Hiscox Case Study
Hiscox Partners with Convr AI to Drive Technical Excellence Through Data Accuracy
Learn how Convr enables Hiscox to:
- Improve technical excellence in their underwriting
- Know more about the risks
- More efficiently rate policies
Case Study
Hiscox USA puts technical excellence at the heart of its strategy, helping to move the business forward and keep it competitive as the landscape changes. Accurate data is key to that technical excellence.
Jim Cadieux, SVP, Head of Underwriting, at Hiscox, is leading the charge as he ensures that the company is growing efficiently and that all the different areas of the business are working together towards this goal. Today, one of his primary areas of focus is ensuring that the data Hiscox uses for underwriting is as accurate as possible so that Hiscox can deliver a stellar customer experience while reducing risk.
Get to know Hiscox USA
Serving 500,000+ small business customers, Hiscox USA delivers top-notch insurance policies with a focus on the small business market. Hiscox USA is part of the Hiscox Group which has over 3,000 employees in 14 countries worldwide. Hiscox continually embraces new technologies, strategies, and processes that can best support the business and its customers.
“At Hiscox, we are constantly shaping an exceptional end-to-end experience for our customers and partners. Accurate data enables us to better understand our customers and help them to achieve their goals as well as our own.”
Jim Cadieux, Head of Product and Portfolio Management
Cadieux and the Hiscox team partnered with Convr AI to gain a better and more accurate understanding of the small businesses they insure. By understanding more about these businesses, they are able to make better decisions as they assess risk and loss.
Challenge - Accurate data necessary for technical excellence
For small business owners across the U.S., there is a pervasive lack of understanding of insurance. For example, 83% of U.S. small business owners do not understand what a General Liability policy covers, according to the Hiscox Underinsurance Study. This lack of understanding can lead to policyholders not providing accurate data or updating their insurance when they need to. In fact, 75% of small business owners in the U.S. are underinsured.
It is crucial for policyholders to provide accurate and up-to-date data to their insurance provider to ensure their business is fully protected. If they do not, they could leave their business exposed and be financially and legally liable for any claims. Accurate data is also essential for underwriting, as misleading data can lead to risky business decisions down the line. The more accurate the data, the more protected the policyholder and insurer.
“We were looking to improve technical excellence when it came to digital underwriting – we wanted to know more about the risks and more efficiently rate policies.”
Jim Cadieux, Head of Product and Portfolio Management
Hiscox partnered with Convr to make the process of gaining accurate data more efficient. Convr’s Risk 360 AI and Answers AI products and its promised return rate of 93% helped Hiscox advance its goal of technical excellence and ensure that the policies they write are based on the best data possible.
Solution - Partnering with Convr
Using Convr, Hiscox would be able to review tranches of renewals or new policies and understand whether the self-reported data was accurate. “Having an accurate picture of individual business functions allows us to improve our rating accuracy, which is incredibly important as we write and renew policies,” said Cadieux.
The Hiscox and Convr teams meet regularly to discuss data, insights, and set new goals and priorities. They have developed a set of key performance indicators (KPIs) to measure progress and are meeting and exceeding them. Partnering with Convr has allowed Hiscox to gain a more detailed picture of the small businesses they insure.
“Hiscox strives to be America’s leading small business insurer. To do that, we need to have a frictionless path for customers to find us and for us to address their needs. Convr plays a role in that as we’re able to do more on the back end rather than putting it all on the customer.”
Jim Cadieux, Head of Product and Portfolio Management
Hiscox USA is leveraging two modules in Convr’s Underwriting Workbench - Risk 360 AI to unleash detailed insights from the intersection of tens of thousands of data elements and Answers AI to see all available information about an applicant’s business and answering underwriting questions directly through insurance trained AI models.
“Those data sources are just going to get better and better over time.”
Jim Cadieux, Head of Product and Portfolio Management
To learn more about Convr’s offerings visit: convr.com/platform/.
Benefits Experienced by Our Customers
What Matters Most to You?
Profitability
Expand capacity, gain competitive advantage and grow revenue with embedded business rules, better access to relevant data and improved decisioning.
Price Adequacy
Identify more or less risky submissions and segments in the specified population so pricing is more aligned with relative exposure.
Productivity
Prioritize submissions to rapidly narrow risks within appetite and deep dive on selected risks.
Customer Experience
Reduce data gathering touchpoints and the time associated with record retrieval and validation for applicants.
Loss Avoidance
Calibrate individual risks and predict those most likely to experience a loss in the coming year.
Underwriting Efficiency
Drive efficient submission intake, prioritization, underwriting analysis and decisioning with a full-suite of AI-infused commercial insurance tools.
Speed to Quote
Increase quote-ratios and new business by accelerating the underwriting process from intake to data collection to identifying the right submission questions and answers.
Underwriting Experience
Streamline the underwriters’ work experience with more complete and accurate data, clearer insights and heightened decision confidence.
The Convr product suite addresses all phases of the underwriting process leading up to final selection and pricing.
Intake AI™
Eliminates manual submission paperwork by ingesting, preparing, and analyzing submissions for a more effective, digital process.
Risk 360 AI™
Provides underwriters a unified view of a submission’s digital footprint to correctly classify and respond to underwriting questions.
Answers AI™
Applies decision science to correctly answer complex underwriting questions.
Score AI™
Applies decision science to risk selection, relativity, and lead scoring.
Convr empowers P&C carriers with a digital end-to-end underwriting management platform powered with a patented-AI decisioning engine that transforms the underwriting experience. Carriers of all sizes, including many of the tier-1 carriers, trust Convr to help them transform their commercial underwriting operations with straight-through processing and more complete, accurate data to make better decisions.
Convr’s Underwriting Command Center brings together data, discovery and decisioning intelligence through its patented machine-learning engine so carriers such as Crum & Forster, Selective and Hiscox are able to reduce application questions by over 70% and increase underwriting productivity by up to 10x.