Convr AI, an artificial intelligence (AI) company serving commercial insurance organisations, has announced that Lucid Insurance Group will utilise its underwriting workbench to gain greater speed, accuracy and efficiency in their operations starting in 2024.
To achieve this Lucid Insurance, a managing general agent (MGA) and specialty wholesale producer specialising in middle market, commercial insurance, will utilise Convr’s Intake AI and Risk 360 AI products.
The organisation has several niche areas of focus but is principally dedicated to transforming underwriting results in property insurance through cutting-edge technology, data-driven insights, and strategic distribution.
That’s where Convr’s Intake products will come into play, the firm explained. The aim of these products is to eliminate manual submission processing by digitally ingesting, preparing and analysing underwriting documents as well as streamlining research and enhancing applicant data with the power of AI.
Charles Smith, Head of Innovation and Strategy at Lucid Insurance Group, said: “Our team is passionate about reshaping the insurance landscape and providing tailored solutions for our brokers, and their clients.
“We’re approaching underwriting through a different lens and our partnership with Convr is the first step in delivering a better insurance experience and reducing redundancies in the process.”
For added efficiency, Convr will also be integrating into Lucid’s Policy Administration System (PAS).
