Hiscox has unveiled the London insurance market's first lead underwriting model powered by generative AI, revolutionizing how sabotage and terrorism insurance quotes are processed. This innovative model, which went live recently, promises faster and more efficient quoting, transforming the insurance underwriting landscape.
Initially developed in December 2023 through a collaboration with Google Cloud, this new system combines Hiscox’s AI Laboratories (Hailo) with Google Cloud’s advanced generative AI technology. The integration utilizes Google Cloud’s Gemini large language model to streamline the underwriting process. This model significantly reduces the time from risk submission to quote generation by automating manual tasks. Brokers now receive insurance quotes in minutes, with automated emails containing pricing and other essential details, ready for underwriter review.
The launch of this AI-enhanced underwriting model marks a significant milestone for Hiscox. Although the system is available to all brokers, its first application was with insurance broker WTW. Hiscox and Google Cloud plan to explore further capabilities and potential applications in other insurance sectors.
Kate Markham, CEO of Hiscox London Market, expressed enthusiasm about the model’s impact, highlighting its efficiency and the successful collaboration with Google Cloud. She noted that the technology not only speeds up the quoting process but also allows underwriters to concentrate on more complex cases where human expertise is vital.
Graham Drury, Head of Financial Services Industry UK at Google Cloud, praised the collaboration’s success and its potential to enhance underwriting processes across the insurance industry.
WTW’s Global Head of Crisis Management, Jo Holliday, also commended the use of AI in streamlining insurance processes, noting its importance for the future of the digital marketplace and improved client services.
