Learn how Tangram:
- Increased efficiency by over 130%
- Achieved 91% machine read data accuracy
- Enabled same-day SMB quoting
Exploring an augmented submission workflow using AI
Tangram engaged Convr, a leading decision automation platform for commercial P&C insurance, to find ways of overcoming the limitations of manual submission intake using artificial intelligence (AI).
Convr is built on the principles of d3: Data. Discovery. Decision™. Their innovative decisioning platform, successful track record with carriers and deep experience in commercial P&C made them an excellent candidate for partnership. Convr also offered rapid, proven speed to market, which was important to Tangram.
While the Convr platform offers a wide variety of decisioning products, after partnering and holding initial discussions, both Tangram and Convr agreed to begin the engagement with d3 Intake™. This product uses computer vision and machine learning to automatically digitize and analyze insurance submissions. By digitizing submission information, d3 Intake also represented a solid foundation on which to add other Convr products for future workflows. The engagement kicked off with Tangram’s Social Service Workers Compensation program, where the need was the greatest.
A partnership is built
As part of a detailed discovery process, Convr took the time to understand Tangram’s business and current workflows. This revealed valuable insights on how d3 Intake could best be applied. A strong cadence of communication, an implementation plan, and points of contact were established to ensure close connection on the engagement.
During these discussions, the scope of the initial engagement was defined to include the types of applications, loss runs and other documents Tangram typically receives. SLAs were also put in place as well as processes for handling any exceptions that may surface.
- Allied Health Care
- Artisan Contractors
- Janitors & Carpet Cleaners
- Propane & Fuel Oil Dealers
- Social Services
- Transportation Solutions
- Portable Sanitation
The implementation for initial launch took three months. As usage ramped up, Tangram saw the results they were looking for:
vs <80% previously with manual processing prior to quality control.
vs 50% previously with manual processing.
“With Convr, we now start reviewing most submissions the same day we receive it. We can do this without the need for quality checks on our end because we know
Convr has taken care of it.”
VP OF UNDERWRITING, TANGRAM
Enabling Same-day SMB Quoting
Then: Quotes in 2-3 Days
Now: Quotes in Less Than 1 Day
Tangram has improved their underwriting efficiency by over 130% using Convr to replace their manual processes for data entry and quality checks.
Further expansion using Convr
Based on these exceptional results, Tangram decid-ed to expand their use of Convr both horizontally (across more insurance programs) and vertically (using more products within Convr's decision auto-mation platform).
Horizontally, Tangram saw a need to use d3 Intake on package policies within all of its other programs. This represented a significant increase in ACORD forms and loss runs for Convr to process. Despite this increase in scope, running submissions from all Tangram programs through the Convr solution yielded similar results.
Vertically, based on its use of d3 Intake, Tangram and Convr are working to define new business transformations that incorporate:
d3 Risk 360™
d3 Risk 360™ to enrich submissions with the digital footprint of that business, providing more insight on its activities and relationships.
d3 Answers™ to present Tangram underwriters with an initial underwriting analysis, based on a series of machine learning models trained to Tangram’s unique underwriting criteria. This will allow underwriters to more easily see any exceptions and potential areas that warrant additional review.
Changing the game, together
With Convr, Tangram has been able to drastically improve the level of service they provide while building the foundation for continued innovation. From here, Tangram is set to continue to change the game by hiring and focusing talent where expertise is needed most, forging new niche insurance programs and continuing to bring new ways of thinking to an age-old industry.