Convr Inc.

Convr Inc. is an innovative company specializing in AI-driven underwriting solutions for the commercial property and casualty insurance sector, enhancing efficiency and decision-making capabilities for insurers. Founded in 2016 and headquartered in Schaumburg, US, Convr Inc. focuses on transforming the P&C insurance industry through AI technology.

The company was co-founded by Harish Neelamana and Kuldeep Malik, with Bruce Simpson serving as CEO. Convr has successfully raised USD 15. 2 mn in Series B funding as of November 14, 2019, led by Palm Drive Capital, which included participation from notable investors such as Altos Ventures and MK Capital. Convr AI specializes in transforming the commercial property and casualty (P&C) insurance industry through its innovative AI-driven Underwriting Workbench.

This core product integrates data, discovery, and decision intelligence into a comprehensive digital underwriting analysis tool. The Underwriting Workbench employs a patented machine-learning algorithm to streamline underwriting operations, allowing insurance organizations to efficiently process submissions, assess risks, and tailor quotes. These capabilities empower carriers, reinsurers, managing general agents, and underwriters to enhance productivity, improve risk selection, and ultimately increase profitability. Convr AI's solutions are utilized by clients across various geographic markets, including North America and Europe, enabling them to respond effectively to the ever-evolving needs of the insurance landscape.

Convr AI generates revenue primarily through software subscriptions and partnerships with insurance organizations that leverage its AI-driven underwriting solutions. Clients engage with Convr by adopting the Underwriting Workbench, integrating it into their existing underwriting processes. This partnership model allows clients to pay for access to the platform, which includes features such as Workbench Intake AI™, Risk 360 AI™, and Insights™. Although specific pricing details are proprietary, the comprehensive suite of tools is designed to deliver end-to-end underwriting management, thus providing significant value to the users.

Convr plans to leverage its recent Series B funding of USD 15. 2 mn, raised in November 2019, to enhance product development and expand its market presence. The company is focusing on designing new features for its Underwriting Workbench and aims to enter additional markets in Europe and Asia by 2024. The funding will support the development of these new products and facilitate market entry, ensuring that Convr continues to meet the evolving needs of the insurance industry.