Hiscox AI underwriting model goes live
Sabotage and terrorism is the first line of business to benefit from the Google Cloud collaboration
Hiscox has gone live with a generative AI underwriting platform developed with Google Cloud, which will be available to buyers of sabotage and terrorism cover in the US and Canada through brokers. Hiscox said it is the first lead underwriting model in the London market to feature generative AI.
Hiscox confirmed that the first risk was written under the new model with WTW.
The specialist insurer said the new model will significantly reduce the time taken to quote to just minutes for risks in the sabotage and terrorism line, with work underway to expand the model’s applications to other lines of business. Initially, the AI model will focus on renewal business for sabotage and terrorism risks in the US and Canada, excluding New York and Chicago.
“Hiscox now has the ability to remove manual elements of the underwriting process,” the company said. “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.”
Kate Markham, CEO of Hiscox London Market, said: “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.
“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.”
Graham Drury, head of financial services industry UK at Google Cloud, added: “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.”
