Hiscox to Adopt Convr's Digital Underwriting Platform
Leading small business insurer partners with Convr to automate and optimize their business processes
CHICAGO (September 28, 2021) - Convr, the leading Artificial Intelligence (AI) company enabling a frictionless commercial underwriting experience, announced today that Hiscox, a leading small business insurer, will use Convr’s d3 Risk 360TM and d3 AnswersTM to help reduce losses, ensure premium adequacy and accelerate speed to quote.
“Every business is unique, and they deserve coverage that’s as unique as they are. Our partnership with Convr means we can more accurately assess a business’s individual needs, and tailor quotes to suit them precisely,” said Steve Wilkins, Hiscox USA’s SVP, Strategy. ”This partnership is a crucial step forward in providing our customers with coverage that’s a perfect fit, and on our journey as the leading digital small business insurer in the US.”
John Stammen, CEO of Convr, added, “We are honored to be partnering with Hiscox, a well-respected industry leader, as the latest addition to the Convr family. Together, we are going to continue to transform commercial insurance with frictionless underwriting.”
Convr’s solution supports all core commercial lines of business and classes. All parts of the platform are available via the Convr Underwriting Command Center, as well as through Convr Connect system-to-system APIs. In the workplace, Convr enables four core use cases:
- d3 IntakeTM is Intelligent Document Processing (IDP) that reads and digitizes submission paperwork, such as ACORD applications and loss runs, to reduce manual data entry, which enables a faster and more accurate quote process
- d3 Risk 360TM provides additional insights on risks from thousands of third-party data sources, helping to ensure underwriting and pricing accuracy
- d3 AnswersTM uses artificial intelligence (AI) to classify a business and respond to underwriting questions, saving significant underwriter time, while improving consistency and accuracy
- d3 Risk ScoreTM enables risk selection and prioritization to better focus downstream underwriting resources
Convr is the leading Artificial Intelligence (AI) company that is digitally transforming commercial P&C insurance, enabling a frictionless underwriting experience. The platform has revolutionized the industry through data, discovery and decision intelligence (Data. Discovery. Decision.™). The Convr family encompasses commercial carriers of all sizes, including many of the Top 10 carriers, which use the platform to enable superior performance, optimal efficiency and world-class customer experiences. To learn more, visit www.convr.com. Follow Convr on Twitter and LinkedIn.
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected small business insurer and specialist carrier with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle.
The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, we offer a range of specialist insurance for professionals and business customers, as well as homeowners. Internationally traded, bigger ticket business, and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. In the US, Hiscox small business Insurance is underwritten by Hiscox Insurance Company Inc., a Chicago-based insurance company.
Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word, and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.