Convr Underwriting Workbench: Putting the Underwriter First

More business—hands down, we all want it, right? Growth and more profitability are a good thing, but with it comes added pressure and stress to perform and keep up with the deep stacks of work and demand that comes along with it.

Insurance carriers and reinsurers need to be able to capitalize on every opportunity that meets their risk appetite and can keep their portfolio balanced. What better way to do that than with underwriting teams that feel empowered and equipped with modern tools and unified workflows and not bogged down with backlog?

Let us introduce you to Convr AI.  

It’s the tool of the time—and of choice, the one many top 20 carriers are selecting to streamline and expedite their workflows and to improve speed to quote. It’s a more human-centric approach—putting the underwriter first, making them in the cockpit of a more advanced, unified and efficient process.

The Convr Underwriting Workbench data analysis tool is packed with innovative artificial intelligence and machine learning that gives commercial property and casualty insurers, reinsurers, MGAs’/MGU’s, producers and more the ability to augment decision making during these times of increasing uncertainty.

When our customers so frequently must make decisions based on incomplete or inaccurate information, we can fill in the blanks and complete the picture—giving them the key insights and answers to inform their decision to write a risk or not. The human-in-the-loop (HITL) solution surfaces the right data at the right time while accelerating and enriching the underwriter’s understanding through unique knowledge graphs tailored to each submission.

Sounds simple, right? We really do remove the guesswork for underwriting and operations teams!

Take our Intake AI product for example and you can see how we simplify the entire ingestion process for underwriters.
 

Here’s how we do it:
For every submission that flows through your business we extract key data points and augment the information with third-party data to broaden and deepen the risk profile. By automating and digitizing the insurance application process, underwriting teams quote faster, with more confidence, enhanced application data and achieve more nuanced insights.

Patented capabilities of Intake AI 

Ingestion. Ingesting documents in configurable stages from a variety of structured and unstructured documents.

Extraction. Extracting and digitizing select data fields for clearance, file preparation and underwriting insights.  

Quality Review. Verifying and analyzing field-level documents with “high” or “low” confidence scores to enable underwriting team members to benefit from straight-through processing and in-line quality control (HITL).

Assembly. Submission application data from structured and unstructured documents and sources, including the digital footprint constructed in Convr’s Risk 360 AI.
Visualization. Side-by-side the actual document and structured view to fix and/or validate data elements for underwriting insights and analysis and selection.

Validation. Data lineage with insights specific to source derivation, including date last updated, name of the data source and a direct linkage to the source of the data.  

When insurance underwriting teams are already under so much pressure to meet targets related to volume of business written, profitability or other key performance indicators—why not do all you can to alleviate the grind and take advantage of products such as Convr’s Intake AI and other products.

By putting your underwriting and operations teams first by investing in top tools of the trade on the market, you can avoid eroding productivity and empower your teams to drive stronger, more consistent underwriting outcomes.

Today’s underwriters are frustrated by the piles of work and mundane manual tasks that could easily be replaced with technology. They’re well aware that they deserve better and smarter solutions to support them in their work. When time to value is key, solutions such as Convr AI are here and available to improve underwriting performance right now.

Introducing dynamic new products and technologies such as the Convr Underwriting Workbench can also reduce operating costs, improve loss ratios and help keep your portfolio balanced. Outpace your competition today with a modularized artificial intelligence underwriting and intelligent document automation workbench that enriches and expedites the commercial insurance submission flow with underwriting insights, business classification and risk scoring.

To learn more about our modern underwriting workbench request a demo from Convr’s Business Development team today: 

Book Now!