AI Empowers Insurance to Achieve Underwriting Excellence

A newly merged insurer aimed to modernize underwriting and bridge IT complexities. They implemented an AI solution that halved review times, improved risk selection, and streamlined the experience for agents and policyholders. This resulted in increased efficiency, better risk management, and stronger agent relationships.

Client:

Encova Insurance, formed in 2019 from the affiliation of Motorists Insurance Group and Brickstreet Insurance, is dedicated to excellence for its agents, policyholders, and communities. Headquartered in Columbus, Ohio, it partners with over 2,000 independent agencies across 28 states and D.C., focusing on digital transformation and innovation to turn challenges into opportunities.

Problem Statement:

Encova, a newly merged insurer, sought an AI solution to:

● Modernize underwriting: Encova needed to go beyond basic automation (RPA) and leverage AI for a complete digital transformation.

● Bridge IT complexity: The post-merger environment had disparate underwriting systems. AI’s flexibility was crucial to navigate this challenge.

● Enhance underwriting expertise: AI promised to boost underwriter productivity and provide deeper risk assessment, pricing, and decision-making insights.

● Identify hidden risks: Encova needed a solution to analyze vast data sets and uncover previously missed risks, such as the trucking exposure example.

● Invest sustainably: Encova preferred a phased approach with a scalable AI solution, allowing them to demonstrate value before further investment.

Results:

☑️ Underwriting Efficiency: Review times were slashed in half with AI tools & instant risk data access (d3 Risk 360).

☑️ Improved Risk Selection: AI uncovers hidden risks and automates answers (d3 Answers) for better decision-making.

☑️ Enhanced Experience: Streamlined submissions, faster quotes, and a smoother experience for agents and policyholders.
☑️ Talent Attraction: Advanced tools empower underwriters, showcasing Encova’s commitment to its workforce.
☑️ Business Benefits: Potential for growth through better risk management, increased premiums, and stronger agent relationships.

AI Solution:

Faced with post-merger integration complexities and a desire to modernize their underwriting processes, Encova Insurance sought an AI solution to bridge the gap. Traditional robotic process automation (RPA) wasn’t enough. They needed a more sophisticated approach.

Encova identified Convr’s underwriting management system as the missing piece. Convr’s AI offered several key benefits:

● Enhanced decision-making: Convr’s solutions provided underwriters with better data access and insights through tools like d3 Risk 360. This allowed for faster and more informed risk selection and pricing decisions.
● Streamlined workflows: By automating tasks like data entry and pre-filling applications (d3 Answers), Convr significantly reduced the time underwriters spent on administrative tasks.
● Improved agent experience: Faster turnaround times and a smoother submission process thanks to features like pre-filled applications led to a more positive experience for agents working with Encova.

References:

1. Encova Insurance Partners with Convr to Accelerate Underwriting Excellence

Industry: Insurance
Vendor: Convr
Client: Encova Insurance