How Convex Insurance cut engineering report analysis from hours to minutes with AI agents

Do you know the full specifications of your car? Fortunately, the specification is standardized for the majority of models, making insurance a fairly easy process, but when it comes to insuring a ship, there is little standardization. Underwriters of ships need to know every detail in a complex engineering report on that vessel to understand the insurance price and the risk. These reports are long and, therefore, time-consuming. At international specialist insurance firm Convex, Artificial Intelligence (AI) has taken on a series of tasks, including reading engineering reports and non-disclosure agreements, saving underwriters and legal staff time as a result.

Engineering reports typically take three hours to read. Underwriters are the key human asset for specialist insurance companies like Convex. The firm's underwriters partnered with the technology team to develop an AI summary tool that reads engineering reports, creates a summary and highlights the risks into a document that ...