October 8, 2024
Have No Fear, AI is Here
The time to embrace AI is now, not later.
When we think of artificial intelligence we often think of the sensational: job displacement, loss of control and some of the pop culture sci-fi narratives and how robots could soon be taking over the world.
But Convr’s AI is not that. We are assistive in nature, a friend not a foe, and there is no reason to go running off when you hear about our AI. It is usually a lack of understanding surrounding AI that makes people nervous. Many people just don’t fully understand how AI works which leads them to feeling anxious about the potential impact the technology could have on business, society and our future.
That is why it is essential to address these concerns through education, transparency, and responsible development and deployment of AI technologies. And that is what we are doing at Convr.
Take a minute to hear about what we can do for your underwriting operations through the power of our Intake AI, and you might get a better sense of how we are not trying to take over the world, but rather create efficiencies in how you do business whether you are an insurance carrier, producer, reinsurer or MGA/MGU.
What is Intake AI?
You can increase speed to quote using our intelligent document processing (IDP) capabilities. 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. By automating and digitizing the insurance application process, underwriting teams quote faster, with more confidence, enhanced application data and achieve more nuanced insights.
Nearly all of your insurance organization peers tell us that their top
challenge today is transitioning old processes and systems to more efficient cloud-based, digital workflows. Where is the fear in that?
We have tackled this challenge head-on with our innovative submission automation solution—Intake AI is a key component of our suite of tools, revolutionizing how underwriting teams operate, leading to improved performance and profitability for your organization.
Our machine learning models excel at ingesting, parsing, extracting, and digitizing multiple submission documents with precision and speed, facilitating seamless clearance, rating, and loss analysis. Our approach prioritizes efficiency, offering transparency to source lineage for streamlined submission processing, operational insights, and portfolio analysis. And that analysis still requires a human-in-the-loop (HITL) at times to triage submission applications. Your underwriters are still very much needed and wanted for that work.
Our intelligent intake technology empowers insurers to automate submission intake and triage processes, outperforming manual efforts in both speed and data completeness, but not replacing workers by any means!
By adopting our technology, your organization will achieve operational and financial goals, while enhancing user experience. Are you ready to unleash the transformative power of Convr AI? Or do you need more convincing?
At Convr, we have set out to solve the last big problem of commercial insurance while improving profitability and increasing efficiency. So if you are 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!