Data Enrichment: Where Convr Shines

Convr is an artificial intelligence (AI) underwriting, data, and intelligent document processing workbench. Our underwriting workbench enriches and expedites commercial property and casualty (P&C) insurance underwriting.

So how do we use AI in our Convr Underwriting Workbench? Convr digitizes the submission, extracts the information and builds a historical record. That historical record is enriched with vast amounts of data from various sources, such as social media, financial records, public records, and medical histories, streamlining the data-gathering phase. 

The data comes from our deep data lake known as Risk 360 AI. Our data is commercial P&C insurance-industry specific, organized for the purpose of insurance evaluation and as reliable as any single primary source. Plus, our range of domain-specific sources is staggering, as is our commitment to continuous improvement.

We bring nine years of continuous learning to the AI table, as our commercial P&C insurance models have advanced with every point of access. Our data pipelines connect with thousands of data sources that are continually refreshed in concert with source updates. There is no other resource that can deliver the best and most relevant data in-line with your underwriting operation.

Our AI-infused, modular underwriting platform containing our Risk 360 AI data lake significantly simplifies searches from thousands of sources and millions of websites—cutting down on an underwriting team member’s manual effort to gather information while simultaneously reducing the number of time-consuming searches from external sources.
 

With Convr’s Risk 360 AI commercial property and casualty insurance underwriting teams can also: 

• Visualize a deeper applicant view 

• Assess risk appetite compliance with greater efficiency 

• Synthesize vast amounts of information 

• Empower underwriting actuarial and data science teams to bring their own data (BYOD) to our seasoned models 

• Retain and reuse applicant data for future pricing and claims modeling, operational and portfolio analysis
   

How does it work?
Our unrivaled insights from machine learning (ML) models synthesize the vast array of purpose-gathered information and deliver a comprehensive view of the submission based on your underwriting risk appetite. 

The information is delivered through a visual knowledge graph to support your underwriting process. With faster discovery, the graph exposes detailed insights that enable easier interpretation of findings and a deeper look at search results, to better guide your decisioning. A historical record is then captured for renewals, operational and portfolio insights, as well as claims and audit evaluations. 

The process takes seconds—not hours or days, saving your team time and resources by increasing efficiency and speeding submission-to-quote. And the more updates and current information that gets added to the data lake, the better results and decisioning for underwriting teams. 

Bringing data enrichment to the table is where we really shine. By leveraging AI, commercial P&C insurers can make underwriting faster, more accurate, and more transparent, which can improve their profitability.

If you would like to learn more about that element of our workbench or any other ways we are improving outcomes for underwriters, we encourage you to meet with our team today.