News

CHICAGO (December 5 , 2023) - Convr AI^®, the leading Artificial Intelligence (AI) company serving commercial insurance organizations is adding to its Risk 360 AI data lake once more, now through a partnership with risk analytics provider, Guidewire HazardHub.

HazardHub will benefit Convr platform users by bringing a new set of data about things such as crime, catastrophic losses through extreme natural disasters, permits and more. Underwriting teams will be able to apply the data to their decisioning to underwrite faster, more accurately, and to improve their pricing.

"Underwriting teams will see a direct benefit from Convr's new partnership with HazardHub," said John Stammen, CEO of Convr. "By continually integrating with comprehensive data such as what Guidewire HazardHub provides, we're able to advance underwriting teams and improve their speed-to-quote."

"Convr's Underwriting Command Center technology allows organizations to keep pace with the ever-changing market dynamics," said Harish Neelamana, Co-Founder and President of Convr. "This is true for an industry where every second counts. Gleaning insights faster through better data enables efficiencies and business growth. Those are the wins we want for our customers."

About Convr AI^®

Convr AI® is a modularized artificial intelligence underwriting data analysis platform that digitizes and fuses submissions with best sources of information to surface underwriting insights, business classification and risk scores. The platform has revolutionized the industry through data, discovery and decisioning intelligence. Convr AI customers include commercial insurance organizations of all sizes, including many of the top 10 carriers, which use the platform to enable superior performance, optimal efficiency, quality decisioning and world-class customer experiences. To learn more, visit www.convr.com. Follow Convr on Twitter,Instagram,LinkedIn and YouTube.

CHICAGO (November 7, 2023) – Convr AI^®, the leading artificial intelligence (AI) company serving commercial insurance organizations is being recognized once more by the United States Patent and Trademark Office (USPTO) for its novel method of extracting and presenting data using machine learning (ML) within its underwriting platform.

United States Patent Number 11,734,579 relates to technology underlying Convr’s Risk 360 AI data lake. The solution provides commercial property and casualty (P&C) insurance underwriting teams with a unified view of a business’s digital footprint, including history, DBA, credentials, licenses, filings, and more, allowing for efficient and informed risk assessments.

The Convr Underwriting Command Center platform paired with the Risk 360 AI technology utilizes ML to read and extract structured data from non-standardized documents. That data is then graphically presented to the underwriter via an intuitive and card-based view, allowing for more detailed drilldowns as needed. The design provides underwriters with greater ease and clarity in understanding a risk.

“Convr continues to lead innovation in the AI commercial underwriting space, and this additional patent recognizes our efforts in improving commercial P&C underwriting by using machine learning and related technologies,” said Harish Neelamana, Co-founder and President of Convr. “Our engineers and data scientists are constantly innovating solutions that optimize our customers’ risk assessment processes for new business submissions and renewals, leading to a more efficient underwriting experience and superior customer outcomes.”

“We’re delighted to receive another patent that validates our innovative approach to commercial underwriting,” said John Stammen, CEO of Convr. “With ever-increasing demands on underwriters to assess risks more quickly, our advanced technology has become a critical tool to improve efficiencies across the entirety of the underwriting process.”

Convr’s solution supports all core commercial lines of business and classes. The platform is available via a highly-intuitive underwriting command center, as well as through system-to-system API connectors.

In the workplace, Convr enables four core use cases:

• Intake AI reads and digitizes submission paperwork, such as ACORD applications and loss runs, to reduce manual data entry
• Risk 360 AI provides additional insights on risks from thousands of third-party data sources
• Answers AI uses artificial intelligence (AI) to classify a business and respond to underwriting questions, saving significant underwriter time while improving consistency and accuracy
• Risk Score AI enables risk selection and prioritization to better focus downstream underwriting resources

CHICAGO (October 19, 2023) – Convr AI^®, the leading artificial Intelligence (AI) company serving commercial insurance organizations has expanded its Risk 360 AI data lake knowledge graph coverage of nonprofit data. Nonprofit organizations—as identified under section 501(c)(3) of the Internal Revenue Code—share numerous operating and exposure characteristics. As such, underwriting teams find value in data gathered from sources such as the Internal Revenue Service including financial and firmographic information. With extended coverage on nearly two million nonprofits, Convr customers can now gain key insights from better search results.

What kind of data?

The improvement provides insights for nonprofit organizations on the number of employees, total revenue, expenses, assets, liabilities, and other data points essential to understanding the potential risk faced by nonprofits.

Incorporating nonprofit data into the Convr platform further empowers underwriters by centralizing data required to underwrite nonprofits. By deepening the Convr data lake with this data, a more comprehensive review of nonprofit organizations is possible. Our AI has access to more organizations and more data about those organizations to boost and enhance our Answers AI and Risk 360 AI products.

“Better data means better decisioning,” said John Stammen, CEO of Convr. “We’re continually expanding our Risk 360 AI data lake knowledge graph to better meet the needs of our customers.”

But that’s not the only change to the Convr Underwriting Command Center platform in Q3. The application programming interface (API) and user interface (UI) have been improved to now make this information viewable within a new financial data card.

“This latest data integration and upgrade to our API and UI is a prime example of how attune Convr is to our customers and their evolving needs,” said Stammen. “When a customer expresses a need for something, our team of developers finds a way to make it happen. In this instance, we’re tapping new sources of data to expand our offerings.”

To learn more about Convr’s data lake, view our platform page here: <a href="https://convr.com/platform/d3-risk-360/" target="_blank" rel="noopener" title=">https://convr.com/platform/d3-risk-360/.

CHICAGO (September 25, 2023) - Convr AI^®, the leading Artificial Intelligence (AI) company serving commercial insurance organizations announced a partnership with Unqork, the leading codeless platform, to deliver modularized codeless implementations across the entire commercial property and casualty insurance underwriting lifecycle, from submission document digitization to rating readiness and audit.

"The value of this partnership is in the quick value and flexibility that we can deliver to insurance organizations," said Convr CEO, John Stammen. "We can now offer incredible speed and customization to companies looking to quickly automate processes to their exact specifications."

"Unqork's codeless approach to application development gives customers a better way to build and run software at scale without the expensive maintenance and upgrade costs that are required for traditional legacy platforms," said Sean Dougherty, Global Head of Alliances and Ecosystem at Unqork. "With Convr as a partner, we're continuing to radically improve the commercial insurance underwriting landscape with measurable results."

With Unqork's codeless architecture, enterprise customers can build and run future-proof software applications with accelerated time to value and increased developer productivity by up to 70% by replacing language - legacy code - with data. Convr users can quickly implement improved risk selection and more accurate pricing, as well as significant people and process efficiencies. As a result, users have access to fast, accessible, and efficient digital solutions with the insights and decisioning success achieved from Convr's seven years of AI heritage.

"The Convr AI, best-in-class underwriting platform has proven success over seven years in digitizing and enriching submissions with the best sources of data to surface underwriting insights and expedite high-accuracy selection and pricing," said Harish Neelamana, President at Co-Founder of Convr. "With our Unqork partnership, we can deliver that value even more immediately to the exact workflow specifications of our customers."

About Unqork

Unqork is the leading Codeless as a Service platform that helps leading organizations build, deploy and manage complex software without having to think about code. Unqork created the codeless architecture standard - the future of software development that frees the world's largest enterprises from the pitfalls of legacy code and allows them to focus on innovation to drive business and maintain a competitive edge. More than one third of Unqork's corporate customers are in the Fortune 500, with a customer roster that includes Goldman Sachs, Marsh, Maimonides Medical Center and the U.S. Department of Health and Human Services. Learn more at: www.unqork.com.

CHICAGO (May 9, 2023) – Convr®, the leading artificial intelligence (AI) company serving commercial insurance organizations is expanding its data lake to include wilderness and wildfire data gathered from RedZone.

RedZone is a recognized leader in wildfire modeling, helping clients improve underwriting selection and price more accurately. They also provide real-time monitoring and mitigation services, aiding clients in the protection of property. The company uses a unique combination of emergency management and an analytical mapping platform which can be used to analyze not only wildfires, but other severe weather events, such as hurricanes and earthquakes.

The partnership will enable Convr to better serve Convr Underwriting Command Center platform users by delivering accurate and advanced intelligence on these severe weather events before they occur and while they’re happening. As a result, commercial P&C insurance underwriting teams will have the best tools available when assessing submissions – leading to improved underwriting results.

“Convr is pleased to partner with companies such as RedZone as these relationships enable our platform to provide rich data that will better inform underwriting teams,” said Convr CEO, John Stammen. “RedZone offers unique insights that are valuable and unparalleled, and we believe our customers will recognize the benefit to having this information at their fingertips.”

“Our goal is to provide insights for insurers to better understand wildfire risk during the underwriting process and to quickly respond to wildfires as they happen,” said RedZone founder and CEO, Clark Woodward. “By partnering with Convr, insurance underwriting teams will be able to make more informed decisions through our wildfire insights, preventing costly losses, and providing peace of mind to property owners.”

About Convr

Convr® is a modularized AI underwriting data analysis platform that digitizes and fuses submissions with best sources of information to surface underwriting insights, business classification and risk scores. The platform has revolutionized the industry through data, discovery and decisioning intelligence. Convr AI customers include commercial insurance organizations of all sizes, including many of the top 10 carriers, which use the platform to enable superior performance, optimal efficiency, quality decisioning and world-class customer experiences. To learn more, visit www.convr.com. Follow Convr on Twitter,Instagram,LinkedIn and YouTube.

CHICAGO (February 24, 2023) – Convr^®, the leading modularized AI Commercial P&C insurance underwriting platform has welcomed Brian Moore to serve as Chief Operations Officer. Moore will oversee customer facing functions, leading Convr’s Professional Services, Customer Success and Customer Support teams.

“Brian’s appointment as COO marks an exciting new chapter for Convr,” said John Stammen, Convr CEO. “He brings what we need right now. He has extensive experience in insurance and software and a strong track record within implementation and customer success. His addition to our team positions Convr for continued growth and expansion in the years ahead.”

Moore has hands-on insurance, DaaS and SaaS expertise after serving several years of his career at Guidewire Software leading both professional services and customer success teams as vice president.

“I’m excited to be joining Convr,” said Moore. “I’m really looking forward to working with the Convr team and our customers to help deliver a great customer experience and significant value for commercial insurance organizations.”

CHICAGO (February 14, 2023) – Convr^®, just earned a new patent for their developments in automating the intake of submission documents during the underwriting process. The leading artificial intelligence (AI) company serving commercial insurance organizations was issued U.S. Patent No. 11,580,459 today by the United States Patent and Trademark Office.

The patent pertains to Convr’s d3 Intake technology and is a continuation of U.S. Patent No. 11,049,042 previously issued in 2021. The continuation highlights further innovations surrounding the digital ingestion of data, preparation and analysis of submissions.

“Convr is a leading innovator in the AI commercial underwriting space, and this patent is just one of many we expect to receive as we continue to develop and expand our platform’s capabilities,” said Harish Neelamana, co-founder and president of Convr. “Our engineers and data scientists are continually assessing technical solutions for optimizing our customers’ submission processes, leading to a more efficient underwriting experience and superior customer outcomes.”

Convr’s d3 Intake is part of a modularized AI-enabled underwriting platform. The d3 Intake technology automates the ingestion of submission documents, including PDFs, scans, emails and other forms of unstructured data, using machine learning (ML) models pretrained on thousands of ACORD applications, loss runs and other insurance documents. This allows for near real-time analysis of inputs to find missing information, resolve quality and accuracy issues.

“Issuance of this patent further validates our innovative approach to commercial underwriting,” said John Stammen, CEO of Convr. “This advanced technology allows us to virtually eliminate manual submission processing and improve efficiencies across the entirety of the underwriting process. By automating and digitizing the insurance application process, underwriters quote faster, with more confidence, enhanced application data and achieve more nuanced insights.”

Discover d3 Intake here: https://convr.com/platform/d3-intake/.

CHICAGO (January 25, 2023) -Convr, the leading Artificial Intelligence (AI) company serving commercial insurance organizations significantly extended its modularized AI underwriting analysis capabilities in 2022. From expanding their submission intake through quote capabilities to growing their workforce and professional services-they've upped the ante on their product line and delivery to enhance risk selection, underwriting efficiency and business growth for customers.

The positive growth rate and trajectory of Convr are evidence of the demand for their compelling solutions for commercial P&C lines including workers compensation, commercial auto, property, general liability and specialty lines. In 2022 this was proven true as Convr expanded their customer lineup and saw net retention hit 130%.

"Convr is leading the charge among AI underwriting platforms as we offer versatile solutions and high-quality services that support detailed decisioning and workflow for more accurate and efficient submissions," said John Stammen, chief executive officer at Convr. "We have a sound platform that paints an entire picture of risk from end to end - increasing speed-to-quote and positive business outcomes for customers."

New additions for 2022:

And the positive momentum continues in 2023. Just looking at the company's continuously expanded and updated data lake alone, the repository is now comprised of over 50 million businesses and around 180 million entities including newly added lesser's risk only (LRO) and property data.

Another growth area for Convr is in their intake to clearance capabilities. In 2022 the company expanded the number of forms and document formats it reads with d3 Intake™. The product can now read significantly more ACORD, SOV's, loss run and broker forms in formats including Microsoft Excel and PDF. The company also added new workflow capabilities supporting customers' embedded decisioning and fitness rules.

Other growth achieved in 2022 focused on d3 Answers™ which provide customers with important submission insights. Convr now offers more than 800 answers to help underwriters focus on key account characteristics. These expansions allows for greater portfolio analysis and insights-including source visibility-enabling straight-through processing (STP).

And as Convr further innovates and creates compelling solutions for commercial P&C insurance providers, they're certain customers will continue to realize success and see quick time-to-value. To learn more about the platform's versatile solutions, visit convr.com or contact Suzzane Vranicar at suzanne.vranicar@convr.com.

CHICAGO (December 6, 2022) – In 2023, insurance companies should be primed to transform their underwriting operations and talent management efforts if they want to remain competitive. A new survey commissioned by Convr, the leading artificial intelligence (AI) underwriting platform serving commercial insurance organizations reveals a critical gap between today’s operational realities and the expectations of effective talent around technology and automation.

The Convr Insurance Talent and Tech Trends Survey further revealed:

• Technology is key to recruitment and retention
• Significantly more underwriting tasks could be automated
• Younger generations are not drawn to jobs in insurance
• Remote work remains a big demand of new hires and prospective talent

“To truly transform commercial underwriting, insurance organizations have to adapt to the changing demands and expectations of their target workforce,” said John Stammen, Convr CEO. “In our newly completed survey, we learn that insurance executives know their companies' shortcomings with technology and talent yet are not transforming at a rate that can support profitable growth.”

The study, conducted by an independent firm, sampled a statistically significant sample of insurance underwriting leaders and confirmed that a number of needs within the insurance industry can be met by insurtech solutions such as Convr’s Command Center.

“At Convr, we’re your partners in defining a new and better vision for commercial P&C underwriting,” said Stammen. “When technology is what can set your operations apart, early adoption can be key to finding competitive advantage. We’re here to help.”

To read some of the first survey findings surrounding talent and tech trends, visit our latest blog post on how insurance providers are facing even greater talent and retention challenges than they were experiencing before the COVID-19 pandemic: https://convr.com/resources/blog/convr-survey-findings-pinpoint-growing-issues-in-insurance/