March 7, 2024

Embracing Digital Transformation

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Technology is rapidly transforming most industries. But if the typically slow to evolve insurance industry doesn’t implement and integrate digital technologies into existing business processes now, then they could easily fall further behind. 
 
From cloud computing, data analytics, the internet of things (IoT), artificial intelligence (AI), etc.—commercial property and casualty (P&C) insurance organizations have their work cut out for them in terms of adopting the latest technology that will help them achieve their operational and financial goals.  

In terms of AI, Convr could be a huge differentiator for commercial insurers. Our Intake AI engine eliminates manual submission processing by digitally ingesting, preparing and analyzing underwriting documents. 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.  
 
Essentially, what we do is automate and digitize the insurance application process, enabling commercial insurance underwriting teams to quote faster with more confidence by enhancing application data and achieving more nuanced insights to propel them to make better, more informed decisions, faster.  
But our trustworthy AI built into our dependable Convr Underwriting Workbench wasn’t built overnight. We have nearly a decade of learning underlying our Risk 360 AI data lake containing thousands of data sources that are regularly updated. There’s deep lineage and history there that can’t be easily replicated.  

And Convr’s Intake AI uses our patented, AI-driven engine with user-inspired capabilities for data and insights. You just can’t get that anywhere. 

Intake AI: Key Capabilities at a Glance: 
 

  • Drive efficiency with straight-through processing: ingest, organize and digitally store all your documents in a single digital asset library, including ACORD forms, loss histories and SOVs—virtually any structured or unstructured document. 
  • Avoid data leakage: collect, analyze and retain all the information you’ve captured in the application process to inform future pricing models and decisions. Benefit from consistency of format and data granularity while assuring historical audit compliance and data sharing across departments. 
  • Realize faster speed to quote: digitize and centralize the submission data extraction process, transforming both the underwriting and customer experience. 

For Convr customers that have adopted Convr’s Intake AI solution—they’ve realized results in as little as six to eight weeks, and some have seen a nearly immediate increase in ROI. But even those with strong success stories know that digital transformation is not a one and done kind of thing, but rather an ongoing and dynamic process.  
 

Whether your greatest opportunity is improved profitability, productivity or customer experience . . . you can’t get there without an ongoing commitment to digital transformation. True digital transformation requires a strategic vision, strong leadership, and dedication to continuous improvement to navigate the evolving digital landscape successfully. 
 
Organizations that effectively embrace digital transformation often gain a competitive advantage, increase their agility, and the ability to better meet the evolving needs of their customers and stakeholders in the long run. 
 
But don’t just take our word for it, you can actually test us out with a free demo today to see for yourself. Sign up now to meet with our team to see how Convr’s Intake AI can transform how your underwriting teams perform and positively impact your performance and profitability.  

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