New underwriting tool for P&C carriers to provide insights on COVID-19 management
Insurtech Convr has launched a new underwriting tool for commercial property and casualty insurance carriers that will provide them insights on COVID-19 management.
The company believes the new COVID-19 insights tool will enable carriers to make better underwriting decisions by providing them with real-time data on how the pandemic is impacting businesses, including the number of cases and deaths reported at a business, screening procedures in place, visitor restrictions and stay at home regulations.
This information will help underwriters better understand the changing nature of risks and make more informed decisions at new business, endorsement and renewal.
Bruce Simpson, chief executive of Convr, explained: “One of the primary challenges insurance carriers have faced since the start of the pandemic is keeping up with the drastic change in risk exposures among policyholders. Businesses have had to shift away from traditional business models and are adopting new ways of operating, which leaves insurers to identify and manage a myriad of more complicated risks.
As a company that has been harnessing the power of AI and third-party data since its inception, Convr Insider is our way of using our insights for the benefit of the entire commercial insurance industry.”
Harish Neelamana, co-founder and president of Convr, added: “We felt strongly that now is the time to do something bold to help the entire industry adjust to the current economic environment. We have big plans for Convr Insider and encourage all US commercial P&C carriers to explore how this complimentary tool can help advance their businesses.”
