How Convr Helped Penn National Insurance Transform their Business with AI

The world of underwriters is one that needs to evolve and adapt to constantly changing market needs; they have always been searching for needles in haystacks—and today’s haystack is bigger than ever. While previously necessary, manual research is detrimental for underwriting productivity. It delays the time to quote and introduces unnecessary friction in the agent and insured experience. It also increases a carrier’s risk, as missed insights or mistakes from manual work can lead to missed premium opportunities and an increase in loss frequency and severity. Like many carriers, Penn National felt pressure to drive profitable growth through more accurate risk analysis and selection. In addition, a growing number of competitors were using predictive analytics in commercial lines—which left Penn National vulnerable to adverse selection.

Penn National recognized the need to invest in AI for underwriting. Strategically, partnering with Convr enabled them to advance their transformation goals, allowing them to offer a superior customer experience to the policyholders of this new digital age, which demands quality service in a timely manner. In order to meet these challenges head on, they leveraged Convr’s d3 Risk 360? and d3 Answers? solutions.

This enabled Penn National’s underwriters to analyze the digital footprint of a business in real time. With enriched customer data in one place, underwriters can now be more productive, effective and consistent. In addition to that, by leveraging accurate information in a timely manner, Penn National can ensure overall improved risk selection.

The results Penn National recorded were significant.?

• 83% Penn National underwriters think Convr’s Underwriting Command Center saves them time
• 4500+ Number of submissions that underwriters used insights from d3 Risk 360 and d3 Answers in the first seven months
• 88% Penn National underwriters say it’s helpful to have all public 88% source information in one place

The world is changing faster than ever, and the confluence of technology, customer and societal shifts make business agility more important than ever. Transformation is not a finite process, and neither is digital transformation. To be competitive today— and tomorrow—one needs to cultivate a mindset of continual innovation. Penn National had the right mindset and I am thrilled we have partnered with such an innovative organization!?