May 7, 2024
xx min read

Getting to Straight-through Processing with Convr AI

Straight-through processing (STP) of submissions might sound like a pie in the sky concept when your underwriting team is entrenched in the grind every day, but with artificial intelligence (AI) on your side it can’t be a concept that’s too far off.\nAI has become the most transformative technology of our time, tackling some of humanity’s most challenging problems—so it’s not hard to imagine Convr AI has successfully applied the technology solving some of commercial property and casualty’s (P&C’s) biggest challenges. \nConvr is working to automate the entire underwriting process from the initial application submission to the final policy issuance and historical review all while enabling underwriting teams to glean data and insights in line with their workflow and guidelines from our Risk 360 AI data lake. \n \nOur modularized AI underwriting and intelligent document automation workbench enriches and expedites the commercial insurance new business and renewal submission flow with underwriting insights, business classification and risk scoring.\nTo achieve STP you often need to integrate various technologies and automate different processes into your work, but with Convr’s innovative AI, that heavy-lifting has already been done for you. Each of our four modules can deliver significant process and insight improvements that result in measurable bottom-line improvements for customers: \nIntake AI \nThe journey to optimizing the underwriting process starts with Intake AI. With Intake AI we gather submission documents such as applications and loss runs, and then fuse them with third-party data using intelligent document processing (IDP). Documents are then converted into a structured format ready to be reviewed by your underwriting team. \nRisk 360 AI \nOnce your underwriting team finishes assembling the submission documents, they begin to research the risk. Our Risk 360 AI pulls business insights from thousands of third-party data sources—such as government entities, public records and company websites—and prioritizes the most relevant and accurate information in minutes. \nAnswers AI \nWith massive amounts of data gathered, Answers AI allows underwriters to get fast answers to their specific underwriting questions from our patented, trained AI models. Answers AI identifies risks that underwriters might miss. \nRisk Score AI \nPrioritizing each submission is the work of our Risk Score AI. This score helps the underwriter optimize the selection and prioritization of risks for evaluation and ensures the quoted business fits their risk appetite. \n \nCombined, our suite of products create a frictionless process enriched by AI decisioning, empowering your underwriting teams to make better decisions, faster. Our commercial underwriting workbench delivers superior performance, optimal efficiency and world-class customer experiences to empower your teams to digitally transform how they do business in a matter of weeks.\nAt Convr AI, we’re passionate about the commercial P&C insurance business. As a trusted technology partner and advisor with deep industry expertise, we help insurance organizations transform their underwriting operations through our AI-driven digital underwriting analysis platform.\nAt Convr, we’ve set out to solve the last big problem of commercial insurance while improving profitability and increasing efficiency. So if you’re looking to get ahead of the curve with your underwriting operations this year, you can explore our offerings at https://convr.com/platform/. \nOr request a demo from Convr’s Business Development team today here: Book Now!

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More articles on AI, underwriting and the future of commercial P&C.

XX MIN READ

Convr Accelerates MGA Growth

From Intake automation efficiency to data modeling for hidden insights, Convr is helping Managing General Agents (MGAs) turn fragmented submission documents into structured, enriched data – accelerating clearance, rating, and quote times to unleash profitable growth.

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.

Through Risk 360 – a commercial insurance data lake comprised of the digital footprints of millions of businesses – Convr standardizes addresses, performs geo-coding, enriches submissions with CAT modeling codes, and adds property intelligence data such as distance to coast and other hazard indicators. The enrichment delivers a holistic decision-ready view of risk prepared for underwriting, rating, and carrier reporting.

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!

XX MIN READ

Convr® Evolves Data Catalog for Faster, More Transparent Underwriting

Convr®, took a leap toward delivering the next big advancement in artificial intelligence (AI) underwriting through the enhanced performance and usability improvements of its Data Catalog within its commercial insurance underwriting workbench in 2026. Convr’s Data Catalog makes it easier for underwriting team members to discover the thousands of data sources that are compiled in Convr’s Risk 360 data lake.\nThe leading artificial intelligence (AI) company serving commercial insurance organizations with its underwriting workbench implemented a new view for the company’s Data Catalog which aligns with its commitment to transform the commercial insurance underwriting industry and enables frictionless underwriting.\nWithin the model, users can easily glean insights from its extensive list of nearly 3,000 external data sources. Underwriters can also search across all Convr data sources, filter through the list by location, and view detailed information about each source with greater clarity. This new format allows users to quickly understand what data is available and how frequently it is refreshed.\nWhat it shows:The Data Catalog displays detailed information about each data source, including:

  • Source name
  • Data type
  • Source update frequency
  • Convr update frequency
  • State
  • Last updated date

The new table format makes it much faster and more intuitive for users to locate the data they need. The clickable links are up-to-date avenues that serve as a streamlined source to greater information and transparency into submission data. Our customers have much to gain from this new functionality.\nTogether, these advancements within the platform's user interface mark a pivotal moment, advancing the industry toward a more intelligent and trustworthy underwriting process built on accessible, high-quality data.

XX MIN READ

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.