioritized – or declined for lack of information – become writable.
Convr’s Biz Intel users get:
1) First-quote advantage: Brokers place business with the first to quote. If your underwriting team is out searching Google, the Secretary of State, checking maps and emailing questions – you could be missing out on deals. With Convr AI data enrichment, the data comes to the underwriter instead of the other way around – and the first quote is more often yours.
2) Reduced referral dependency: When reliable information on low digital footprint companies is available in the file, more submissions can be decided where they land. Junior underwriters escalate only the accounts that genuinely need a second set of eyes. Senior underwriters spend their time on the complex risks and judgment calls that actually require their experience – not on questions a richer file would have answered on its own. Across the team, consistency improves and cycle times tighten.
3) Greater portfolio profitability: This is the real return on investment. Commercial carriers rarely lose money on catastrophic risks. Instead, they lose money on thousands of slightly mispriced/misunderstood small and mid-size policies – and low-visibility insureds are exactly where this is most common.
Convr's AI Underwriting Workbench isn't a productivity system. It's a loss ratio control system. If thin-file submissions are costing your team time or premium, we should talk – visit us at convr.com today.
