The 3 Things Hindering Your Underwriting

Convr knows it’s not the underwriting team members that are limiting improved business performance . . . it’s the process. Over the past 10 years we’ve confirmed that increased submission flow can and is best managed with technology. 

It’s also true that working on the best submissions and correctly identifying key exposures creates added capacity and better performance. With more than 100 years of combined insurance experience, our team knows that wasted time and effort prohibit profitability.

What we’ve seen is that there are three key areas holding underwriting teams back from greater success. We’ve outlined what we believe are three critical blockers:

1. Wasted Time

Too much underwriting effort goes to waste. Underwriting team members are wasting their time on manual processes that severely constrict the submission through quote process. Imagine no more rekeying and double entries. If you could have the most current technology and workflows at the palm of your hands and you knew it would be a surefire way of getting things on track, wouldn’t you try it? 

2. Poor Quality Submissions 

Underwriting resources are being consumed by low-quality and incompletesubmissions, such as deals unlikely to close or those that are outside the company’s risk appetite. Redirecting time away from these submissions and redirecting toward strategic opportunities that align with risk appetite would enable the team to focus on risks that fit company objectives and are more likely to bind.

But with The Convr AI Underwriting Workbench, we score the risk for you. Before your underwriting team members go and spend a bunch of time on a submission that might not otherwise be quoted, we let them know if it will be worth their while. 

 3. Dated Tech

Insurers believe AItechnology can improve submission digitization, prioritization and efficiency, yet many are still reliant on manual efforts and dated processes. Their tech stack is stalling progress . . . with inefficiency and failure to adopt modern technologies. And these are technologies that can be easily implemented in a few short weeks. 

 Underwriting inefficiencies are operational challenges that carry real costs. Time spent on unwinnable deals leaves high-value business unquoted and reduces the ratio of in-appetite business bound. 

 As the commercial insurance industry and world of underwriting grows in complexity, tools that are current and modern can offer the potential to streamline processes. There’s no longer a need for numerous system access points and tools to assess risk, track submissions, and inform decisioning. Now there’s a way to avoid the number of clicks in and out of a myriad of systems and screens. With Convr, you can avoid fragmented workflows and redundancy.

About Convr
Convr is a modularized AI underwriting, data, and intelligent document automation workbench powered by a commercial P&C ontology that enriches and expedites the commercial insurance business flow with the best data, underwriting insights, business classification, and risk scoring – reducing submission through quote times by 70%, increasing new business win rates, and quickly identifying renewal material changes.

We can do it all within our Convr AI Underwriting Workbench. We can collect submission data, initiate rate, quote, and collaborate to expedite the best submissions within a single transparent workflow all within a single pane. If you’d like to learn more about Convr’s solution to the top three commercial P&C insurer underwriting hurdles limiting efficiency and profitability, click here to contact us to learn more.