Risk 360 AI™
Drive Growth and Mitigate Losses with Deeper and Faster Discovery
Streamline research and enhance applicant data with the power of AI. Risk 360 AI is a data lake comprised of the digital footprint of millions of businesses – built with an underlying knowledge graph that unleashes detailed insights from the intersection of tens of thousands of data elements.
Key Capabilities
Visualize a Deeper Applicant View
Access a comprehensive view of a business's digital footprint drawn from thousands of data sources including local, state, and federal government information, social media, business websites and thousands of others to better inform decision making.
Determine Risk Appetite with Greater Efficiency
Harness Convr’s centralized command center that brings together your data and insights from thousands of third-party sources for more informed decisions.
Organize the Vast Amount of Information
Use Convr’s data cards, by category and by line-of-business, to realize important insights leading to better decisions.
Empower Underwriters to Bring their Own Data
Easily integrate your own data with Convr’s third-party data sources to gain a more holistic applicant view and to build more confidence in risk selection.
Retain and Reuse Applicant Data
Stop losing valuable information from manual process to assure a historical audit compliance and to inform future models and decisions.
Risk 360 AI Enables More Efficient and Accurate Underwriting, Actuarial, Claims and Data Science Decisioning
Data Source Examples | Customized Extensibility
Granular risk characteristics enhance attributes available for analytics
Convr business classification relies on machine learning to evaluate source information from the data lake to choose highest ranked class code(s)
Challenges
- Businesses are misclassified up to 60% of the time according to The Consumer Federation of America estimates.
- Business classifications are not always available from submissions.
- Misclassification can lead to inaccurate pricing.
Convr Solution
- Convr outperforms on business classification more than 70% of the time.
- AI-driven insights deliver more granular business classification.
- Continuously updated data and machine learning models drive increasing accuracy over time.
What Type of Business is This?
That may appear to be a simple question, but it does not always have a simple answer. We have an unparalleled heritage in answering this question from an underwriting perspective and perfecting the answers with machine learning. This gives us a major advantage in the insurance industry.
Example: Full-service restaurant with table side cooking
NAICS + Keywords = Deeper Insights Full-Service Restaurant = NAICS 722511
Keywords identified: table side cooking, open flame
Answers AI Provides
Answers/keywords combination improves classification granularity resulting in better risk identification (primary and secondary NAICS codes), selection and pricing.
Solving for the difficult challenge of accurate classification, we enable superior risk evaluation and rating with review and edit capabilities.
Taking the full list of possibilities and using patented AI to narrow down to the most accurate choice(s)
Bring Your Own Data (BYOD)
With BYOD, your current best data sources can be combined with Convr data and models in the Convr Underwriting Command Center. This is the way to supercharge your trusted sources and models in a single powerful environment that delivers a more comprehensive applicant view and greater risk selection confidence. We work with customers to include these enhanced data sets into submission prioritization rules, risks scores and answers.
Data Enrichment
Data enrichment can be used for book rolls or renewal business. It can even help carriers identify unidentified or high-risk exposures within their existing books.
Book enrichment provides in-depth insights into the entirety of your various books of the business. Policy files are enriched from d3 Risk 360 data using data from thousands of public and third-party data sources.
Insights from this enriched data can be used to get better results from book rolls, new product development and portfolio analysis.
Capabilities
- Validate data across all your policies and enrich your books across the business
- Append data and identify policy anomalies for future decision-making support
- Track changes to book level statistics automatically on a recurring schedule
- Identify real-time lessor's risk only (LRO) property data on businesses to glean greater exposure insights
Convr at Work
Learn how Encova Insurance drove real results with Convr Risk 360 AI
- Helps its underwriting teams save time – spending less than half the time they used to reviewing submissions
- Supports a culture of underwriting excellence
- Retains and attracts insurance industry talent by investing in digitally enabled employee experiences
Benefits
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.
Price Adequacy
Identify the submissions and segments that are riskier or less risky in the specified population so pricing is more aligned with relative exposure.
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.