Convr Highlights its Material Change Analysis Capabilities

Mid-year and end of the year—July 1 and December 31. Those two dates bring angst to nearly every commercial insurance underwriting team. The mountain of renewals always brings long hours and late nights along with the fear of missing important details in the rush. Not to mention your underwriting team members are missing precious time off over the holidays to put in extra man hours to get all the extra work done. 

No question, the renewals season is a challenging time. There’s a high volume of renewals, a strong need for prioritization, and lots of data gathering. No commercial renewal is an automatic shoe in, since so much can change as part of their insurance program, new locations, new business units, new property data or changes to a property value . . . it all needs to be updated. Insurance underwriting teams can’t use the same values year over year, they need updated information to perform their renewal underwriting tasks.

It’s never an open and shut case. Accounts must be thoroughly reviewed to ensure they are compliant with the latest underwriting guidelines. And all the renewal work gets tacked on top of new submissions that are coming in fast. It’s a lot for any underwriting team member to handle.

But Convr AI offers a valuable solution to the challenge of processing renewal applications. It’s a feature we call Material Change Analysis. Material Change Analysis highlights or flags a submission in the Convr Underwriting Workbench when there is a material change in the account year over year. That’s crucial for alerting an underwriter about key developments within an account.

It’s a valuable offering Convr can provide to underwriting teams, ensuring they won’t have to start from square one when underwriting renewals. With previous renewal details captured and stored within the Convr Underwriting Workbench, Material Change Analysis reporting provides an efficient and focused view of submission details allowing an underwriter to focus where the data has changed. It helps expedite the underwriting review process, allowing them to review flagged details within a submission, make informed decisions and get to decision points more quickly and efficiently.  

If you’re intrigued and want to hear more, schedule a demo with our team to witness first-hand how Convr AI can streamline the underwriting process and enhance decision-making efficiency. We look forward to hearing from you.