Business Objective of Convex
Convex is an international specialist insurer and reinsurer founded by industry leaders Stephen Catlin and Paul Brand. With operations in Bermuda, London, and Europe, Convex stands out in the insurance industry by leveraging deep expertise, a strong reputation, and a legacy-free balance sheet to provide innovative risk solutions.
Convex’s primary objective was to improve operational efficiency, reduce manual intervention and improve data accuracy by seamlessly integrating multiple platforms. They aimed to bring automation to insurance operations by streamlining the underwriting process, risk assessment, and financial management. Also, the insurance company wanted to accelerate product development by enhancing the collaboration between modelling tools and risk assessment. Overall, they sought a solution to create a scalable and agile system to support increasing data volumes, complex integrations and digital expansion, ultimately reducing costs.
Challenges Faced by Convex
Insurance data saved in multiple portals, internal platforms and third-party applications, making data collection and validation challenging.
- Critical business processes like underwriting, risk assessment, and financial management depended on manual efforts, which led to errors and delays.
- Compliance regulation was complex due to the time-consuming and error-prone management and indexing of vast insurance documents.
- Key systems like underwriting tools, pricing systems, catastrophe modelling and document indexing were not streamlined, resulting in poor decision-making.
How NeosAlpha Helped?
As a Boomi Partner, we leveraged Boomi’s integration and intelligent automation to streamline Convex’s underwriting and risk assessment processes. Integrating automation and system connectivity reduced manual effort, improved data accuracy, and enhanced decision-making capabilities.
1. Complex Submission and Screening Processes
Convex relied on multiple placing portals and internal platforms to collect and screen submissions. Underwriters had to extract and validate data that impacted the decision-making process manually.
Solution: We integrated an automated data collection and extraction framework that connected multiple placing portals and internal systems. This automated insurance underwriting system improved preliminary screening, minimized manual effort, and enabled seamless data transmission for underwriters.
2. Inefficient Risk Assessment and Evaluation
Due to the lack of integration, underwriters had to develop separate tools for risk analysis, risk profiling, catastrophe modelling, and pricing. This resulted in data duplication, inconsistencies, and a longer processing period.
Solution: We introduced a centralised underwriting tool suite to connect risk assessment models, pricing systems, and catastrophe modelling tools. This approach further enhanced the information flow, reduced manual efforts, and enabled quick and accurate risk evaluation.
3. Disconnected Systems Limiting Underwriter Insights
Convex underwriters relied on multiple disconnected systems to evaluate the policies, risks, claims, compliance, and planning. Due to a lack of integration, accessing critical insights in one place affecting decision-making was difficult.
Solution: We developed a solution to integrate risk assessment tools with key underwriting systems to create a connected ecosystem. With consolidated insights from all the platforms, underwriters can analyse policies, claims and compliance data in one place. This integration and automated insurance underwriting system empowered the underwriter workbench to work more efficiently and effectively.
4. Manual Quote and Binding Processes
Convex required extensive back-and-forth communication between the team of brokers and underwriters. As there was no digitized system, the quoting and binding process was slow.
Solution: To ensure seamless communication between brokers and underwriters, we enabled API-driven digitization of the quote and bind process. This digitization reduced turnaround times and enhanced broker and underwriter engagement.
5. Scattered Document Management
The key underwriting documents were stored at different locations, so retrieval and indexing were time-consuming.
Solution: We integrated a document indexing service with Dropbox for seamless, structured data extraction and retrieval. This significantly reduced the time and effort to store, locate, and access underwriting documents from multiple locations.
6. Financial Management Challenges
Convex relied on manual efforts to update the general ledger in NetSuite, which introduced the risk of errors and compliance issues.
Solution: We integrated financial management systems to ensure seamless reporting and compliance. Also, we implemented a single strategic management platform which allows professionals to focus on underwriting support and client service instead of working on low-value tasks.
Results
By implementing a fully integrated and intelligent automation in insurance, NeosAlpha helped Convex achieve:
- Quicker submission processing by automating data extraction and screening.
- Increased the risk assessment accuracy through integration.
- Through API-driven workflows, accelerated quote and bind process.
- Reduced retrieval time and compliance.
- Improved financial reporting and compliance with automated financial integrations.
- Accelerated quote and binds processes through API-driven workflows.
- Efficient document management, reducing retrieval time, and improving compliance
