Convr Expands Web Search Capabilities to Glean Greater Insights for Small and Micro Business Insurers

Convr is making it easier than ever for Commercial Property and Casualty (P&C) insurers that write small and micro businesses to do the work vital for completing their submissions and getting the deals they deserve. These smaller business segments have often been harder to insure due to a low or no digital footprint. Or in other instances, they could simply be a new business with limited to no exposure. Much of the time not a whole lot is known about these companies in the broader business world and sometimes these small and micro businesses only have a Facebook page.

Some commercial P&C insurance underwriting platforms may promise to expose data on submissions for small and micro businesses through third-party data sources, however they frequently end up falling flat. That is because we at Convr know how challenging it can be to turn up tough to find results on companies that fall under the radar by not building and maintaining traditional websites, having certain licenses, or owning a significant digital presence. They are a needle in a haystack details that an underwriting needs to ensure a submission is thorough and complete.

But through a new feature within the Convr Underwriting Workbench, customers can now get results on small and micro businesses they might not otherwise be able to locate. This is through the new advanced submission web search capabilities only available in the Convr user interface (UI). We scrape the web and find those tough to locate details from social media sites such as Facebook, Angi, Instagram, LinkedIn and Yelp listings and search engines including Brave and Google.  

The results?
Convr AI adds new deep insights – beyond Answers AI, keywords and data cards – to help underwriters glean insights into company activities even when there is a limited digital footprint. News and social media activity is extracted to surface additional company details to help underwriters more quickly identify and/or confirm the business and its risk profile from sources not otherwise found through traditional search methods. 

And they can take the information discovered and use it to create submissions for these hard-to-find companies. That means Convr is helping customers get the information they need to be able to build a submission and write the business. And it happens quickly, underwriting teams are no longer digging and digging to turn up empty handed.

How we do it:
It is through our API-first capabilities that enable the same features and functions as our Risk 360 data lake. It is not much different than creating a Risk 360-based submission where a company name and address is searched. However, these are companies not previously found in the Convr Underwriting Workbench that will now be available with this new advanced search feature.  

The data that comes back is similar to that of Risk 360 and can include NAICS codes, addresses, hours of operation, plus firmographic details such as photos posted online. How is that for finding needles in a haystack for customers!?! Additionally a list of links is returned similar to what you would see from Google and Brave.com, so we point a user to whatever exists on the internet for further review.

Prior to this enhancement, searches would have returned little to no useful P&C insurance data due to the size of the company searched and their lack of a traditional digital footprint.

What Convr has done is a remarkable win for companies that write small and micro businesses. It is truly amazing that a small blurb can lead you to the right insights to guide underwriting team members toward a decision about whether or not they want to write a submission and how they would provide coverage.

To learn more about Convr and our underwriting capabilities for small and micro business, visit our Contact Us page to schedule a demo.