Blog

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Today you can’t turn anywhere without hearing about the latest artificial intelligence (AI) engines. Whether it’s Bard AI, ChatGPT or other emerging tools, AI has become ever present. Schools, businesses, and governments are consumed with staying abreast–both defensively and offensively. For commercial insurance organizations the challenge is no different. Artificial intelligence will likely find its place as an important participant in key issues.

1. Material Change Visibility: With these challenging economic times your insureds may knowingly or not be exposing you to additional exposures. You’re probably aware that your insureds are carefully managing their expenses and even cutting costs. They may be actively shopping their insurance. They may also be creating or overlooking new exposures. 

Our customers gain access to the holy grail of insurance management: access to material change updates. We provide commercial insurers with the ability to surface changes in business exposures, including locations, violations, vehicles, employees, new risks and more. And we do this on whatever schedule works best for your business–monthly, quarterly, semi-annually, or annually. 

2. IT Platform Delays Block Process Improvements: In an industry where shaving factions from expense ratios can deliver immediate and lasting competitive advantage business teams have lost patience waiting for their IT teams to slot in their critical process and decision-making advancements. 

Underwriting teams have felt strangled by their last-place status in technology infrastructure updates. For many years, they’ve cried out for submission digitization, improved and applied data resources, and AI-infused risk selection tools to remain competitive. In many cases, those pleas have been strangled by large platform upgrades and/or legacy system concerns. Since 2016 Convr has been helping commercial insurance organizations digitize, structure and inform submissions with the most reliable industry data and decisioning tools–built to be consumed via UI or API. We support no-barrier access, taking pressure off already burdened IT teams. 

3. Expense Controls: If your senior leadership is asking you to implement new expense controls you’re not alone. Many producers, MGU’s and carriers are driving new expense management initiatives down to the individual business unit level as economic uncertainty remains front page news.  

With that reality, expense cuts and/or budget givebacks are hitting production and underwriting teams too. Hiring freezes, staff and outsourcing cuts seem impossible to implement on these already over-worked teams so how can these directives be initiated? 

Instead of looking at people cuts many teams are focused on operational improvements that would result in expense reduction. For instance, teams are working to reduce man hours on submission intake and data gathering. Others are looking at reducing loss ratios with new data sets and models. These are the type of business improvements that Convr customers have documented–not once but regularly. 

4. Talent Emergency: According to Convr’s Insurance Talent and Technology Survey, the top three causes slowing down commercial property and casualty (P&C) underwriting are understaffing, manual data entry and lack of good technology. In fact, 64% of P&C insurance managers and above indicate that their underwriting team is probably or definitely understaffed. And nearly half of them believe the underwriting team is probably more understaffed than other teams in their company. That’s a talent emergency!  

Even more, 48% of P&C underwriting managers and above say understaffing is negatively affecting their expense ratio and 44% believe at least with some frequency understaffing causes inaccurately informed quotes and 61% believe it negatively affects customer experience. 

If you ask underwriters, one of the best ways to ease the talent emergency is with better tools and technology. Convr’s modularized AI commercial insurance underwriting data analysis platform helps by digitizing and fusing submissions with best sources of information to surface insights, business classification and risk scores. 

5. Competitive Advantage: The continuous learning of AI means for every day you’re without it, your competitors who have it are gaining continuous advantage over you–from expense management to risk selection and pricing. 

Artificial intelligence is changing the insurance business–and every other business too. You simply cannot afford to be left behind. 

As a tool for problem-solving, the ultimate goal of AI is to make predictions or classifications based on input data getting smarter over time with continuous usage. Whether it’s your data or that of a third-party data provider or both, consuming data is essential to AI and the value it unlocks. For the sake of your data and your decision-making, you need Convr and you need it now. 

In business, urgency is a familiar foe. Regardless of your industry, business leaders are regularly confronted by time-sensitive challenges. The AI revolution is the latest in this never-ending continuum of business change.

Explore the new convr.com/platform page to see how Convr’s Underwriting Command Center can transform your underwriting and your business operations as a whole.

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In 2016 Convr AI set off to solve one of the biggest challenges facing the insurance industry: improving commercial insurance underwriting across the value chain. We began with the notion that assembling the best data was essential to unlocking better commercial insurance performance. The second follow-on was applying artificial intelligence to models that predicted everything from completing forms to predicting underwriting outcomes. With that foundation, we built an underwriting command center that placed underwriters at the helm of commercial insurance underwriting excellence.

All of the pieces of Convr’s Underwriting Command Center were important but there was nothing more important than building the data lake with the best data sources, the pipes to continually refresh the data and the machine learning (ML) models that have been learning and improving since 2016. What we built was a legacy advantage. There is no other organization providing a smarter insurance underwriting platform than Convr.

Our deep bench of former top insurance carrier and producer talent knows well the pain points of the business and has continuously improved our software to meet the growing challenges of new and growing exposures. We understand and support our industry’s need for improved risk assessment tools, increased efficiency and accuracy. And with this talent and understanding we apply the best data from our data lake and the underlying artificial intelligence (AI) to make measurable improvements to the lives and quality performance of the underwriters we support.

Convr’s d3 Risk 360TM data lake delivers unrivaled insights from ML models that synthesize a vast range of information and through that delivers a comprehensive view of each submission based on an insurer’s underwriting appetite.

As of 2023, our rich data lake is filled with 154 million entities that are continuously enriched through our purpose-built data pipelines. In the first quarter of 2023, we added nearly 42 million Standard Industrial Classification Codes (SIC Codes) and over 34 million new North American Industry Classification System (NAICS Codes) to these millions of entities. This is our mission: better data, better clarity—every day.

With Convr’s d3 Risk 360 commercial P&C underwriters can:

• Visualize a deeper applicant view
• Assess risk appetite compliance with greater efficiency
• Synthesize the vast amounts of information
• Empower underwriting teams (data science) to bring their own data to our pre-tested models
• Retain and reuse applicant data for modeling, operational and portfolio analysis

No other insurance underwriting platform can claim the integrated data foundation that drives Convr’s customer performance. And, without quality models and data . . . well, you know!

Convr is the best modularized, AI-based insurance underwriting platform helping the insurance industry make more accurate and efficient decisions. Our Underwriting Command Center platform leverages ML algorithms and predictive analytics to analyze large volumes of data, third-party data sources and industry benchmarks to provide underwriters, producers and risk managers with actionable insights and recommendations.

The platform aids in automating many of the most time-consuming manual underwriting processes—thereby adding value across the commercial insurance value chain by supporting better decisions, faster, with improved customer experiences and profitability.

It’s true: knowledge is power and applying that knowledge translates to competitive advantage. Convr equips your teams with the best tech to make more informed decisions, improve operational efficiency and ultimately deliver better outcomes for your customers.

Download and read any one of our customer case studies to see how Convr is helping many of the top 10 carriers reach their goals through the power of our AI underwriting platform: https://convr.com/resource/case-studies/.

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There’s something to be said about the motto, “sharing is caring.” It doesn’t just apply to physical objects, but can also stand for the sharing of knowledge. In a sense, at Convr, we’re doing that through an online platform called Notion. We use Notion to disseminate information that enables learning and growth within our organization. And Notion also ensures that we maintain a historical record of our progressive learning.

The use of Notion for Convr contributed to our value to the marketplace. Convr is an AI-infused underwriting platform that digitizes and fuses submissions with best sources of data to surface underwriting insights, business classification and risk scores. As it pertains to Notion, we’re continuously building out a knowledge base that facilitates new learning and capabilities development.

Even further, our stance on sharing information about processes, best practices and more aligns to one of our values at Convr—responsibility. We know we accomplish tasks, reach milestones and surpass goals through our relationships with teammates. And we can showcase that sense of responsibility by being accountable to ourselves, our customers, partners and community by being open and transparent with what we learn and know. We don’t hoard or hold too tight to what we learn—we share it with others, because we’re committed to everyone’s growth and development.

How We’re Using Notion

Our engineers, for example, use Notion to help onboard new team members by using the platform to spotlight common tools used internally for their work and referencing frequently used materials stored within the web application. Our team members also use Notion as a communications device as users build out the platform using a variety of “blocks” to deliver information in diverse forms such as tables, in-line frame websites, call outs, and more. It’s proven to be better for us than working within a document or spreadsheet because of the unique flexibility it offers—breaking down barriers in how we relay information.

But Notion brings more than just internal organizational benefits. Our use of Notion also benefits our customers, for instance by compiling information automatically that we can then quickly retrieve and relay to them. We use the space to track our customers’ platform usage, what Convr tools they are using and what version of the Convr Command Center they are running. It’s a smart, automated way to view key customer insights which helps us deliver better service more quickly and accurately.

We also use Notion to document product features, release updates, our roadmap and more—increasing transparency and keeping information current and readily available. Our data lake is one example of how Notion allows us to bring information into a day-to-day field of vision. As an example, some features within Notion receive automatic updates from the Convr platform, building a base of greater enriched information within the knowledge base that is current, accurate and reliable.

Why it Works

The Wiki style repository lends itself to a more crowd sourced model than other well-known knowledge management systems such as Microsoft SharePoint and Microsoft Teams. According to notion.so the platform blends workflows into an all-in-one workspace. From task lists to product roadmaps, design repositories and more—users can customize their own workspace from dozens of LEGO-style building blocks and solve problems their own way, bounded only by their imaginations.

At Convr, various team members own different topics and anyone within the organization can edit, modify and correct page content independently without a gatekeeper such as a moderator overseeing or adopting the changes. They also have the freedom to present information in whatever manner (block) they choose. This approach might not be suitable for every organization, but as a business of experts we have complete trust in the subject matter expertise of our team members.

Adoption is Key

When a tool such as Notion is adopted by your organization and there’s strong buy in among your team members, you can better record and archive institutional knowledge. The level of contribution among team members is greater when you remove friction from the knowledge transfer process. When there are no limits or requirements for how and when knowledge is created, the possibilities are boundless. If you’ve built a culture around openness and sharing, Notion is perfectly aligned with the identity of your organization.

Our philosophy around obtaining the best sources of data and delivering that enriched data to advance business is exactly what we’re doing with Notion. In every way, Convr is delivering valuable insights to improve future development and decisioning.

To learn more about Notion, visit notion.so.

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Commercial property and casualty (P&C) insurance underwriting teams searching for more insightful property information should look no further than Convr. Convr’s Underwriting Command Center and artificial intelligence (AI) learning are now integrated with the Betterview Platform. Betterview is a property risk data provider that helps insurers identify potential risks and vulnerabilities on a property or set of buildings.

Betterview helps uncover issues such as roof and shingle condition. The platform enables users to assess the condition of a roof with higher granularity than they otherwise would get to see. That’s important because a roof serves as the foremost protective layer of a building—and if it’s compromised, it can no longer protect the underlying structure.

But Betterview can also help an underwriter see hazards surrounding a building and identify potential natural catastrophes within the immediate area. Such issues present risks for the insurer and are critical to underwriters who need to have clarity when discerning whether or not to insure a business.

That’s why our move to embed Betterview within the Convr Underwriting Command Center is good for our customers. With this third-party data source housed within d3 Risk 360^TM, Convr’s Underwriting Command Center becomes an even richer one-stop shop for pertinent submission information. And the more we can arm our insurance customers with deeper property analysis and insights, the better informed their underwriting teams will be when making decisions about submissions. And Betterview does even more than that for underwriting teams. The integration adds great depth to our AI models that help prioritize submissions for review by scoring the property risk characteristics of a business. If a submission has a higher, less risky score that submission could be fast-tracked through the underwriting process.

How it enhances our data lake:

Betterview is embedded within the Convr Underwriting Command Center platform through an integration that allows users to view properties through the Betterview interface. In addition to seeing Betterview’s satellite imagery and layered identification of property risks, the data returned from Betterview is fully integrated into the deliverable file Convr generates for a submission. And that makes for a more informed underwriter. Convr’s fusion of Betterview’s interface and data into its platform strengthens Convr’s position as the one-stop shop for P&C underwriting needs. Having rich property insights from Betterview fused with Convr’s data lake presents an even more comprehensive view of potential exposures.

Convr’s ultimate goal is to enable straight-through processing (STP). We aim to arm underwriters with the analysis, insights and tools that’ll make them more efficient, and sometimes we can do that through partnerships such as this new relationship with Betterview. The more pertinent data that we have supplying our AI models, the more informed underwriting teams will be in their decisioning and the closer they are to STP.

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Every day we hear insurance underwriters question whether a submission is worth their time. That’s why almost every one of them has a strategy for moving their best prospects to the top of their work list.

The problem is, they don’t really know which submissions are the best. Until now. Convr has developed a unique Submission Selection and Prioritization Score to help underwriters bring the best submissions to the top of their to-do’s. Using their organization’s existing appetite and business rules, the score is built from findings within Convr's data lake and discovery from the submission intake process documents. With our easily interpretable score, underwriters find satisfaction working on submissions that have the best chance of getting quoted, bound and being profitable. A simple visual ranking of red, yellow and green makes decision-making easier and more consistent across teams.

With Convr’s Submission Selection and Prioritization Score, you can increase confidence and efficiency while pushing off the submissions that may not match your organization’s business requirements or risk appetite.

Out-of-the-box: Using data from the intake process and our data lake, Convr’s out-of-the-box Submission Selection and Prioritization Score helps your team to easily define your best submission opportunities.

Enhanced: Our enhanced version unifies data from the intake process, our data lake, as well as any company data your team provides for the most comprehensive score to prioritize submissions. You define what matters most to your underwriting team.

Benefits:

• Prioritize your submissions based on your risk appetite
• Better define the types of business characteristics within your risk appetite
• Bring consistency to your risk selection
• Bring better alignment within your underwriting team
• Improve your team’s user experience

Convr can help you meet your goals by embedding the right rules and/or data to enhance your submission selection process. Our Submission Selection and Prioritization Score provides your team with a more reliable methodology for prioritizing incoming submissions in line with preset underwriting rules. The interpretable scores empower your team to grow your book of business faster and more profitably with streamlined decisioning.

Let Convr support the best decisions for your business, today!

Note: You can also utilize our AI-enhanced data and algorithms to optimize your existing proprietary models, data or formulas on a fee basis. Explore your options at https://convr.com/try-now/. Enhance your submission selections and prioritization for immediate efficiency gains.

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Overworked and understaffed looks to be the life for some insurance underwriting teams, at least in the near-term. In a recent survey commissioned by Convr®, some 64% of commercial property and casualty (P&C) insurance managers and above indicated that their underwriting team is probably or definitely understaffed. And 49% of those polled believe that their underwriting team is probably more understaffed than other teams within their company.

That’s according to the results of Convr’s Insurance Talent and Tech Trends Survey. The study, conducted by an independent firm, sampled a statistically significant sample of insurance underwriting leaders, and confirmed the consensus among commercial P&C insurance leaders is that understaffing is negatively impacting their bottom line.

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In fact, nearly half of those polled—some 48% of underwriting leaders went on the record saying understaffing is negatively affecting their expense ratio. And nearly 44% of P&C executives also indicated that with some frequency, understaffing has caused inaccurate information to inform their quotes.

In an industry so heavily reliant on order and accuracy to best manage risk, knowing that understaffing is contributing to mistakes and lost revenue is a tough pill to swallow. According to the U.S. Bureau of Labor Statistics Occupational Outlook Handbook some 8,400 openings for insurance underwriters are projected each year over the decade. But net-net, not much optimism surrounds hiring for underwriting teams as only 39% of underwriting leaders are highly confident they’ll hit their hiring quotas in 2023. All whilst employment for underwriters is expected to decline four percent now through 2031. The writing is on the wall.

Convr’s survey also found the two most likely reasons P&C insurance managers and above suspect are the cause of understaffing on underwriting teams are that other industries are more appealing to younger candidates and there are few remote work opportunities offered. Underwriters are a dying breed.

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But appealing to the younger generation should be key to the insurance industry’s talent strategy. Millennials and Generation Z (zoomers) will soon comprise the majority of the workforce, so it’s imperative to engage with prospective talent as early as possible.

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So while hundreds of openings for insurance underwriter roles are listed on job boards such as indeed.com and insurancejobs.com, it’s unclear how many are actually being filled with qualified underwriting talent. Nearly 60% of P&C managers and above surveyed indicate that their underwriting team is struggling to hire quality candidates more than other teams at their company.

And the customer experience is suffering for it, too. More than 60% of respondents believe understaffing probably has a negative effect on P&C customer experience. So with their hands tied with less qualified talent and the restrictions on remote or hybrid work, what options are left for underwriting team managers?

It turns out, innovative technology solutions could be key. Through platforms such as the Convr Command Center, underwriting teams can improve their end-to-end processes and realize more efficient ways to cross the bridge from submission to quote.

Leveraging data-driven insights from tools such as Convr’s d3 Risk 360 for example, the tool empowers underwriters to see a full 360-degree view of an applicant to more accurately assess submissions and reduce the number of human touches along the way.

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All in all, Convr's Underwriting Command Center platform creates a more streamlined underwriting process that:

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1) Drives efficiency
2) Better informs the underwriter
3) Lowers operating costs
4) Improves the customer experience

What more could a provider want? It’s no secret that the underwriting market and talent pool is changing at a rapid pace. Technological advances are moving the space forward and team leaders are recognizing the need for tools such as Convr’s underwriting platform to avoid being left behind in a previously manual and cumbersome space.

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It’s time to work smarter and gain the competitive edge needed to break apart from the pack. As technology continues to transform the insurance industry, you can lead the revolution in your organization by getting to know Convr’s capabilities.

Convr’s modularized, AI-infused commercial underwriting platform turbo-charges underwriting without any added manpower—bringing you bottom line savings in as little as 6-8 weeks. To schedule a free demo, contact Suzanne Vranicar at suzanne.vranicar@convr.com.

By John Stammen, Convr CEO\nThe insurance industry, known as one of the oldest and most traditional industries for a younger generation of workers, is under press to perform. Following “the great resignation,” insurance companies are faced with even greater talent challenges than what they were experiencing before the COVID-19 pandemic.\nYou see, this manifested in the tug of war brewing between bosses and employees around in-office work. In a post-pandemic environment, across industries and many other industries, we continue to see workers walk away from traditional in-person jobs in hopes of securing work-from-home positions that lean toward a more flexible work environment.\nThis tug of war was underscored in findings uncovered in the Insurance Talent and Tech Trends Survey my company Convr recently commissioned. The survey screened a statistically significant sample of insurance underwriting leaders and reconfirmed that there’s a growing talent pool demanding remote work opportunities in the current insurance labor market. The survey data also strongly suggests that if insurance providers improve their technology stack, they can attract more and better talent; and those workers would have a greater ability to work successfully from home.\nThis is the undeniable future of the insurance industry’s labor market. It requires companies to increase flexibility and modernize their processes to offer an increasing number of remote and hybrid work opportunities, as the appetite for these jobs will only increase from here. Workers see remote roles as bringing a glimmer of hope to what a balanced work-life could look like; while underwriting leaders say remote positions and work opportunities are the most common request made by new underwriting hires.

Here’s what the staffing situation looks like now:

• 64% of underwriting leaders say their team is currently understaffed
• 63% of underwriting leaders aren’t sure they are staffed for growth
• 56% of underwriting leaders say more than 20% of their job openings have remained unfilled for three months or longer

Considering the typical day in the life of a commercial property and casualty (P&C) underwriter, it doesn’t take much imagination to understand, with better tech solutions, how many common tasks can be better performed, if not automated entirely — satisfying employees to work at home while improving productivity.\nIndeed, 78% percent of underwriting teams say better technology, internal or outsourced, prevents employee attrition and could keep people on the job longer, with nearly 90% certain that better technology helps attract younger talent. Job satisfaction can only improve with remote work options, as some commercial P&C insurance managers and above believe that remote-only underwriting workers are less likely to quit than those in-office.\nTechnology is clearly the direction of today’s underwriting teams, and nearly 85% of leaders already expect more underwriting work to be automated. A huge driver could be that most underwriting leaders believe that manual data entry, central to the job of an underwriter, is tedious. On any given day, an underwriter typically analyzes information on insurance applications and other sources for sometimes many hours to collect the data required to determine risk exposures, appropriate premiums and amounts of coverage.\nStill, many underwriting teams have long lists of open jobs. The quantitative skills needed for underwriting are also in high demand in other industries such as tech and artificial intelligence (AI), so carriers continue to grapple with attracting and hiring a diverse core of young talent. Moreover, a younger talent pool expects a workplace with digital technology solutions and tools at their fingertips (something traditional brick-and-mortar insurers and reinsurers are not known for).\nAs it turns out, the industry is not fully addressing worker demand. Despite the numbers above, only 10% of insurance leaders say their team is attempting to attract underwriting talent by offering remote work opportunities. When insurance providers don’t meet worker expectations for jobs, they can fall further behind — turning off talent and widening the gap between qualified candidates and vacant roles.\nWorse, understaffing and unfilled positions are adding up to loss. Some 48% of underwriting leaders say understaffing is negatively affecting their expense ratio. Nearly 44% of commercial P&C executives also indicate that with some frequency, understaffing causes inaccurate information to inform their quotes. There is not much optimism surrounding hiring for underwriting teams, either, with only 39% of underwriting leaders highly confident they’ll hit their hiring quotas in 2023 – a terrifying number that will keep many up at night this year. An incentive to keep younger staff on the job — for a period, at least – is by recalibrating the dynamic of how teams work and balance remote life.\nTo do that, they must recognize that true transformation requires more than new technology. Insurers, producers and reinsurers need to begin shifting their organizational mindset and culture. This is the secret to true competitive advantage. If remote roles do not mesh with your operation, another strong option is to adopt innovative digital solutions.\nIn 2023, insurance companies should be primed to transform underwriting operations and talent management efforts if they want to remain competitive. Significantly more underwriting tasks could be automated. Remote work remains a big demand of new hires and prospective talent. Recent data underscores a critical gap exists between operational realities and the expectations of effective talent around technology and automation. As such, technology remains the key to recruitment and retention.

The future of the labor market is here with the upward-trending number of remote and hybrid work opportunities available and the appetite for these jobs increasing. In this post-pandemic environment we’ll continue to see workers walk away from traditional in-person jobs in hopes of securing work-from-home positions that lean toward a more flexible work environment.\nTheir motivation? Workers see remote roles as bringing a glimmer of hope to what a balanced work-life could look like. And underwriting leaders say remote positions and work opportunities are the most common request made by new underwriting hires. Still, there’s a big tug of war between bosses and employees around in-office work after years of coronavirus-related workplace closures.\nBut as it turns out, leaders aren’t fully addressing worker demand. Only 10% of insurance leaders say their team is attempting to attract underwriting talent by offering remote work opportunities. But if insurance providers don't meet worker expectations for these jobs, they could fall further behind—turning off talent and widening the gap between qualified candidates and vacant roles.\nThe war for reshaping the American workplace was underscored in findings uncovered in our recently commissioned Convr Insurance Talent and Tech Trends Survey. The study, conducted by an independent firm, screened a statistically significant sample of insurance underwriting leaders and reconfirmed that there's a growing talent pool demanding remote work opportunities in today’s insurance labor market.\nThe data suggests that if insurance providers improve their technology stack, their workers would have a greater ability to successfully work from home. Considering what a day in the life of a commercial property and casualty (P&C) underwriter looks like, many of the tasks they perform, if not all can be carried out remotely.\nOn any given day, an underwriter typically analyzes information on insurance applications, uses automated software to determine risk exposures, decides whether to offer insurance and determines appropriate premiums and amounts of coverage. It doesn’t take much stretch of the imagination to understand how tasks such as these are able to be performed entirely at home—satisfying employees and improving productivity with better tech solutions. It’s exactly what the Convr Command Center was built to achieve.\nThe Convr platform demonstrates ease of adoption and greater productivity and users have confirmed improved underwriting productivity within just four to six weeks. Even more, our survey found that improved technology solutions such as our suite of capabilities could keep people on the job longer—with more than 77% of respondents saying they can probably or definitely reduce employee attrition by using better technology. And job satisfaction can only improve with remote work options, as nearly one-third of commercial P&C insurance managers and above believe that remote only underwriting workers are less likely to quit than in-office workers.\nAs technology continues to transform the insurance industry, you can lead the revolution in your organization by reaching out to Convr. Convr’s AI-infused commercial underwriting platform turbo-charges underwriting with more accurate and efficient decision-making and a greatly improved user experience.\nConvr is at the forefront of modern commercial underwriting, defining a new and better vision for our industry. To explore your aptitude for innovation, contact Suzanne.Vranicar@convr.com on our business development team today.

With 64% of commercial property and causality (P&C) underwriting leaders believing their teams are currently understaffed and 56% of this same group convinced that a good portion of their job openings are going unfilled for three months or longer—we should expect underwriting leaders to seek out alternative solutions or enhance opportunities within the function.\nIn our recent Convr Insurance Talent and Tech Trends Survey, the study uncovered gaps that need to be addressed to help better manage underwriting workloads, improve operations and streamline workflows. One such gap is the slow pace of submission processing that some insurance underwriting leaders feel their organizations are experiencing.

Factors contributing to processing delays include:

1. Understaffing
2. Manual data entry
3. Lack of good technology

The survey, conducted by an independent firm, sampled a statistically significant sample of insurance underwriting leaders and reaffirmed that something needs to be done to make the insurance industry more of a prospective and productive career destination for top talent. And improved technology and streamlining operations is one solution they think could do just that. In fact, more than 77% of respondents said they can probably or definitely reduce employee attrition by using better technology. \nNot only would automating processes with better tech tools make the industry more appealing to prospective talent and keep more folks satisfied and on the job, but it could also help insurance providers improve the experience for their customers. And our study revealed wide support for automating underwriting tasks, with 100% of respondents indicating that 100% of their manual P&C underwriting work could be automated.\nSo with an appetite for automation, we reaffirmed just how the Convr Command Center’s offerings could be used to improve outcomes for insurers. With Convr AI, insurance underwriting teams can:

• Ingest, prepare and analyze submissions digitally
• Enrich and score submissions in real-time
• Streamline research and enhance applicant data
• Identify and centralize all available information about an applicant’s business
• Answer underwriting questions directly through insurance trained Convr AI models
• Help producers and underwriters evaluate where a business is on the quality of risk spectrum

And with more than 48% of P&C underwriting managers indicating that understaffing is negatively affecting their expense ratio—these leaders need to act fast to adopt and adapt to new technology such as the Convr AI platform. Recognizing the power of AI and Human-in-the-loop, the Convr Command Center platform demonstrates ease of adoption and greater productivity while supporting expense management. Users have confirmed improved underwriting productivity within just four to six weeks.\nTo explore other insights we uncovered in the Convr Insurance Talent and Tech Trends Survey—read our December 2022 blog post that highlights talent shortage issues and solutions for resolving these deficits here: Convr Survey Findings Pinpoint Growing Issues in Insurance.