Convex Insurance boosts efficiency in underwriting and legal with AI agents

Specialist insurance firm Convex has successfully integrated AI agents to dramatically reduce the time spent on analyzing engineering reports, policy documents, and email workflows. This innovation has enabled underwriters and legal teams to focus on high-value tasks while maintaining accuracy in critical insurance decisions.

AI-Powered Efficiency Gains

• Engineering Reports: Underwriters previously spent three hours reading complex engineering reports for ships. Convex's AI summary tool now condenses these reports into a 15-minute digest, highlighting key risks.
• Policy Documents: The legal team uses the Policy Wording Analyzer AI agent to compare policy documents against standard wording, flagging discrepancies and creating actionable insights.
• Email Management: An AI agent scans underwriters' emails, logs client details, and tracks declined risks, automating a previously manual and often neglected task.

Culture of Innovation

Founded in 2019, Convex's forward-looking culture has been pivotal in its rapid AI adoption. With a lean team of 500 employees, the firm prioritizes technology to stay agile. Andrea Read, Head of Technology Engineering, emphasizes:

"The culture of Convex is very forward-looking. We really do have a strong set of people that are bought into being more digital."

Ensuring Accuracy in AI

Accuracy is paramount in high-stakes insurance decisions. Convex addressed initial AI inaccuracies by refining training models and implementing checks. Read notes:

"We encourage underwriters to fact-check. We have put the right measures in place."

The firm's open architecture, built on Boomi, allows seamless integration of AI tools. This composable environment supports rapid scaling and flexibility.

Legal Team Embraces AI

The legal team, led by Assistant General Counsel Robert Mackenzie, adopted Robin AI to manage over 350 NDAs annually. The AI tool, trained via a customized playbook, reduces NDA review time from two hours to 20 minutes. Mackenzie likens its capability to a one-year qualified lawyer:

"It takes 70% of the grunt work out, but it needs a senior partner to review."

Competitive Edge

Convex's AI initiatives are delivering tangible time savings, freeing up teams for strategic work. Read highlights the ongoing focus on improving data quality to enhance AI outcomes. As the firm continues to innovate, AI is proving to be a key differentiator in the competitive insurance market.

My Take

AI summarization is proving invaluable in simplifying complex tasks. While concerns about AI persist, its ability to bring clarity and efficiency to specialized industries like insurance underscores its transformative potential.