May 2, 2023

Have You Thought About Data Heritage Lately? 

Data lake

In 2016 Convr AI set off to solve one of the biggest challenges facing the insurance industry: improving commercial insurance underwriting across the value chain. We began with the notion that assembling the best data was essential to unlocking better commercial insurance performance. The second follow-on was applying artificial intelligence to models that predicted everything from completing forms to predicting underwriting outcomes. With that foundation, we built an underwriting command center that placed underwriters at the helm of commercial insurance underwriting excellence.  

All of the pieces of Convr’s Underwriting Command Center were important but there was nothing more important than building the data lake with the best data sources, the pipes to continually refresh the data and the machine learning (ML) models that have been learning and improving since 2016. What we built was a legacy advantage. There is no other organization providing a smarter insurance underwriting platform than Convr. 

Our deep bench of former top insurance carrier and producer talent knows well the pain points of the business and has continuously improved our software to meet the growing challenges of new and growing exposures. We understand and support our industry’s need for improved risk assessment tools, increased efficiency and accuracy. And with this talent and understanding we apply the best data from our data lake and the underlying artificial intelligence (AI) to make measurable improvements to the lives and quality performance of the underwriters we support. 

Convr’s d3 Risk 360TM data lake delivers unrivaled insights from ML models that synthesize a vast range of information and through that delivers a comprehensive view of each submission based on an insurer’s underwriting appetite.  

As of 2023, our rich data lake is filled with 154 million entities that are continuously enriched through our purpose-built data pipelines. In the first quarter of 2023, we added nearly 42 million Standard Industrial Classification Codes (SIC Codes) and over 34 million new North American Industry Classification System (NAICS Codes) to these millions of entities. This is our mission: better data, better clarityevery day. 

With Convr’s d3 Risk 360 commercial P&C underwriters can:

  • Visualize a deeper applicant view 
  • Assess risk appetite compliance with greater efficiency 
  • Synthesize the vast amounts of information 
  • Empower underwriting teams (data science) to bring their own data to our pre-tested models 
  • Retain and reuse applicant data for modeling, operational and portfolio analysis 

No other insurance underwriting platform can claim the integrated data foundation that drives Convr’s customer performance. And, without quality models and data . . . well, you know! 

Convr is the best modularized, AI-based insurance underwriting platform helping the insurance industry make more accurate and efficient decisions. Our Underwriting Command Center platform leverages ML algorithms and predictive analytics to analyze large volumes of data, third-party data sources and industry benchmarks to provide underwriters, producers and risk managers with actionable insights and recommendations. 

The platform aids in automating many of the most time-consuming manual underwriting processes—thereby adding value across the commercial insurance value chain by supporting better decisions, faster, with improved customer experiences and profitability. 

It’s true: knowledge is power and applying that knowledge translates to competitive advantage. Convr equips your teams with the best tech to make more informed decisions, improve operational efficiency and ultimately deliver better outcomes for your customers. 

Download and read any one of our customer case studies to see how Convr is helping many of the top 10 carriers reach their goals through the power of our AI underwriting platform: 

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