d3 Risk 360™

Drive Growth & Mitigate Losses with Deeper and Faster Discovery

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Streamline research and enhance applicant data with the power of AI. D3 Risk 360™ is a data lake comprised of the ​digital footprint of millions of businesses – built with an underlying knowledge graph that unleashes detailed insights ​from the intersection of tens of thousands of data elements.​

Key Capabilities

Visualize a deeper applicant view

Access a comprehensive view of a business's digital footprint drawn from thousands of data sources including local, state, and federal government information, social media, business websites and thousands of others to better inform decision making.

Determine risk appetite with greater efficiency

Harness Convr’s centralized command center that brings together your data and insights from thousands of third-party sources for more informed decisions.

Organize the vast amount of information

Use Convr’s data cards, by category and by line-of-business, to realize important insights leading to better decisions.

Empower underwriters to bring their own data

Easily integrate your own data with Convr’s third-party data sources to gain a more holistic applicant view and to build more confidence in risk selection.

Retain and reuse applicant data

Stop losing valuable information from manual process to assure a historical audit compliance and to inform future models and decisions.

Risk 360 enables superior underwriting decisioning

Risk 360 delivers unrivaled insights from machine learning models that synthesize a vast array of information and delivers a comprehensive view of the submission based on underwriting appetite. ​

Well-informed underwriting decisions​

Increased productivity and effectiveness with data / data driven decisions​

Enriched customer data for analytics​

Granular risk characteristics enhance attributes available for analytics​

Comprehensive view​

Business’s digital footprint is synthesized and exposed for better informed underwriting analysis​

Dynamic Data Updates​

Continuous tracking ​identifies shifts in ​exposures​

d3 Risk 360™ Enables More Efficient and Accurate Underwriting, Actuarial, Claims & Data Science Decisioning

Data Source Examples | Customized Extensibility​

Granular risk characteristics enhance attributes available for analytics​

Identifying the Correct Business Classification - Process

Convr Business Classification relies on machine learning to evaluate source information from the data lake to choose highest ranked class code(s)​

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Challenges

  • Businesses are misclassified up to 60% of the time - According to The Consumer Federation of America estimates.
  • Business Classifications are not always available from submissions.
  • Misclassification can lead to inaccurate pricing.

Convr Solution​

  • Convr outperforms on business classification more than 70% of the time.
  • AI-driven insights deliver more granular business classification.
  • Continuously updated data and machine learning models drive increasing accuracy over time.

Identifying the Correct Business Classification - Approach

Convr Supports a More Sophisticated Approach To Business Classification​

kitchen grill

What Type of Business is This?

That may appear to be a simple question, but it does not always have a simple answer. We have an unparalleled heritage in answering this question from an underwriting perspective and perfecting the answers with machine learning. This gives us a major advantage in the insurance industry.

Example: Full-service restaurant with table side cooking
NAICS + Keywords = Deeper Insights Full-Service Restaurant = NAICS 722511
Keywords identified: table side cooking, open flame

d3 Answers provides

Answers/keywords combination improves classification granularity resulting in better risk identification (primary & secondary NAIC codes), selection and pricing.

Identifying the Correct Business Classification - Accuracy

Solving for the difficult challenge of accurate classification, we enable superior risk evaluation and rating with review and edit capabilities.​

Taking the full list of possibilities and using patented AI to narrow down to the most accurate choice(s)

This is actually an electrical contractor that forms custom foam products to Insulate electrical components

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Bring Your Own Data (BYOD)

With BYOD, your current best data sources can be combined with Convr data and models on the the Convr platform. This is the way to super-charge your trusted sources and models in a single powerful environment that delivers a more comprehensive applicant view and greater risk selection confidence. We work with customers to include these enhanced data sets into submission prioritization rules, risks scores and answers.

Data Enrichment

Can be used for book rolls or renewal business. It can even help carriers identify unidentified or high-risk exposures within their existing books.

Book Enrichment provides in-depth insights into the entirety of your various books of the business. Policy files are enriched from d3 Risk 360 data using data from thousands of public and third-party data sources. Insights from this enriched data can be used to get better results from book rolls, new product development and portfolio analysis.

Capabilities

  • Validate data across all your policies and enrich your books across the business.
  • Append data and identify policy anomalies for future decision-making support.
  • Track changes to book level statistics automatically on a recurring schedule.

Patented Capabilities d3 Risk 360 Answers & Scores​

  • Detect

    key words online for your business applicant so you can more easily surface the correct class codes representing the picture of the insured’s company.

  • Collect

    key words online for your business applicant so you can more easily surface the correct class codes representing the picture of the insured’s company.

  • Overlay

    Overlay the applicant’s digital footprint within your company and line of business underwriting rules and/or models to provide optimal categorization and prioritization of submissions leading to more accurate risk selection.​

  • Configure

    Configure and specify key words and workflows to find adverse signals by line of business and class.

  • Rely

    Rely on up-to-date data that is refreshed as a scheduled activity at the same rate as each data source.

  • Synthesize

    Synthesize digitized submissions with big data to produce in-line, real-time, cross-referenced business classifications, answers and scores to improve underwriting productivity.

Convr@work​

Learn how Encova drove real results with Convr d3 Risk 360

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  • Helped its underwriters save time– spending less than half the time they used to reviewing submissions
  • Support a culture of underwriting excellence
  • Retain and attract talent by investing in digitally enabled employee experiences

Benefits

Loss Avoidance

Calibrate individual risks and predict those most likely to experience a loss in the coming year.

Underwriting Efficiency

Drive efficient submission intake, prioritization, underwriting analysis and decisioning with a full-suite of AI-infused commercial insurance tools.

Price Adequacy

Identify the submissions and segments that are riskier or less risky in the specified population so pricing is more aligned with relative exposure.

Speed to Quote

Increase quote-ratios and new business by accelerating the underwriting process from intake to data collection to identifying the right submission questions and answers.

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