May 7, 2024

Getting to Straight-through Processing with Convr

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Straight-through processing (STP) of submissions might sound like a pie in the sky concept when your underwriting team is entrenched in the grind every day, but with artificial intelligence (AI) on your side it can’t be a concept that’s too far off.

AI has become the most transformative technology of our time, tackling some of humanity’s most challenging problems—so it’s not hard to imagine Convr AI has successfully applied the technology solving some of commercial property and casualty’s (P&C’s) biggest challenges. 

Convr is working to automate the entire underwriting process from the initial application submission to the final policy issuance and historical review all while enabling underwriting teams to glean data and insights in line with their workflow and guidelines from our Risk 360 AI data lake. 

 

Our modularized AI underwriting and intelligent document automation workbench enriches and expedites the commercial insurance new business and renewal submission flow with underwriting insights, business classification and risk scoring.

To achieve STP you often need to integrate various technologies and automate different processes into your work, but with Convr’s innovative AI, that heavy-lifting has already been done for you. Each of our four modules can deliver significant process and insight improvements that result in measurable bottom-line improvements for customers:
 

Intake AI 

The journey to optimizing the underwriting process starts with Intake AI. With Intake AI we gather submission documents such as applications and loss runs, and then fuse them with third-party data using intelligent document processing (IDP). Documents are then converted into a structured format ready to be reviewed by your underwriting team.
 

Risk 360 AI 

Once your underwriting team finishes assembling the submission documents, they begin to research the risk. Our Risk 360 AI pulls business insights from thousands of third-party data sources—such as government entities, public records and company websites—and prioritizes the most relevant and accurate information in minutes.
 

Answers AI 

With massive amounts of data gathered, Answers AI allows underwriters to get fast answers to their specific underwriting questions from our patented, trained AI models. Answers AI identifies risks that underwriters might miss.
 

Risk Score AI 

Prioritizing each submission is the work of our Risk Score AI. This score helps the underwriter optimize the selection and prioritization of risks for evaluation and ensures the quoted business fits their risk appetite. 

 

Combined, our suite of products create a frictionless process enriched by AI decisioning, empowering your underwriting teams to make better decisions, faster. Our commercial underwriting workbench delivers superior performance, optimal efficiency and world-class customer experiences to empower your teams to digitally transform how they do business in a matter of weeks.

At Convr AI, we’re passionate about the commercial P&C insurance business. As a trusted technology partner and advisor with deep industry expertise, we help insurance organizations transform their underwriting operations through our AI-driven digital underwriting analysis platform.

At Convr, we’ve set out to solve the last big problem of commercial insurance while improving profitability and increasing efficiency. So if you’re looking to get ahead of the curve with your underwriting operations this year, you can explore our offerings at https://convr.com/platform/.

Or request a demo from Convr’s Business Development team today here: Book Now!
 

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