September 27, 2022
xx min read

InsureTech Connect: Team Takeaways

The intersection of insights and innovation . . . collaboration and challenge – that’s what Convr heard this year at InsureTech Connect (ITC) 2022 in Las Vegas, NV. It was busy . . . busy . . . and with so many comings and goings – demos and conversations, it was easy for attendees to get caught up in the mix of all the other vendors and happenings . . . but with Convr, this year’s event sponsorship further confirmed our purpose and value.\nOver the course of two days at ITC, September 21 and 22, Convr team members were able to talk with hundreds of conference goers about the efficiencies and advancements our platform can bring to Commercial P&C insurers, reinsurers, MGA’s, MGU’s, brokers and more through the power of artificial intelligence (AI).

What we do

Convr is an AI-based underwriting platform that digitizes and fuses submissions with best sources of data to surface underwriting insights, business classification and risk scores. At ITC, we met with some of the most tech-centric folks in the business – devoted to bettering the lives of insureds.\nAnd Convr’s platform can do just that, every day our software platform speeds submission to quote by simplifying and expediting the insurance underwriting process – improving the experience for customers and insurance underwriters along the way. With the quick return on investment our tool brings, ITC was the perfect space for #teamconvr to share what we bring to the table.

Here are some of our team’s greatest takeaways . . .

It’s clear that IT organizations across all categories of P&C commercial insurance are driving towards digitizing and modernizing their underwriting process. Organizations appreciate the flexibility that a solution, such as Convr can provide when integrating with their existing systems and accelerating their ability to modernize with little to no disruption. Modernizing, a Commercial carrier's underwriting process is no longer an after-thought, rather a key initiative heading into 2023 thanks in large part to the advances in AI and ML. Convr is best positioned to meet these requirements.\n– Greg Kranz, Chief Business Development Officer, Convr\n“The energy and spirit of innovation that’s focused on the insurance industry will surely benefit consumers and businesses who continue to rely on our industry to provide an essential foundation for financial stability. On the exhibit floor we saw an increased focus on quality user experiences and AI-enhanced tools. In our conversations and product demos we were reminded that we’re all better together.”\n– Fanette Singer, Chief Marketing Officer, Convr\nAlongside the big brands at ITC, our team was creating a buzz with boots on the ground. We were – and remain laser-focused on improving commercial insurance decisioning and efficiency with meaningful shared learning and lasting relationships.\nIf you missed us on-site – we still welcome you to meet with us for a demo and learn how we can integrate with your new or legacy technology – to bring you to the cutting edge of the future of insurance. Explore our product offerings here on Convr.com/platform.

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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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  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
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\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

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