Global insurer Hiscox has collaborated with Google Cloud to implement an AI-enhanced lead underwriting model in London's insurance market. This joint effort, combining Hiscox's AI Laboratories (Hailo) and Google Cloud's generative AI, seeks to automate lead algorithmic underwriting, potentially reducing the time for open-market quotes from three days to three minutes.
Google Cloud's BigQuery and Vertex AI platform play a crucial role in extracting insights from email submissions, a process currently taking up to three days in traditional insurance models. Through AI integration, underwriting teams can now produce quotes within a three-minute timeframe.
Kate Markham, CEO London Market, expressed enthusiasm for the partnership, citing the potential for automation to deliver faster and more efficient results for brokers and clients. The proof of concept initially applied to Hiscox’s Sabotage and Terrorism line of business serves as a foundation for extending these principles to other sectors within and beyond big-ticket insurance.
Markham highlighted the strategic choice of starting with Sabotage and Terrorism due to its reliance on manual data extraction. While human insight remains crucial, pairing expertise with AI technology enhances efficiency and effectiveness.
Sandeep Kottekudiyil, Client Director at Google Cloud, underlined the value of AI in underwriting and expressed anticipation for ongoing collaboration with Hiscox to responsibly transform the insurance industry.
In essence, the Hiscox-Google Cloud collaboration signifies a notable development in London's insurance sector, offering a pragmatic vision for the broader industry. By integrating human expertise with AI, this collaboration promises to redefine and enhance underwriting efficiency, paving the way for a future where manual tasks are automated, allowing specialists to focus on the nuanced analysis that demands human insight.
