Convr has been recognized by CIOReview Magazine as the recipient of “Top 20 Insurance Tech Solutions Companies - 2022,” based on our proprietary methodology, reflecting its position in the industry. This profile has been developed by the CIOReview research and editorial team based on insights from an interview with John Stammen, CEO.

Convr
Digitization and Deep Insights are the Formula for End-to-End Underwriting Excellence

John Stammen, CEO

Insurers are on edge, tightening their budgets as a consequence of record high inflation, market volatility, and recession concerns. Now, more than ever, the need for resiliency, reliable processes, deeper insights, and adaptability is pushing commercial property and casualty (P&C) organizations to think beyond their current operations and look into the future.

How can an industry riddled with age-old systems and processes keep up with today’s accelerated change and meet the demands of its modern customers? Convr is answer.

Convr is being recognized as one of the most promising tech solution providers for 2022 because they are transforming underwriting experiences for commercial P&C insurers through modern, AI-driven digital underwriting operations. The company empowers carriers to improve decision-making and helps its customers digitally transform their legacy processes.

Convr serves commercial carriers, reinsurers, producers and MGA’s, to enable superior performance with optimal efficiency and world-class customer experiences. Leveraging Convr’s platform, clients can digitize, enhance, and expedite their underwriting processes in six to eight weeks. Its user interface (UI) is built for commercial business with APIs that dip into a vast data lake, retrieving information from thousands of sources and millions of websites.

“We orchestrate a better experience, whether it is increasing efficiency by over 130 percent for an underwriter or achieving more than 90 percent in the machine reading accuracy of documents or applications,” said John Stammen, CEO of Convr.

Customers use Convr to gain productivity in their underwriting operations, achieve transparency throughout the submission process (including loss run reports), and maintain consistency across workflows.

Commercial insurance teams are burdened with chasing Google searches to cobble together risk insights or manually re-keying data from documents into internal systems. Using Convr’s Command Center, underwriters have instantaneous surfaced insights from over four billion data points sourced from different websites to gain granular risk insights from a business’s digital footprint.

The Convr Command Center is built with microservices, delivering superior performance on a relatively small infrastructure footprint. By unifying and digitizing underwriting management through Convr, insurers free up significant underwriting time so producers and underwriters can focus on creating a greater business impact. In the same vein, the Convr Command Center helps reduce underwriting cycle time with its d3 Intake, d3 Risk 360, d3 Answers, and d3 Risk Score capabilities.

Insurance organizations of all sizes, including many tier-one carriers, trust Convr to transform their underwriting experience with straight-through processing (STP) and more complete data to make better decisions. For instance, an organization seeking to streamline operations using STP methods reached out to Convr to digitize, automate, append, and prepare submission documents. Whether they focus on small commercial accounts, midsized businesses or large accounts, insurance organizations see immediate value.

We orchestrate a better commercial insurance experience, whether it’s increasing efficiency by over 130 percent for an underwriter or achieving more than 90 percent in the machine reading accuracy of documents or applications

Across all its engagements and collaborations, Convr delivers a frictionless experience, optimal efficiency and worldclass customer engagement from submission to quote. Driven by the human value of their work, Convr demonstrates its commitment to making the work of underwriters a more positive experience with every engagement.

Looking ahead, Convr will continue to deliver data, discovery, and decisioning intelligence through its patented machine-learning algorithm engine, reducing application questions by over 70 percent and increasing underwriting productivity by up to 10 times.

Convr

Convr AI® Would Like to Raise a Toast To Our Customers And Partners and to All We've Accomplished Over The Past Year

Monday, January 29, 2024

The year 2023 was a whirlwind of activity and achievements in Convr's 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.

CHICAGO, -- 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."

Convr AI® Empowers Customers’ Growth Goals in 2023

Tuesday, January 30, 2024

CHICAGO – 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.”

Top 20 Insurance Tech Solutions Companies - 2022

Company
Convr

Management
John Stammen, CEO

Description
Convr empowers commercial P&C carriers and producers with modern end-to-end underwriting management powered with a patented-AI decisioning engine that transforms the underwriting experience. Insurance organizations of all sizes trust Convr to help them transform their business with straight through processing (STP) and more complete data to make better decisions.

Convr Digitization and Deep Insights are the Formula for End-to-End Underwriting Excellence