February 27, 2024

Convr AI: On Trend in 2024 


You don’t have to have a crystal ball or any real psychic ability to be able to see there’s a race toward greater technological advancement solutions in insurance underwriting in the future. 
Convr is certain data analytics and artificial intelligence (AI) will continue to make an impact on the commercial property and casualty (P&C) insurance industry again in the coming year. More and more insurers rely on these technologies for deep analytical thinking to advance their business strategies and performance, and they’re searching for solutions such as Convr AI. 

Already in recent years we’ve seen insurers increasingly leveraging data analytics and AI to: 

  • Assess risks more accurately 
  • Price policies effectively 
  • Analyze historical data to predict potential future risks 

Advanced analytics and AI help insurers make data-driven decisions, leading to improved underwriting. When insurers invest in solutions such as Convr AI they’re investing in a workbench solution that brings innovative technology that can keep their company competitive and agile. 
The Convr difference: 

  • Convr is the only platform delivering a full suite of AI-infused commercial insurance tools that support underwriting analysis and decisions 
  • Convr brings a real-time fusion of submission data and digital footprint 
  • Convr machine learning models surface critical insights to drive smarter underwriting decisions in-line with existing workflows 
  • Convr brings quick time-to-value with extensive out-of-the-box features 

The Convr underwriting workbench can automate the application of your underwriting guidelines with the flexibility to adjust with your experience so that every new submission or renewal is consistently processed to reflect your risk appetite, both in terms of selection and prioritization. The business rules framework is fundamental to Convr submission scoring, which is powered by ingested data fused with information housed in the Convr Risk 360 AI data lake. 
Customers can digitize, enhance and expedite their underwriting in just six to eight weeks with our core solutions: 

Intake AI 

The journey to optimizing the underwriting process starts with Intake AI. With Intake AI we gather submission documents such as applications and loss runs, and then fuse them with third-party data using intelligent document processing (IDP). Documents are then converted into a structured format ready to be reviewed by your underwriting team. 

Risk 360 AI 

Once your underwriting team finishes assembling the submission documents, they begin to research the risk. Our Risk 360 AI product pulls business insights from thousands of third-party data sources—such as government entities, public records and company websites—and prioritizes the most relevant and accurate information in minutes. 

Answers AI 

With massive amounts of data gathered, Answers AI allows underwriters to get fast answers to their specific underwriting questions from our patented, trained AI models. Answers AI identifies risks that underwriters might miss. 

Risk Score AI 

Prioritizing each submission is the work of our Risk Score AI. This score helps the underwriter optimize the selection and prioritization of risks for evaluation and ensure the quoted business fits their risk appetite. 

Combined, our suite of products create a frictionless process enriched by AI decisioning, empowering your underwriting teams to make better decisions, faster. Our end-to-end underwriting management platform delivers superior performance, optimal efficiency and world-class customer experiences to empower your teams to digitally transform how they do business in a matter of weeks. 

If you’re looking to get ahead of the curve with your underwriting operations in 2024, you can explore our offerings at https://convr.com/platform/. Or request a demo from Convr’s Business Development team today here at: Book Now! 

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