News

CHICAGO (April 6, 2021) – Convr, the leading Artificial Intelligence (AI) company enabling a frictionless commercial underwriting experience, announced today that Crum & Forster, a national P&C insurance carrier providing specialty and standard commercial insurance products for nearly two centuries, will use Convr’s d3 Intake to power the digital underwriting experience when processing new business submissions.

“Partnering with Convr is a big step in helping us achieve operational excellence, which will strengthen our relationships with brokers and agents at the same time,” said Lauren Dieterich, Senior Vice President and Head of Operations for Crum & Forster’s Surplus & Specialty Lines Division. “Convr’s d3 Intake solution will permit straight-through processing of submissions, while increasing the amount of data captured for downstream analytics and ultimately enable us to provide better quotes faster.”

Harish Neelamana, co-founder and president of Convr, added, “We’re delighted to welcome Crum & Forster to the Convr family, which already includes many of the Top 10 commercial insurers in the US. Together, we look forward to helping Crum & Forster achieve greater efficiency in their submission process, leading to a more optimal underwriting experience and superior customer outcomes.”

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:

• 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 artificial intelligence (AI) to classify a business and 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 Crum & Forster

Crum & Forster (www.cfins.com) is a leading national property, casualty and 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.

C&F is rated “A” (Excellent) by A.M. Best (2020). The C&F logo, C&F and Crum & Forster are registered trademarks of United States Fire Insurance Company. To learn more, follow us on Twitter and LinkedIn.

Kentucky’s largest workers’ compensation carrier using the full Convr suite to achieve underwriting excellence

CHICAGO (May 4, 2021) – Convr, the leading Artificial Intelligence (AI) company enabling a frictionless commercial underwriting experience, announced their partnership with Kentucky Employers’ Mutual Insurance (KEMI) today. KEMI is the largest provider of workers’ compensation insurance in Kentucky and is using Convr’s entire suite of services to reduce the time spent on manual processes and spend more time growing and strengthening relationships with agents and insureds.

“Partnering with Convr is a big step forward in achieving submission to quote underwriting excellence,” said Jon Stewart, President and CEO of KEMI. “Convr’s solutions enable superior performance, optimal efficiency and world-class customer experiences, all of which will help us to continue to be the carrier of choice for Kentucky businesses.”

“Convr is thrilled to announce KEMI as part of our growing family, including many of the top commercial insurers in the U.S,” said Harish Neelamana, co-founder and President of Convr. “We will continue to provide KEMI with the AI tools needed for their ongoing growth, underwriting optimization and innovation.”

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:

• 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 KEMI

Kentucky Employers’ Mutual Insurance (KEMI) (www.kemi.com) is the largest provider of workers’ compensation insurance in Kentucky, providing coverage to more than 22,000 policyholders in all 120 counties of the state. KEMI is a mutual insurance company owned by its policyholders, financed entirely by premium dollars and investment income. Our principles combined with our competitive pricing, responsible financial management, and focus on innovation, make KEMI the provider of choice for Kentucky’s businesses.

KEMI has maintained an “Excellent” rating from A.M. Best since 2001, was selected as one of the Ward’s 50 for financial stability and responsible business practices, and has been ranked first nationally as a Best Place to Work in Insurance by Business Insurance Magazine. Follow KEMI on LinkedIn.

New, technology-driven P&C provider leverages Convr's solution to innovate the underwriting process

CHICAGO (March 3, 2021) - Convr, a leading underwriting decisioning platform for commercial P&C insurance carriers, announced today that Joyn Insurance, an innovative InsurTech company serving the commercial insurance needs of small and middle markets, will use Convr’s d3 Intake^TM to ensure maximum underwriting efficiency and the ability to provide timely quotes and policies at bind.

“We know that there is a better way to transact commercial insurance,” said Stephan Braig, Head of R&D and co-founder of Joyn. “Connecting data and insurance expertise through technology makes all the difference in the underwriting process. Our growing partnership with Convr is enabling us to automate the intake of submission documents, develop a structured set of data points for seamless integration with rating and create an experience that our underwriters, brokers and customers will enjoy.”

Harish Neelamana, co-founder and president of Convr, added, “We are thrilled to be part of Joyn’s journey of dynamic growth. Through our partnership, we will help to optimize Joyn’s underwriting process from the very start by enabling a friction-free, efficient and highly scalable underwriting process.”

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 Joyn Insurance

Joyn Insurance is a newly formed InsurTech that will be underwriting commercial insurance in the small and middle markets. Anticipating market entry in Spring 2021, Joyn will be powered by technology, data and expertise to deliver a transparent and trusted experience to brokers and customers. Follow Joyn on LinkedIn.

Billion-dollar carrier gains competitive advantage by using Convr to improve ease of doing business for agents while increasing underwriting efficiency

CHICAGO (January 28, 2021) - Convr, a leading underwriting decisioning platform for commercial P&C insurance carriers, announced today that Encova Insurance, a top-rated mutual insurance company that provides coverage in 28 states and the District of Columbia, will use Convr’s d3 Underwriting™ platform to help improve the ease of doing business for agents while increasing underwriting efficiency.

“Partnering with Convr provides a competitive advantage to our organization, as it will enable us to improve the speed and quality of our underwriting decision-making based on the digital footprint of the businesses we serve,” Encova Senior Vice President and Commercial Lines Chief Underwriting Officer Mike Lucas said. “This will empower our agents with a seamless quoting experience, including far less data entry in Encova Edge, our state-of-the-art agent portal, and faster, more accurate new business and renewal quotes.”

“Encova is an impressive organization, and we are honored to be partnering with them,” Bruce Simpson, CEO of Convr, added. “Together, we will help Encova continue to build a stronger future for its agencies and policyholders.”

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 Encova Insurance

A super-regional carrier ranked in the top 20 mutual insurance companies in the United States, Encova includes more than 1,200 associates writing in 28 states and the District of Columbia, premiums in excess of $1 billion, a surplus in excess of $1.65 billion and assets in excess of $4.3 billion. The group markets insurance solutions through more than 2,000 independent agencies in the Midwest, Northeast and South. Learn more at encova.com.

Using Convr Insider, commercial insurers can access insights on recent trends impacting a business, including COVID-19, supporting better underwriting decisions

CHICAGO, Oct. 20, 2020 - Convr, a leading underwriting decisioning platform, today announced it is providing commercial property and casualty insurance carriers with complimentary access to Convr Insider, an underwriting insights tool which includes a COVID-19 management dashboard.

This innovative tool allows insurers to view local COVID-19 insights all in one place. The information provided includes the number of cases and deaths reported at a business, screening procedures in place upon entry, visitor restrictions and how well stay at home regulations are being adhered to in the local area. There is also a score to predict how likely a business is to have an outbreak in the near future. This information will help underwriters better understand the changing nature of risks and make more informed decisions at new business, endorsement and renewal.

“One of the primary challenges insurance carriers have faced since the start of the pandemic is keeping up with the drastic change in risk exposures among policyholders. Businesses have had to shift away from traditional business models and are adopting new ways of operating, which leaves insurers to identify and manage a myriad of more complicated risks” said Bruce Simpson, CEO, Convr. “As a company that has been harnessing the power of AI and third-party data since its inception, Convr Insider is our way of using our insights for the benefit of the entire commercial insurance industry.”

“We felt strongly that now is the time to do something bold to help the entire industry adjust to the current economic environment. We have big plans for Convr Insider and encourage all US commercial P&C carriers to explore how this complimentary tool can help advance their businesses,” said Harish Neelamana, co-founder and president, Convr.

Convr Insider is built on a platform containing 4 billion data points and connected to thousands of data sources. Learn more about Convr Insider.

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.

New name reflects the company’s evolved vision and position at the convergence of innovative technology and traditional insurance

CHICAGO, IL (May 19, 2020) – Convr, formerly known as DataCubes, a leading insurtech that provides an AI-powered underwriting decisioning platform for U.S. commercial property and casualty (P&C) insurers, has today unveiled its new name. Convr stands for convergence, a concept that reflects the company’s passion for combining the power of technology and decision science to enable superior underwriting decisions.

This past year has been an instrumental time of positioning the company for growth, as it closed a $15.2 Million Series B funding round in November 2019. Convr is focused on scaling its solutions, investing further in research and development and expanding its team. This will enable the organization to continue to help carriers streamline their commercial underwriting processes while delivering world-class customer experiences.

“Building on the success of DataCubes, Convr will continue to provide its advanced technology and exceptional client service focus that customers have grown accustomed to since our launch in 2016,” said Harish Neelamana, co-founder and president. “As we continue to grow and innovate, the name Convr best represents our vision of empowering commercial P&C insurers through decision science.”

“We are excited to announce our new name and rebrand as part of our continued evolution in helping advance the insurance industry,” said Bruce Simpson, chief executive officer.

Funding to enable the insurtech startup to accelerate the insurance industry’s adoption of its AI-driven underwriting decisioning platform, grow its team and accelerate R&D

CHICAGO (November 14, 2019) - DataCubes, a leading underwriting decisioning platform for U.S. commercial property and casualty (P&C) insurers, today announced the close of a $15.2 million funding round led by Palm Drive Capital.

DataCubes uses machine learning and artificial intelligence to analyze a broad array of information sources, including semi-structured insurance submissions and over four billion objects in its data lake. Using these capabilities, DataCubes’ d3 Underwriting™ software platform empowers commercial insurers to optimize their underwriting workflow processes for SMB and middle market risks in all standard commercial and specialty lines of business.

This latest round of funding will support DataCubes’ investment in research and development as well as help expand the team, adding 50 new employees in 2020, to further support its growing clientele of commercial insurers, which includes The Hanover, Selective Insurance, RLI, Columbia Insurance Group, Penn National Insurance, Tangram, WCF Insurance and Synergy Coverage Solutions among dozens more that have not yet been publicly announced.

“The old way of underwriting risks is a drain on both a carrier’s resources and the customer experience it is able to provide,” said Kuldeep Malik, CEO and co-founder, DataCubes. “This round of funding will give us a boost to support the demand we are seeing from the underwriting community to fix inefficiencies and drive better expense and loss ratio results.”

The Series B funding round, which was led by Palm Drive Capital, included participation from Altos Ventures, NFP Ventures, Stage 2 Capital, MPK Equity Partners and existing investors including Seyen Capital and MK Capital. In total, DataCubes has raised nearly $18 million in less than three years.

Nick Hsu, partner at Palm Drive Capital and member of DataCubes board of directors added, “DataCubes’ rapid growth is a testament to the fact that there is a better way to underwrite commercial P&C risks. Carriers that continue to do business as usual, will lose out to the modern carrier who will operate faster, more accurately and at a reduced cost.”

About Palm Drive Capital

Palm Drive Capital is a New York-based venture capital and growth equity fund that invests in leading software and internet companies with a US focus. Since their launch in 2014, they’ve espoused the notion that innovators are everywhere. They also believe that the most successful founders are visionary and principled. Palm Drive has a unique combination of strong Silicon Valley roots and New York financial discipline. In addition to its investments on the West Coast, Palm Drive has a presence in emerging US tech centers including the Northeast, the Midwest, and the South. With backing from top entrepreneurs and institutions, Palm Drive also has an expansive and differentiated network that spans across the United States, Europe, South America and Asia. Portfolio companies include Carta, Clover Health, Rappi, Jet.com, and Boom Supersonic. For more information, please visit palmdrive.vc.

DataCubes’ d3 Underwriting™ to power NAICO’s commercial P&C underwriting processes

CHICAGO (November 1, 2019) - DataCubes, a leading decision automation platform for commercial P&C underwriting, announced today that National American Insurance Company (NAICO), an insurance carrier providing commercial property and casualty coverage in 50 states, has selected DataCubes’ AI-driven underwriting technology to increase the speed and efficiency of its commercial P&C intake and underwriting processes.

NAICO will utilize DataCubes’ d3 Underwriting™ platform to digitize and extract relevant information from submission documents including ACORD forms and loss run reports, and enrich each submission with third-party information to improve the efficiency and consistency of risk research and analysis.

d3 Underwriting™ includes a data lake that aggregates, analyzes and interprets over four billion data points to build robust business profiles that help underwriters discover important insights and determine the quality of a risk in near real-time. It was designed with commercial P&C underwriting best practices in mind and is available through a white-labeled portal and API.

“Our intelligent automation reduces time-consuming manual processes and helps alleviate many of the complexities of commercial P&C risk assessment,” said Kuldeep Malik, DataCubes co-founder and CEO. “We are proud to be lifting the burden for carriers like NAICO. The increase in quote accuracy and turnaround time will help NAICO deliver an improved customer experience.”

“DataCubes is a key part of helping us achieve our mission: to set the standard others strive for in all aspects of our business,” said Lance LaGere, President and COO, of NAICO. “We look forward to implementing this innovative technology that will enable us to continue to advance the level of service we provide to our customers.”

About NAICO

National American Insurance Company (NAICO), a regional insurance carrier providing commercial property and casualty coverage, has proudly served our customers from our home office in Chandler, Oklahoma since 1987. Licensed in all 50 United States as well as the District of Columbia, our premium footprint currently spans across 40 states. Having a diversified appetite allows us to provide programs to suit the various needs of our insureds and having a wide range of agency partners located throughout the United States allows us to extend our reach and write coverage for some of the best businesses. NAICO proudly maintains a financial strength rating of A- and a long-term issuer credit rating of A- from A.M. Best, both with an outlook of “stable”.

Appointment underscores DataCubes’ commitment to solving key risk analysis pain points

CHICAGO (September 16, 2019) - DataCubes, a leading decision automation platform for commercial P&C underwriting, announced today that former Maiden Re Chief Data Scientist, Dr. John Henry has joined the company as Chief Analytics Officer (CAO). The appointment reflects the company’s emphasis on using AI for decision automation, the evolving needs of risk analysis and the maturation of the commercial underwriting market. In this newly created role, Henry will continue to advance DataCubes’ AI strategy and will be responsible for integrating these capabilities into DataCubes’ product roadmap.

“As the commercial insurance industry continues to digitize and move toward automating not only the collection of information, but the entire underwriting decision making process, the key accelerators of our future growth lie in accelerating our ability to turn data into decisions,” said Harish Neelamana, co-founder and President at DataCubes. “We are going to continue to eliminate a great deal of friction from the commercial underwriting process and John is going to be paramount as we execute on our commitment to offering carriers the kind of agility and decisioning power that elevates their ability to serve their markets.”

Prior to joining DataCubes, Henry was Chief Data Science Officer at Maiden Re. Before Maiden Re, he gained nearly 20 years of industry experience working at AIG, Oregon Mutual Insurance and Liberty Northwest in various roles including manager of quantitative analytics, predictive modeler and assistant actuarial analyst. Henry is also a mathematics professor with teaching experience at New York University, Oregon State University and NC State University. Henry holds a PhD in statistics from Oregon State University and a master's degree in statistics. Henry has published work in top journals on statistical theory and actuarial science and is a frequent speaker at academic and industry conferences.

“It has become increasingly necessary for insurance companies to adopt more sophisticated analytics and technologies and DataCubes is giving its customers a real competitive advantage in this area,” said John Henry, CAO at DataCubes. “I'm excited to be joining such a talented team and to capture the massive opportunity in front of us.”

Henry’s appointment comes during a highly successful year for DataCubes. The company continues to accelerate its momentum and is seeing rapid market traction with a long line of insurers that have adopted its platform. Over 30 national and regional carriers as well as MGAs including The Hanover, Selective Insurance, RLI, Columbia Insurance Group, Penn National Insurance, Tangram, WCF Insurance and Synergy Coverage Solutions trust DataCubes’ actionable intelligence to improve underwriting accuracy, productivity and profitability.

Since launching in 2016, DataCubes has been helping carriers transform the underwriting process. With its advanced machine learning models, its d3 Underwriting™ platform analyzes and interprets submission documents as well as over four billion data points to build robust business profiles that help carriers automate intelligence gathering, discover important underwriting insights and make better underwriting decisions in near real-time.

About DataCubes

Headquartered in Schaumburg, Illinois, and founded in 2016 by Kuldeep Malik and Harish Neelamana, DataCubes is the first decision automation platform for commercial P&C underwriting. The company has revolutionized the commercial underwriting process with cutting-edge AI and data science. Commercial carriers of all sizes use DataCubes to make real-time underwriting decisions based on rich data and highly-accurate intelligence gathered by external sources to improve productivity, profitability, efficiency and accuracy. To learn more, visit www.datacubes.com.