Convex Insurance
Convex Insurance, a leading international specialty insurer and reinsurer, uses Boomi to create and leverage a flexible and scalable IT infrastructure.
Business goals
Founded in 2019, with no legacy technology debt, Convex is based in London, Bermuda, Europe, and the United States.
The company wanted to deliver innovative insurance underwriting products and services to market faster, speed up quotes and underwriting options to over 2,000 distribution partners, and maintain a permanent headcount of 500 employees.
Integration Challenges
Staff and distribution partners at Convex Insurance create purpose-built systems with best-of-breed components to solve specific business problems.
With so many systems in place, it was essential to quickly integrate them, build and deploy APIs. Convex realized the need for a flexible IT model and integration solution to support this goal
How Boomi Helped
Boomi Integration and API Management (APIM) allowed Convex to scale easily and adopt new applications, while providing control over systems and processes already in place.
As compared to the past where claims reviews were based on spreadsheets submitted at the end of the month, today, data exchange between systems happens in real time — offering a significant advantage when competing with other insurance providers.
Results
Boomi has greatly enhanced the competitive advantage of Convex in the marketplace.
- High-volume, low complexity underwriting is delivered in sub-second timeframes — returning multiple options much faster than that of its competitors
- The underwriting process — rating, quoting and binding a risk — has been shortened considerably, from days to just 5-10 minutes
