January 9, 2024

Training Loss Runs


Assessing the risk of an insured accurately is of utmost importance for underwriting teams to keep their company’s books balanced. Often times insurance organizations will pull loss run reports on their policyholders to assess how loss-prone they’ve been over a specific time period. 
Insurance providers can get that complete look by reviewing the list of claims generated by an insured, in what’s known as a loss run. Loss run reports give an insurance company a consistent look at their insureds. The report includes information such as the date and description of a loss or incident, as well as the amount that was paid out to the insured by the company following such loss. And the report may yield results showcasing multiple losses. 
Digging into the balance sheets of an insured on a routine basis allows insurance providers the opportunity to review the accounting and ensure their premium is adequate. But the process can be tedious. Oftentimes insurance organizations will look to offshore teams to pull loss run reports on their customers to get this information and it can take days to weeks to get the information back for review. 

Loss runs are essential for insurance underwriters and brokers to fully assess the risk associated with insuring a particular business. By reviewing the claims history, insurers can evaluate the likelihood of future claims and determine appropriate pricing for the insurance policy. But days to weeks to get a complete picture on an insured in today’s times? Yikes! This isn’t the Stone Age. 

That’s why more companies are asking about the loss run extraction capabilities of Convr. Convr AI plays a significant role in helping insurance companies by improving efficiency, accuracy, and decision-making processes. Underwriting teams can utilize Convr’s Intake AI product to ensure they’re extracting all the data pertinent to a risk to review the risk as completely and accurately as possible, including loss runs. Convr takes our customers’ unstructured data and turns it into something that underwriting teams can use to make better decisions, faster. 

How it works for loss runs: 

Customers send Convr loss run documents via an API, email attachment, or manually drag and drop files from their desktop or other device connected to the Convr platform, then Convr takes the documents and identifies the data within it and converts it from unstructured or partially unstructured data and structures it into a structured file. 
Customers can also edit the extraction—via human-in-the-loop (HITL). Human-in-the-loop can help the customer meet any specific requirements or help with any challenges that were experienced during the extraction process by organizing and cleaning up any final details. Convr has a team of experts on standby for this or some customers use their own teams.
The results? 
The results are clear cut and straightforward; the data we provide is easy to understand and digest and improves speed to quote for customers. There’s an entire user interface that allows the user to view the entire source document. Users can actually see what the original data was and see a side-by-side table view to compare it to the original data and contrast what was extracted from the loss run.
The outcome takes minutes, not days or weeks, and it happens here in the U.S., during regular business hours, not offshore. So the entire process unfolds in the middle of your workday, enabling your underwriting teams to carry on with business as usual with minimal delays or disruptions. How’s that for efficiency? 
And our successes with loss runs are nothing new. Convr has been continually training our models since we started eight years ago under the name DataCubes. We’ve processed over 10 million loss runs since then and continue to support larger and mid-size carriers as well as smaller, regional carriers with this important task. And there’s a feedback loop. The more loss runs we see, the more our model learns and is trained and the better it performs. Over time it becomes more accurate and faster as it gets more and more exposed to different documents and training. 
Convr brings quick-time-to-value, but it’s really something you’ve got to see to believe. Sign up for a FREE demo now to see how you could realize ROI in as little as six to eight weeks. 

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