Convr’s Scoring Model Prioritizes Submissions

Convr is once again making it easy for underwriting team members to prioritize the best submissions surfacing which applications will drive profitable revenue and those that are not worth the man hours or effort, thus saving time and money for commercial P&C, E&S and Specialty Lines insurance organizations.
 

When you are bogged down by submissions, nothing is more frustrating for an underwriting team member than spending two to three hours working on a submission only to realize later that they cannot quote that business because of something within the application that they uncover such as a bankruptcy or an OSHA violation. Yikes! Those are the glaring red flags you always wish you knew up front, and with Convr, you can know about them early on!
 

With Convr’s submission score model, underwriters can quickly determine which submissions they should be working on based on a colored indication system within the Convr Underwriting Workbench. Green, yellow, red and even black colored dots within the workbench all indicate different application rankings, prioritizing which applications might be most beneficial for an underwriting team to pursue soonest. The submission score model allows them to easily know which submissions will likely get to the quote stage and get bound.

Here is How it Works
When a business is looked up in Convr’s Risk 360 AI data lake or a submission comes into the Convr Underwriting Workbench, Convr runs the risk against a scoring model that sits behind the scenes. The model is developed in conjunction with the customer, configured based on their specific submission evaluation criteria. How well the submission performs against the scoring model determines the color displayed within the workbench.

It is a confidence scoring method which gives cues to the underwriter so they know what they should and should not be spending time on—allowing them to focus on those submissions most likely to bind. The definition of each colored indicator is determined by the customer to align with their underwriting rules/guidelines. The green scores generally indicate to the underwriter that the submission fits their appetite and they should proceed to review. While the items that show up as yellow might need to be referred out to a higher level or to a separate workflow for additional attention, however, with further work, the submission could turn green. 

Red and even black indicate that a submission does not have a high chance of getting written and would not be a good use of the underwriting team members’ time. Instead, their time would be better spent focusing on the yellow and green submissions. The confidence method allows teams to very quickly focus on the submissions that they have a high chance of winning. Thus saving their organization time and money.

To learn more about our Convr Underwriting Workbench and how your underwriting team can get to the quote stage faster and more efficiently with better information, request a demo from Convr’s Business Development team today: Book Now!