Convr Awarded U.S. Patent for Its Innovative Commercial P&C Underwriting Solution
Patent recognizes Convr's novel method of extracting data using machine learning
CHICAGO (July 29, 2021) - Convr, the leading Artificial Intelligence (AI) company enabling a frictionless commercial underwriting experience, announced today that the United States Patent and Trademark Office has issued U.S. Patent No. 11,049,042 relating to technology underlying Convr’s d3 IntakeTM platform.
Convr’s patented d3 IntakeTM platform virtually eliminates submission paperwork. Convr has automated the intake of documents, such as PDFs, that might relate to loss history, credit score, employment history, salary verification, health inspection documents, and more. d3 IntakeTM is able to do this via machine learning.
“Convr is a leading innovator in the AI commercial underwriting space, and this patent is just the first of many we expect to be awarded,” said Harish Neelamana, co-founder and president of Convr. “Our engineers and data scientists are constantly looking at technical solutions for optimizing our customers’ submission processes, leading to a more efficient underwriting experience and superior customer outcomes.”
“Issuance of this patent further validates our innovative approach to commercial underwriting,” said John Stammen, CEO of Convr. “This advanced technology allows us to virtually eliminate paperwork submission and improve efficiencies across the entirety of the underwriting process.”
Convr’s solution supports all core commercial lines of business and classes. All parts of the platform are available via a highly-intuitive underwriting user desktop, as well as through system-to-system API connectors. In the workplace, Convr enables four core use cases:
d3 IntakeTM reads and digitizes submission paperwork, such as ACORD applications and loss runs, to reduce manual data entry
d3 Risk 360TM provides additional insights on risks from thousands of third-party data sources
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
Patent: No. 11,049,042
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.