January 16, 2024
Convr’s Processing Speed Advantage
The Convr Underwriting Command Center platform has a variety of methods and mechanisms built-in to provide quick responses to users. We’ve selected a few examples for your edification.
Training and Tuning forms in the submission process supports processing speed. When a new submission is received within the Convr platform, data is ingested and aggregated within our submission hub. Our platform has been built to understand the formats and layouts of such data contained within the many commonly used document types and attachments to support the speed of ingestion. Ingestion speed is assured by the continuous training and tuning of our software.
Convr expedites clearance using stages for file preparation to increase processing speed. Our approach to file preparation is extracting in steps starting with ACORDs and email. Once this step is completed, then we extract the data from SOV’s and loss runs and supplemental forms. By prioritizing in this way, the clearance/account setup process takes in only the necessary information for each step in the process.
Sequential Processing expedites access from large data sets by consuming in chunks rather than all at once. Within the Convr Underwriting Command Center platform, we ensure quick response time whether it’s retrieving data from customer data or the Risk 360 AI data lake with Sequential Processing. Whenever third-party data is ingested, processed, and accessed from the Convr Risk 360 data lake, we use Sequential Processing to our customers’ advantage.
Concurrent Processing is another methodology used by Convr for simultaneous task management. This is how we ensure fast response time for external data operating asynchronous tasks. An example of this approach is also from the submission process wherein the Convr Underwriting Command Center platform executes multiple API calls concurrently using asynchronous tasks. That translates directly to processing speed.
For more detail, with each external API call, the Convr application places a task request on a set of queues that distributes tasks among multiple workers. This allows each worker to operate on many task requests at the same time. For example, one underwriting team member can action two task requests simultaneously–-one for property data and another for a review, and another underwriting team member can be processing a valuation data request. The results from each external API call can be completed at the same time and stored. Concurrent processing is just one of many ways we ensure quick and complete responses for a pleasant user experience.
It’s just a part of the technology that lies at the core of the Convr Underwriting Command Center platform that was designed for speed.
Accelerate Your Commercial Underwriting
Convr’s AI patented technology is transforming the commercial Property and Casualty (P&C) Insurance underwriting process by automating critical steps of underwriting, improving accuracy, and enhancing decision-making. By leveraging advanced technologies and machine learning, the process enables insurers to streamline their workflows, reduce manual effort, and ultimately make better-informed underwriting decisions. As the insurance industry continues to evolve, our artificial intelligence (AI) will play a critical role in shaping the future landscape of commercial insurance underwriting.
If you want to see how Convr’s AI technology could help your underwriting teams increase efficiency and quote business faster, sign up now to meet with our team.