October 31, 2023
Why Convr’s Assistive AI is a Friend, Not a Foe
At Convr AI Artificial Intelligence is not just a buzz term. Our AI is deeply integrated in what we do and that’s why we want to help to differentiate it from the other types of AI on the market. We’re not talking about the big scary, boogieman going to take over the world type of artificial intelligence. It’s a friendlier version that helps make people’s lives better.
Our AI helps people work smarter, faster, better. It enables them to get to a decision or a desired outcome more quickly such as finishing a task with greater ease or reducing a repetitive task which enables a better work-life balance with more time for customer relationship management. This kind of AI is called assistive AI.
So what is it?
Assistive AI differs from the other types of AI and is not troubling like Theory of Mind AI and Self-Aware AI—so we’re hoping to calm your mind for a minute. This is a friendlier, less intrusive AI that’s intended to serve as an aid. It’s classified as Artificial General Intelligence, which is AI designed to learn, think and perform at similar levels to humans but not replace them. An individual’s judgement, experience and assessment of the information presented is still needed to reach the best conclusion. And that means Convr AI depends on a partnership with people.
Assistive simply implies the need for input from an individual to complete a set process or action before reaching a conclusion or deliverable. Assistive technology is there to improve an activity and/or to create an improved outcome that might not otherwise be realized.
How does Convr align with Assistive AI?
In the same sense as described above, Convr AI assists commercial property and casualty insurers, MGAs/MGUs, producers and reinsurers in the process of underwriting their accounts with ease. Through the power of AI within the Convr Underwriting Command Center, underwriting teams can quickly process unstructured data that then gets formed into a more complete and easily digestible state. This allows the underwriter to form a more comprehensive and conclusive decision about a submission. See, we just assist along the way, side-by-side with your team members.
How is the data gathered?
We help provide a more complete look at a risk using third-party data from our Risk 360 AI data lake. Risk 360 AI requires only a business name and address to allow the underwriter to streamline submission research and enhance applicant data through the power of our AI.
Data cards are generated through AI features and machine learning models (MLM) derived from our data lake which regularly streams fresh data from thousands of public and private data sources with more than 85 million businesses and nearly 755 million entities.
Sources of data, DBA’s, business class codes, business profiles and more are automatically embedded within an underwriting file that includes a snapshot of the submission details enhancing underwriting teams and producer communications, pricing reviews, claims management and re-insurance submissions.
So what does it mean for your bottom line?
Companies that currently utilize the AI powered through Convr’s Underwriting Command Center realize ROI in as little as six to eight weeks. What they’re getting includes unprecedented insights and the ability to write more business, faster.
Remember, Convr AI won’t make the decision for you—that’s the work of the underwriters and their interpretation of the facts that the AI simply presents to them.
But Convr doesn’t stop with just Risk 360 AI. There are other services we offer within our full suite of modularized products that inter-operate to best meet your needs—all with Assistive AI. Read how we can flex to best solve your problems here by reviewing our products on our platform page: https://convr.com/platform/.