Lucid Insurance Group is an innovative and fast-growing Managing General Agent (MGA) and specialty wholesale producer specializing in middle market, commercial insurance. The organization has several niche areas of focus but is principally dedicated to revolutionizing the property insurance industry through cutting-edge technology, data-driven insights, and strategic distribution.
CHICAGO, Oct. 4, 2024 /PRNewswire-PRWeb/ — Convr AI®, the leading artificial intelligence (AI) company serving commercial insurance organizations with its underwriting workbench is achieving straight-through processing for Lucid Insurance Group bringing the organization greater speed, accuracy and efficiency in their underwriting operations by utilizing its Intake AI product.
“Convr aligns with Lucid’s mission to realize efficiency,” said Stammen. “Together, we’re going to continue to transform commercial insurance with frictionless underwriting.”
Lucid Insurance Group is an innovative and fast-growing Managing General Agent (MGA) and specialty wholesale producer specializing in middle market, commercial insurance. The organization has several niche areas of focus but is principally dedicated to revolutionizing the property insurance industry through cutting-edge technology, data-driven insights, and strategic distribution.
Lucid Insurance Group is utilizing Intake AI to do the following:
Eliminate manual submission processing by digitally ingesting, preparing and analyzing underwriting documents. For every submission that flows through their business, Convr extracts key data points and augments the information with third-party data to broaden and deepen the risk profile. By automating and digitizing the insurance application process, their underwriting team is quoting faster, with more confidence, enhanced application data and achieving more nuanced insights.
“Lucid is using Convr’s Intake AI to automate the entire underwriting process, eliminating human touch along the way,” said John Stammen, Chief Executive Officer at Convr. “The agent sends a submission over and it’s then auto forwarded to the Convr Underwriting Workbench, ingested, extracted and digitized — then all of that information is automatically sent over to their policy admin system with BindHQ. From there they’re able to go on with their quoting process without much intervention and they’re realizing this. So they’re achieving straight-through processing.”
“Our team is passionate about reshaping the insurance landscape and providing tailored solutions for insureds,” said Charles Smith, Head of Innovation and Strategy at Lucid Insurance Group. “We’re approaching underwriting through a different lens and we’re certain we can achieve our goals through this new partnership with Convr.”
About Convr AI®
Convr is an AI underwriting and intelligent document processing workbench that drives world-class customer experiences. It delivers premium growth, insights and efficiency for commercial P&C insurance organizations of all sizes, including many of the top 10 carriers, MGA’s, brokers and reinsurers. To learn more, visit www.convr.com. Follow Convr on Twitter, Instagram, LinkedIn and YouTube.
Media Contact
Alex Williams, Convr, 1 217-737-2782, alex.williams@convr.com, www.convr.com
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SOURCE Convr
