Commercial P&C insurance organizations manage the underwriting process with
efficiency from submission-to-quote
|Improved relationship with producer
|Increase broker TNPS due to more clarity and better reaction
|Reduced quote turnaround time
|Better and bigger pipeline
|Improved hit ratio due to better risk selection
|Increased pipeline (submission) due better broker engagement
|Reduce cost per transaction
|Improved loss ratio due to more refined underwriting
|Reduced misclassification of business
|Improved underwriting experience
|Better employee engagement
The Convr Discovery Process
Prioritization for Technology Adoption
Our industry understands the urgency for digitization and innovation but getting there isn’t easy. Most of us become more committed to the hard work when we begin to visualize the benefits.
The Convr Underwriting Command Center – designed and built by insurance professionals for insurance professionals – delivers an end-to-end commercial P&C insurance optimization solution. Our highly flexible, purpose-built, AI decisioning engine minimizes the inefficiencies of data collection, inconsistencies of data evaluation and decisioning, as well as the uncertainties associated with selection and pricing.
Our platform improves customer experience, producer experience, underwriter experience and delivers operational excellence. But where should you begin your transformation?
What is your greatest priority?
Grow your business, reduce expenses, reduce errors, reduce uncertainty, improve user experience? We can help you get started with our Prioritization Model.
Companies focused on improving the renewals process by cutting through manual and tedious processes
Convr offers a systematic approach to expedited renewal processing by dipping into our vast data lake filled with 755 million entities and matching an entities’ current state of business to that of some prior period. From that, we surface material changes that can include added vehicles, locations and staff, as well as violations, added vehicles, new workplace exposures and more.
Companies that need to increase underwriting productivity & speed to quote
Prioritizing and reviewing submissions is often very manual and cumbersome, but Risk 360 AI helps underwriters reduce time to quote. With Risk Score AI, underwriters can rapidly narrow risks within their appetite and deep dive on selected risks via Risk 360 AI (vs. Google search and DOT).
Companies that need to reduce underwriting operating costs
Convr’s implementations has seen a material reduction in operational cost across clearance, underwriting file preparation. Automation of these steps have helped our customers lower operational costs (FTE or BPO).
Companies focused on growing premiums
Increased underwriting productivity and speed-to-quote is expected to drive increased quote ratios, resulting in increased binds/new business.
Companies that need to better calibrate risk selection
High-performing Risk Score AI machine learning models inform risk selection, translating to better calibration of risk selection across the underwriting team.
Companies focused on ensuring price adequacy
When re-underwriting/re-pricing segments of a book of business is appropriate, Risk Score AI helps insurers identify the segments where they have an opportunity to review and adjust pricing to better reach their target loss ratio.
How can our services best benefit you
Use Case Scenarios
Ingest, split, extract and digitize multiple submission documents for clearance, rating and/or loss analysis with lineage for efficient submission processing, operational and portfolio analysis.
Submission Enrichment and Scoring Triage
Benefit from a complete look at a risk to inform decisions and ID potential exposures that may require special consideration, ensuring rule compliance and limiting manual processes and enabling STP
Enhance efficiency with status based workflow using status labels/auto labeling with ease of integration to existing workbench
Enhance efficiency by managing the submission flow process including ingestion, enrichment, answers, scoring, and analysis improving risk selection, assignments and quoting for greater UW productivity
Historical Loss Data Analysis
Capture every Convr submission on the platform saving a comprehensive view of underwriting analysis to file
Pre-Quote/Post Bind Analysis
Verify the insured business class and exposures for price adequacy and loss avoidance.
Book Roll/Book Enrichment
Batch enrichment of all or some of an insurer's book of business with specific data or data sets to support a book evaluation using Convr's Risk 360 data lake
Renewal Material Change Analysis
Surface critical insights from our (Risk 360) data lake to identify account changes that affect underwriting and pricing decisions
Marketing Risk Profile
Marketing Risk Profile Score intersects the universe of potential insureds with businesses meeting desired risk selection criteria