News

CHICAGO (November 16, 2022) – Convr AI, the leading artificial intelligence (AI) company serving commercial insurance organizations, has once again delivered strong return on investment for a client—this time for Crum & Forster—the 200 year-old insurance solutions provider.

The AI-infused Convr Command Center has enabled Crum & Forster’s Surplus & Specialty Lines (S&S) Division to:

• Cut submission processing time by 50%
• Redeploy 40% of contractors to higher-value roles
• Redeploy 20% of operations employees to revenue-generating roles
• Support an ambitious five-year growth strategy

In 2021, Crum & Forster’s S&S Division kicked off a plan to double its top-line underwriting performance. Lauren Dieterich, senior vice president, head of operations and digital for Crum & Forster’s S&S Division, recognized that to achieve that goal, her team needed to streamline a manual, labor-intensive submission intake process.

“In S&S, we’re dependent on a variety of submission materials. I was looking for a vendor who could process more than just ACORDs and transform our entire underwriting process,” Dieterich said. “I wanted a vendor who could grow with us as we consume ever-increasing data.”

Dieterich found what she was looking for in Convr’s AI-infused commercial underwriting platform d3 Intake^TM, enabling a more efficient and holistic process for new business submission intake.

With d3 Intake, Crum & Forster’s S&S Division has realized:

• Faster Quotes. d3 Intake eliminates most of the data entry required to clear and prepare an underwriting file, which transforms both the underwriting and customer experience.
• Streamlined submission intake process. By using d3 Intake’s Intelligent Document Processing (IDP) capabilities, Crum & Forster automatically ingests and organizes information from both structured and unstructured documents.
• Leverages data for future insights. d3 Intake enables Crum & Forster to collect, analyze and retain the information from the application process—insights that can inform future pricing models, underwriting decisions or claims handling.

Learn more about Convr and read the Crum & Forster case study here.

About Crum & Forster

Crum & Forster (www.cfins.com) is a leading national property, casualty, accident & health insurer, wholly owned by Fairfax Financial Holdings Limited (www.fairfax.ca), providing specialty insurance products through its admitted and surplus lines insurance companies.

Founded in 1822, C&F is one of the oldest U.S. insurance companies with $3.7 billion in gross written premium in 2021, doing business through a network of independent agents, brokers and wholesalers. C&F is rated “A” (Excellent) by A.M. Best (2022). The C&F logo, C&F and Crum & Forster are registered trademarks of United States Fire Insurance Company. To learn more, follow us on LinkedIn, Twitter, and Instagram.

CHICAGO (November 14, 2022) – Convr AI is leading the charge – transforming the commercial P&C insurance underwriting experience with straight-through-processing and more complete and accurate data to propel better decisioning. Convr’s technology, innovation and more is why the SaaS company has been selected as a “Most Promising Insurance Tech Solutions Provider in 2022” by CIOReview.

Convr, the leading Artificial Intelligence (AI) company serving commercial insurance organizations provides digitization and deep insights – a formula for end-to-end underwriting excellence. The company orchestrates a better commercial insurance experience, whether it’s increasing efficiency by over 130% or achieving more than 90% in the machine reading accuracy of documents or applications.

“As more and more insurers tighten their belts and balance an underwriting talent deficit, it’s no wonder many of the top 10 insurance providers choose Convr to streamline and digitize their commercial P&C insurance underwriting operations,” said John Stammen, Convr, CEO. “Insurance organizations of all sizes, including many tier-one carriers trust Convr to transform their underwriting process with straight-through-processing (STP). We’re proud to provide them with more accurate and complete data to help them make better decisions.”

To read the complete award coverage from CIOReview, visit their website:

https://banking-insurance.cioreview.com/vendor/2022/convr.

CHICAGO (November 10, 2022) – Convr, the leading Artificial Intelligence (AI) company serving commercial insurance organizations has launched a new website that lets you sample commercial underwriting innovation in real time.

Users can now visit convr.com and sample services found in the Convr Command Center and deep dive into Convr’s data lake made up of millions of data points. The website also now includes multiple channels for customers to communicate with the company, including click-to-chat and call options that allow for insurance carriers to engage with the SaaS in real time. For companies unsure of how to advance their digital transformation the site also includes a return on investment (ROI) calculator and prioritization models to help.

“As a modern technology company, we believe it’s critical for our customers to experience what valuable innovation looks like in every interaction,” said Chief Marketing Officer, Fanette Singer. “We believe you should be able to get what you need when you need it. You should be able to sample services wherever you are, whenever you want to try them. And you should be able to get support via click-to-chat, call or however you prefer. That’s exactly what you’ll find at the new convr.com.”

What is Convr?

Convr is an AI underwriting platform that digitizes and fuses submissions with best sources of data to surface underwriting insights, business classification and risk scores.

“Convr is already an established leader in the Commercial P&C Insurance industry and with our new website, we think you’ll understand why,” said Chief Executive Office, John Stammen. “We all know technology is always changing and we hope you’ll join us in embracing the change.”

Visit us at convr.com.

CHICAGO (November 2, 2022) – Convr, the leading commercial insurance underwriting platform powered by artificial intelligence (AI) is powering up their platform through a new partnership with data provider, Powerlytics.

Powerlytics provides complete business financial data for 33 million U.S. businesses including revenue, payroll and number of employees all underpinned by publicly available U.S. Government data sources that it reconstructs into actionable financial data. Through the relationship with Powerlytics, Convr will be able to further enrich its data lake and leverage the information to provide commercial property and casualty insurance underwriters with a unique set of data.

“We’re proud to be chosen by Powerlytics to represent their data through the Convr Command Center,” said Convr CEO, John Stammen. “Every day, Convr is making strides to improve our platform – and a relationship with Powerlytics will truly do that by providing our customers with a new unique set of data.”

The reliable data garnered from Powerlytics will produce better search outcomes for Convr underwriter customers during the underwriting process – improving speed to quote and outcomes for their insurance customers. The new partnership shows Convr is dedicated to the responsible data collection from credible sources and to bettering the Convr Command Center user experience.

“We’re excited to partner with Convr and provide more commercial property and casualty insurance carriers with on-demand access to our proprietary financial data,” said Powerlytics CEO, Kevin Sheetz. “Powerlytics data has proven to be highly valuable in helping financial institutions better understand and predict risk and we’re thrilled to have our data featured in the Convr Command Center.”

Learn more about Convr and watch our animated video about what we do at convr.com.

About Powerlytics

Powerlytics provides the most comprehensive, accurate and granular consumer and business financial data available in the U.S. Our proprietary big data analytics platform provides a comprehensive financial view of the over 200 million adults and 33 million businesses that comprise the American economy. Major U.S. corporations and financial services providers are using Powerlytics’ data and solutions to stay on the cutting edge with predictive analytics, frictionless verification and estimation of consumer income, consumer wealth and business revenue, enhance digital and direct marketing for both consumers and businesses, manage risk with both individual business and consumer customers and portfolios and benchmark performance. Visit www.powerlytics.com for more information.

CHICAGO (September 6, 2022) – Convr, the leading commercial insurance underwriting platform powered by artificial intelligence is now trusted more than ever with customer data. The data rich SaaS company recently received Service Organizational Control (SOC) 2 Type II certification in accordance with the American Institute of Certified Public Accountants (AICPA) standards following an audit by Prescient Assurance, LLC.

Convr provides a web-based platform that simplifies and expedites the workflow for commercial P&C underwriters and enables quicker speed to quote for their customers through their AI decisioning engine. The new SOC 2 Type II designation shows Convr is dedicated to the collection, control and safeguarding of customer data and principles such as privacy, security and confidentiality.

“Information security is a reason for concern for all organizations,” said Convr CEO, John Stammen. “Our new certification shows how committed we are to ensuring customer data is managed and maintained at the highest of standards.”

What is SOC 2 Type II

SOC 2 Type II is a voluntary compliance standard for service organizations, developed by AICPA, which specifies how organizations should manage customer data. The standard is based on the following trust services criteria: security, availability, processing integrity, confidentiality, and privacy.

Achieving this standard with an unqualified opinion serves as third-party industry validation that Convr provides enterprise-level security for customer’s data secured in the Convr Command Center underwriting platform.

Learn more about Convr and watch our animated video about what we do at convr.com.

CHICAGO (March 28, 2022) – Convr AI®, the leading Artificial Intelligence (AI) company enabling a frictionless commercial property and casualty (P&C) insurance underwriting experience, announced today that the United States Patent and Trademark Office has issued U.S. Patent No. 11,270,213 relating to technology underlying Convr’s d3 Risk 360™ data lake capabilities.Convr’s patented d3 Risk 360™ technology provides underwriters with a unified view of a business’s digital footprint, including history, DBA, credentials, license, filings and more, allowing for efficient and informed risk assessments. d3 Risk 360™ utilizes machine learning to read and extract structured data from non-standardized documents. That data is then graphically presented to the underwriter via an intuitive card-based view, allowing for more detailed drill-downs as needed.

“Convr continues to lead innovation in the AI commercial insurance underwriting space, and this second patent serves to recognize our efforts in improving commercial P&C underwriting by using machine learning and related technologies,” said Convr’s Co-founder and President, Harish Neelamana. “Our engineers and data scientists are constantly looking at technical solutions for optimizing our customers’ submission and risk-assessment processes, leading to a more efficient underwriting experience and superior customer outcomes.”

Convr’s Underwriting Command Center supports all core P&C commercial lines of business and classes. All parts of the platform are available via a highly intuitive underwriting desktop, as well as through system-to-system API connectors.

Convr enables four core use cases:

• d3 IntakeTM reads and digitizes submission paperwork, such as ACORD applications and loss runs, to reduce manual data entry
• d3 Risk 360TM provides additional insights on risks from thousands of third-party data sources
• d3 AnswersTM uses artificial intelligence (AI) to classify a business and respond to underwriting questions, saving significant underwriter time while improving consistency and accuracy
• d3 Risk ScoreTM enables risk selection and prioritization to better focus downstream underwriting resources

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 convr.com. Follow Convr on Twitter,Instagram,LinkedIn and YouTube.

CHICAGO (September 28, 2021) – Convr, the leading Artificial Intelligence (AI) company enabling a frictionless commercial underwriting experience, announced today that Hiscox, a leading small business insurer, will use Convr’s d3 Risk 360TM and d3 AnswersTM to help reduce losses, ensure premium adequacy and accelerate speed to quote.

“Every business is unique, and they deserve coverage that’s as unique as they are. Our partnership with Convr means we can more accurately assess a business’s individual needs, and tailor quotes to suit them precisely,” said Steve Wilkins, Hiscox USA’s SVP, Strategy. ”This partnership is a crucial step forward in providing our customers with coverage that’s a perfect fit, and on our journey as the leading digital small business insurer in the US.”

John Stammen, CEO of Convr, added, “We are honored to be partnering with Hiscox, a well-respected industry leader, as the latest addition to the Convr family. Together, we are going to continue to transform commercial insurance with frictionless underwriting

Convr’s solution supports all core commercial lines of business and classes. All parts of the platform are available via the Convr Underwriting Command Center, as well as through Convr Connect system-to-system APIs. In the workplace, Convr enables four core use cases:

• d3 IntakeTM is Intelligent Document Processing (IDP) that reads and digitizes submission paperwork, such as ACORD applications and loss runs, to reduce manual data entry, which enables a faster and more accurate quote process
• d3 Risk 360TM provides additional insights on risks from thousands of third-party data sources, helping to ensure underwriting and pricing accuracy
• d3 AnswersTM uses artificial intelligence (AI) to classify a business and respond to underwriting questions, saving significant underwriter time, while improving consistency and accuracy
• d3 Risk ScoreTM enables risk selection and prioritization to better focus downstream underwriting resources

About The Hiscox Group

Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected small business insurer and specialist carrier with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.

The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers, as well as homeowners. Internationally traded, bigger ticket business, and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. In the US, Hiscox small business Insurance is underwritten by Hiscox Insurance Company Inc., a Chicago-based insurance company.

Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word, and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.

CHICAGO (July 29, 2021) – Convr, the leading Artificial Intelligence (AI) company enabling a frictionless commercial underwriting experience, announced today that the United States Patent and Trademark Office has issued U.S. Patent No. 11,049,042 relating to technology underlying Convr’s Intake AI platform.

Convr’s patented Intake AI platform virtually eliminates submission paperwork. Convr has automated the intake of documents, such as PDFs, that might relate to loss history, credit score, employment history, salary verification, health inspection documents, and more. Intake AI is able to do this via machine learning.

“Convr is a leading innovator in the AI commercial underwriting space, and this patent is just the first of many we expect to be awarded,” said Harish Neelamana, co-founder and president of Convr. “Our engineers and data scientists are constantly looking at technical solutions for optimizing our customers’ submission processes, leading to a more efficient underwriting experience and superior customer outcomes.”

“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 paperwork submission and improve efficiencies across the entirety of the underwriting process.”

Convr’s solution supports all core commercial lines of business and classes. All parts of the platform are available via a highly-intuitive underwriting user desktop, 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
• Scores enables risk selection and prioritization to better focus downstream underwriting resources

Patent: No. 11,049,042

New workers compensation MGA positioned for success using Convr's underwriting decision automation platform

CHICAGO (July 21, 2020) - Convr, formerly known as DataCubes, today announced that Foresight, a new workers compensation MGA, will be powered by Convr’s underwriting decision automation platform to provide strategic advantage through exceptional underwriting quality, speed and efficiency.

“Convr stood out as the superior partner to power our proactive approach to workers compensation insurance,” said Emilio Figueroa, Chief Insurance Officer at Foresight. “By partnering with Convr, we are empowered to run a well-informed, AI-driven underwriting process that is optimized with the latest technology from Day One.”

“Foresight has a tremendous advantage in being a new MGA with a market niche already defined, they are now able to start their business using underwriting best practices built into the Convr platform from across the industry,” said Bruce Simpson, CEO at Convr.

Convr’s platform supports all core commercial lines of business and classes. All parts of the platform are available via white-labeled portal and/or API. The platform is segmented into four products:

• d3 Intake™ reads and digitizes submission paperwork, such as ACORD applications and loss runs, to reduce manual data entry
• d3 Risk 360™ provides additional insights on risks from thousands of third party data sources
• d3 Answers™ uses AI to respond to underwriting questions, saving significant underwriter time while improving consistency and accuracy
• d3 Risk Score™ enables risk selection and prioritization to better focus downstream underwriting resources

About Convr

Headquartered in Schaumburg, Illinois, Convr is a leading underwriting decisioning platform for commercial P&C insurers. The company has revolutionized the commercial underwriting process with cutting-edge AI and decision science. Commercial carriers of all sizes use Convr to make real-time underwriting decisions based on rich data and intelligence gathered by external sources to improve productivity, profitability, efficiency and accuracy. To learn more, visit www.convr.com. Follow Convr on Twitter and LinkedIn.

About Foresight

Foresight insures hard-to-place clients with the first technology-based workers' compensation program. Foresight commercial insurance plans contribute to improved safety and lowered rates through increased safety engagement. Using instant pricing indications, a digital submission process, and easy claims management and reporting, Foresight provides unrivaled value for brokers and their hard to place clients. Learn more at getforesight.com and follow Foresight on LinkedIn.