Hiscox goes live with generative AI
Hiscox has now gone live with the London insurance market’s “first lead underwriting model” enhanced by generative AI – providing sabotage and terrorism insurance quotes to customers faster and more efficiently than ever before.
Initially developed as a proof of concept in December 2023 in collaboration with Google Cloud, the new underwriting model enables Hiscox’s sabotage and terrorism line of business to significantly reduce the time taken from the submission of a risk through to the quote stage.
By combining Hiscox AI Laboratories (Hailo) with Google Cloud’s generative AI, Hiscox now has the ability to remove manual elements of the underwriting process. Risks that are in scope are assessed using Google Cloud’s Gemini large language model, and the process generates an email for the broker with pricing and other data already completed, ready for underwriter review. As a result, Hiscox can provide a broker with an insurance quote in a matter of minutes.
The new underwriting model is available to all brokers, however the first risk was written with insurance broker WTW. Hiscox and Google Cloud will continue to explore additional capabilities as well as potential applications in other lines of business.
“We were really excited by the potential shown by the proof of concept, so to see it now making a tangible impact on our business – starting with sabotage and terrorism – is fantastic. The efficiency delivered is testament to the outstanding collaboration between Hiscox and Google Cloud. It proves that by bringing teams together and harnessing technology, we can deliver tangible benefits for customers, while freeing up our underwriters from manual tasks and allowing them to focus on more complex risks where human expertise is critical.” – Kate Markham, Hiscox London Market CEO.
“Through this collaboration we have proven the power of generative AI in transforming complex insurance underwriting processes. We continue to work closely with Hiscox to evolve and refine the augmented underwriting model for lead submissions as we look to deliver this same value across other lines of insurance.” – Graham Drury, Head of Financial Services Industry UK, Google Cloud.
“WTW has long recognized the enhanced use of digitization as critical to the future of the insurance market. By harnessing AI to help streamline processes and deliver much quicker turnaround times from risk submission to quote, we are taking a step forward in the evolution of the digital marketplace, which is great news for our clients.” – Jo Holliday, Global Head of Crisis Management, at WTW.
