July 23, 2024

Leveraging AI to Save Time and Money

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As all insurers know, there is a critical balance between the time spent on submission review and the need to issue quotes in a timely fashion. And in today’s world of technological advancements employing artificial intelligence (AI) is one way insurers can move quickly, satisfy customers and ensure quality selection—saving time and money for their organization.

How does AI save time and money? AI can limit mistakes, organize work, digitize processes, make work easier for everyone and create customer satisfaction—all things that save time and money, along with a better experience.

At Convr AI, when customers choose our underwriting workbench, they choose our AI to do all of these things and more. They’re typically in search of better information and increased efficiency; sometimes they want to simplify their 

workflows. One way they do that is by simplifying and streamlining the intake process with our Intake AI product. 

 

How Intake AI Works
Intake AI eliminates manual submission processes by digitally ingesting, preparing and analyzing underwriting documents for customers. It also verifies and digitizes structured and unstructured documents such as ACORD, broker forms, email content, loss runs, supplemental forms, statements of value (SOV) saved in PDF, Microsoft Excel and Word and email formats splitting and staging the documents then extracting select data via machine learning models (MLM) to register, clear and analyze insurance submissions in real-time. 

The digitized submission data is then stored in a digital document library and flagged as high or low confidence. High confidence submissions that meet fitness rules are enriched with the best sources of public and private data for straight-through processing (STP) or underwriting referral and review. 

Low confidence documents are automatically set-up for review by a human-in-the-Loop (HITL) digital assistant to process using a side-by-side online viewing panel that displays the original document on one side with an open form for editing on the other side. The corrected low confidence document is then also cleared for straight-through processing (STP) and/or underwriter rating.

So how does Convr supply a more complete look at the risk? Convr’s Risk 360 AI is a data lake comprised of the digital footprint of millions of businesses—built with an underlying knowledge graph that unleashes detailed insights from the intersection of tens of thousands of data elements.  

 

How Risk 360 AI Works 

Risk 360 AI requires only a business name and address to streamline submission research and enhance applicant data with the power of AI. Data cards with submission details are then generated through AI features and machine learning models (MLM) derived from Convr’s data lake which regularly streams fresh data from thousands of public and private data sources with more than 85 million businesses and nearly 785 million entities. 

Sources of data, DBA’s, business classification codes, business profiles and more are automatically embedded within an underwriting file that includes a snapshot of the submission details enhancing account communications, pricing reviews, claims management and re-insurance submissions.

So just these two Convr resources alone—Intake AI and Risk 360 AI—would be more than enough to bring significantly improved focus and efficiency to your underwriting team, getting them on track to do business in an easier way that will in turn speed up submission-to-quote and improve your customer outcomes—saving time and money.
 

But Convr doesn’t stop with just Risk 360 AI and Intake AI. There are other services 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 Risk 360 AI and Intake AI can transform how your underwriting teams can better perform and positively impact your performance and profitability. 

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