Convex invests in insurtech
Bermuda-based insurer Convex Group has participated in providing €1.2 million in a pre-seed funding round for insurtech Dylogy, which aims to help insurers streanline document governance and processing.
Dylogy said other funds include Hub612, Mindstone, Lya Protect, and Uchal.
Dylogy said it helps insurance players streamline document governance, meaning they can process all types of documents, capture and aggregate essential data, and standardize and monitor it to ensure informed decision-making and proactive information tracking.
"This funding will enable the young startup to accelerate the deployment of its generative AI services and scale up its platform dedicated to insurers, reinsurers, and brokers," the company said. "In 2023, drawing on their expertise in AI and actuarial science, Aurélien Couloumy, Julien Crespy, and Loris Chiapparo founded Dylogy and joined the HUB612 accelerator to support its growth.
"Years of experience in the insurance sector led them to a clear realisation: the continuous increase in the volume of insurance documents*, combined with limited expert resources, insufficient budgets, tighter regulations, and the emergence of new risks, poses a major challenge for industry players. Operators no longer have the time to read all the information they receive or produce. This imbalance can have significant financial consequences** and create a notable competitive disadvantage."
Dylogy said it provides its clients with tools for effective and sustainable management of their documents and activities. For instance, through its generative AI services, the platform can assign an overall risk score to each document.
"We were greatly impressed by Dylogy's expertise," said Waswate Ayana, mission lead of Convex Group. "Their team has an excellent understanding of our industry and offers solutions truly tailored to our needs.
"Together, we deployed an effective tool that combines Convex’s underwriting expertise with Dylogy’s technical skills. The platform has reduced contract processing time by 45 minutes while improving portfolio management. This strategic partnership is truly making a difference."
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