January 23, 2024

Convr AI® Empowers Customers’ Growth Goals in 2023

LookingBack

CHICAGO (January 23, 2023) – Convr AI®, the leading artificial intelligence (AI) underwriting platform serving commercial insurance organizations would like to raise a toast to our customers and partners and to all we’ve accomplished over the past year.  
 
The year 2023 was a whirlwind of activity and achievements in our journey to help commercial insurance organizations underwrite better and faster, and we documented many achievements toward that goal while significantly advancing our modularized AI underwriting data analysis capabilities in 2023. 

New additions for 2023: 

Convr AI Underwriting Workbench 

  • Expanded the Convr Admin Console to allow additional self-service capabilities for power users  
  • Released the Convr Development Kit (CDK) to support co-development with partners 
  • Released new auto-labeling and workflow routing/submission assignment capabilities 
  • Introduced content search 
  • Expanded Insights powered by Snowflake for operational and portfolio analysis 
  • Dynamic Underwriting to identify material changes in renewal submission workflows 

Convr Intake 

  • Grew the library of AI-trained forms including high confidence run carriers, supplemental forms, etc. 
  • Integrated large language model AI (LLM) with our extraction process improving extraction accuracy 
  • Updated the optical character recognition (OCR) engine used to extract unstructured data from all insurance documents improving extraction accuracy  
  • Enhanced the human-in-the-loop (HITL) user experience to give users more control over their final data deliverable 
  • Enhanced performance reporting to enable visualization of intake data and straight-through processing 
  • Introduced Feedback Loop for HITL 
  • Processed over four million submissions and over eight million assets 

Convr Data Lake 

  • Expanded data lake from 50 million businesses and 594 million entities in 2022, to 85 million businesses and 755 million entities in 2023 
  • Expanded Convr Risk 360 AI data lake data sources to include non-profit data (Form 990), dams and bridges, property risk and COPE data via HazardHub, as well as many other federal and state level data sources 
  • Enhanced data capabilities to include data lineage highlighting the source of data, date last updated, and source url 

Convr Answers 

  • Introduced self-service Answers 
  • Expanded Large Language Models (LLM) for Answers 

“Convr is looking forward to unlocking even more performance improvements for customers in 2024,” said Convr CEO, John Stammen. “We have an unparalleled passion for commercial insurance and we’re certain our customers will continue to see benefits from our innovative AI in the coming year.” 

About Convr AI®

Convr is an AI underwriting and intelligent document processing workbench that drives world-class customer experiences. It delivers premium growth, insights and efficiency for commercial P&C insurance organizations of all sizes, including many of the top 10 carriers, MGA's, Brokers and Reinsurers. Convr is revolutionizing the industry through data, discovery and decisioning intelligence.

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