Generative AI and the Evolution of Insurance

Generative Artificial Intelligence (gen AI) is a rapidly evolving field, with new advancements continually expanding the possibilities for creative and practical applications.

Gen AI refers to a category of artificial intelligence systems designed to create new content for users. This can include text, images, music, code, or even complex data patterns. These systems are called "generative" because they can generate new, previously non-existent data, rather than simply processing and analyzing existing data.

Generative AI is set to play a pivotal role in the evolution of insurance underwriting, driving greater efficiency and accuracy in the industry. At Convr AI, customers use our gen AI to speed up the underwriting process. Now they can generate data designed to aid commercial P&C insurance underwriting teams in completing submissions through our Intake AI product as part of the Convr Underwriting Workbench. Generative AI is the perfect solution for extracting data due to the vast amounts of manual data extraction required during the insurance underwriting submission process.

How Intake AI Works:
Convr’s Intake AI is used to eliminate manual submission processing by digitally ingesting, preparing, and analyzing underwriting documents. For every submission that flows through our customers’ business, Convr extracts key data points and augments 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.

And it’s a win for underwriting teams as the AI leads to productivity improvement. It allows underwriters to focus more of their time on other tasks and duties such as engaging with customers, evaluating exposures, and more. And there are benefits to their customers as well. The generative AI allows for more accurate pricing and quotes, where customers have the right level of coverage at the right price.

Here are more of the benefits broken down:
Efficiency and Speed: 

Our AI can process large volumes of data and complete complex analyses much faster than human underwriters, significantly reducing the time required for underwriting decisioning to unfold. 

Accuracy and Consistency:
Generative models reduce human error and bias, providing consistent and accurate risk assessments that informs the underwriter to provide appropriate coverage amounts. 

Cost Reduction:
Automating parts of the underwriting process can lower operational costs by reducing the need for manual data entry and error correction. 

Scalability:
AI enables insurance underwriting teams to handle a larger volume of applications, increasing their capacity without a corresponding increase in underwriting resources. 

Innovation and Differentiation:
Insurers can develop innovative, tailored products that better meet the needs of niche markets or emerging risks, gaining a competitive edge.

But while the use case in underwriting is apparent to Convr AI and our customers, not everyone may be sold on the idea. There are some in the industry who believe AI of any type is bad for one reason or another or that it will replace their underwriting team members, however, Convr AI is built with these concerns in mind. Our AI is not placed directly in interactions with customers and the technical workbench is designed to include humans-in-the-loop (HITL) to ensure human touch, judgement and quality customer engagement.

But Convr does not stop with just Intake AI. There are other AI-centric modules within our full suite of modularized products that inter-operate to best meet your needs. Read how we can flex to best solve your problems here on our platform page: https://convr.com/workbench/.

Or sign up now to meet with our team to see how Convr’s Intake AI and other modules can transform how your underwriting teams can better perform and positively impact your performance and profitability through the power of our AI.