$4B+ specialty insurer reaches < 30 second SOV & Loss Run submission processing time with Indico Data

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<30 second

SOV & Loss Run submission processing time

Company
Profile

Convex, a large, global specialty insurance and reinsurance carrier, faced a significant challenge: how to streamline their submission intake processes to allow underwriters to focus on core underwriting decision-making. Convex aimed to build a competitive advantage by reducing the administrative burden on underwriters and improving the quality of data used in underwriting decisions. With Indico’s Submission Ingestion Solution, they’ve dramatically accelerated their speed to quote by automating the labor-intensive tasks of manually managing their submissions process, which includes monitoring the email submissions inbox, reviewing submissions for critical data in complex documents including SOVs and Loss Runs, interpreting the information, and manually entering it into their underwriting system. By streamlining these processes, their underwriters are now free to focus on high-value, impactful work.

Problem

Inefficiency and inaccuracy in submission processing

Struggling with operational bottlenecks from their previous vendor, the carrier faced submission processing times of up to two hours and accuracy rates below 60%, causing delays and poor data quality that impacted broker relationships and competitiveness. Seeking a faster, more accurate, and adaptable solution, they looked for a strategic partner that aligned with their long-term roadmap and complemented their outsourcing model. This search led them to Indico Data, which provided the efficiency and accuracy needed to refocus on their core strength—underwriting.

Solution

Speed, accuracy, and better decisions

In just eight weeks, the carrier successfully went live with Indico Data, automating emails and slips workflows—an achievement they noted far surpassed their progress with other vendors over three years. Indico Data’s flexible, customizable platform allowed the carrier to tailor workflows to their specific processes, avoiding the limitations of rigid, one-size-fits-all solutions. With a 97% implementation success rate and a highly responsive team, Indico delivered rapid value, earning praise from the carrier’s executive team and a strong recommendation for other insurers seeking a transformative solution.

Results

Transformed underwriting operations

Indico Data’s AI-powered solution reduced the carrier’s submission processing time from two hours to just 40 seconds while achieving 91% accuracy with zero human intervention, significantly accelerating underwriting decisions. The automation minimized manual review, allowing underwriters to trust extracted data instantly and improving overall operational efficiency. Impressed by the rapid success, the carrier expanded Indico across all viable lines of business, launching 10 use cases in just months and demonstrating measurable ROI, especially in high-volume specialty insurance lines. Indico’s flexibility and scalability have enabled the automation of complex processes like Loss Runs and SOV ingestion in under 30 seconds, outperforming competitors with a broader and more successful implementation. Looking ahead, the carrier aims to move toward full automation, reducing human validation entirely and continuing to streamline operations for faster decision-making and improved efficiency.