Main content

Boomi World 2024 - how AI and APIs cut out manual processes for Convex Insurance Services

Sarah Aryanpur Profile picture for user saryanpur May 15, 2024
Summary:
Building APIs quickly is a priority, says Andrea Read, Application Development Director.

insurance

Convex Insurance Services, is a high value, low volume insurer, and re-insurer. Founded in 2019, it operates out of London, Bermuda, Europe and the US, handling highly specialized insurance for risks like sports stars and events, shipping, actors and films. It has grown to 4.2 billion pounds of premiums since it was founded.

From the start the organization needed a flexible, scalable IT infrastructure that could offer its products in a quick and flexible way, and to deliver quotes to its 2,000 partners in sub-second time frames. Andrea Read, the firm's Application Development Director, explains that the company needed to do a lot of integration, and to offer API's to its partners: 

Within Convex itself, we've got 500 staff, and we have a number of partners that we work with as if they are internal, and  that have developed with us.

The company distributes its services via a network of brokers Managing General Agents (MGAs), and sometimes direct brokers, but usually via different distribution markets. Around three years ago the company began reviewing its systems and saw several gaps in its technology infrastructure. Its goal was to have purpose-built systems with best-of-breed components to solve specific business problems. Read says: 

We've looked at various different options to plug those gaps, and Boomi’s platform integration and API Management was the easiest to implement and develop quickly. Everything we build is in the cloud, and we've had the luck and ability to be able to do it from scratch. We didn't want any legacy stuff.

The priority was to get customer journeys down from being really old school, where brokers were sending slips, emails, spreadsheets, base engineering reports and so on, manually, she explains: 

We've managed to use various different data sources together, to get quotes to our customers down to two to three seconds, sometimes sub seconds. It's really helped us. On top of that we’ve used it a lot for internal integration at a rapid pace. We have got the data that our partners need to be able to assess risks and make good decisions, so we're constantly integrating various different systems enhancing the risk part of it.

AI

Read says AI is also helping the company to improve its efficiency, and expects that Boomi's recent AI Agent product announcements will add to that effort:

We use ChatGPT for some of the user cases that we are working on. So we can ask ourselves questions, and we are starting to point that across our company. For example, we can see the policy with the number of claims, or if the policies haven't been searched, and we've already been given the ability to upload documents and ask questions of them.

Although the company has an IT team of around 30 staff, there are 90 other people in various different partners, as well as a host of contractors. Read says she thinks of them all as her team and treats them equally, not distinguishing between partners. She adds: 

Before moving to Boomi I would say we had very manual processes. And it was very slow. You know, sometimes that would take two to three weeks. APIs enabled us to make that journey a lot faster to get to a certain place for automation. They just make our business users' lives a lot easier.

Read says that the Boomi integration allows them to integrate any systems or any new data is available very quickly, taking two to three weeks to build an integration test. This means getting the new data source or new system available to its underwriters and operations teams very quickly, she notes: 

We managed to get that quote journey down to sub seconds in many cases, or two to three seconds from a couple of weeks. But also, we build API's with our brokers or resellers or customers, and we've had the feedback that we are the easiest and the best insurer in the market to work with because we can build those API's so quickly.

That feedback is taken into consideration when applications are chosen for each business case, making sure that the policyholders are getting what they want when they want. Read says: 

The biggest help for us is to be able to change and accommodate our customer needs whenever we really need it. The rapid growth we've had globally means we want to be able to deliver policies to thousands of distribution partners. When they're trying to manage their business day to day, they have the right data at the right place, and systems that are well integrated together.

Read says she is really excited about some of the recent Boomi product announcements, concluding: 

We provide API's for our brokers and customers to join, and it would be really nice to be able to have that available on the portal so that people can subscribe to expanding. Hopefully, we can be early adopters.

Loading
A grey colored placeholder image