Organizing Efficient Submissions

Approximately 65 percent of all commercial insurance applications are scanned, and many are in formats that cannot be accurately processed by many software applications. That screams of yet another issue that slows down and creates more work for underwriting teams. Today’s submissions need more than standard optical character recognition (OCR), they need artificial intelligence (AI) based intake technology trained specifically for insurance. Your submissions need Convr’s Intake AI. 

About Intake AI
Convr’s 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.

Our machine learning algorithms have been trained on thousands of insurance documents to understand the relevance of each data element. That’s how they can convert your submission documents into meaningful underwriting information–reducing noise and minimizing irrelevant data. Convr technology recognizes the difference between a loss run and a statement of value (SOV), and quickly extracts and contextualizes the data appropriately. It can also rationalize the SOV’s from dozens of different carriers.

The extracted data is then combined with other information pulled from insurance applications and used to auto-populate the editable fields of the client’s underwriting tools and feed into downstream rating and policy administration systems. Thanks to data science and AI, underwriters can benefit from a more complete view of a submission.

About Answers AI
Plus, Convr’s Answers AI delivers expert answers to underwriters’ questions about each insurance applicant’s exposures–another way Convr helps underwriters shed manual tasks to focus their time on selection and pricing.  

Answer AI streamlines and centralizes all available information about an applicant’s business and answers underwriting questions directly through insurance trained AI models. There are two key components of Answers AI: standardized questions to confirm risk characteristics and business classification. Answers AI identifies exposures that underwriters might miss. It’s like having an expert assistant sitting at your side guiding you along the way.

Convr’s AI powered underwriting workbench is making underwriting easier and more accurate–increasing decision-making confidence. This is the power of Convr. But Convr doesn’t stop with just Intake AI and Answers AI. There are other services within our full suite of modularized products that inter-operate to best meet your most pressing needs. Read how we can flex to best solve your problems here on our platform page: https://convr.com/platform/. Or sign up now to meet with our team to see how Convr’s Answers AI and Intake AI can transform how your underwriting teams can better perform and positively impact your performance and profitability.