Hiscox, a global specialist insurer, has gone live with its generative AI (GenAI)-enhanced lead underwriting model.
This model, claimed to be a first for the London insurance market, is designed to expedite and streamline the process of providing sabotage and terrorism insurance quotes.
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Developed in partnership with Google Cloud, the model is said to shorten the time from risk submission to quote generation.
The underwriting model, which went from proof of concept in December 2023 to full implementation, leverages the Hiscox AI Laboratories (Hailo) in conjunction with Google Cloud’s GenAI capabilities.
This collaboration has eliminated many manual aspects of the underwriting process, enhancing efficiency.
Hiscox established Hailo in 2021 as its inaugural proprietary AI tool.
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By GlobalDataUtilising Google Cloud’s Gemini large language model, the system assesses in-scope risks and automatically generates an email for the broker, complete with pricing and relevant data, awaiting only underwriter review.
This advancement allows Hiscox to furnish insurance quotes to brokers in just minutes, stated the insurer.
The model is accessible to all brokers, with the first risk being underwritten in partnership with insurance broker WTW.
Hiscox and Google Cloud hope to further develop this technology and explore its application across other lines of business.
Initially, the GenAI-enhanced lead underwriting model will concentrate on renewing existing sabotage and terrorism risks from the US and Canada, excluding metropolitan areas such as New York and Chicago.
Hiscox London market CEO Kate Markham 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.
“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.”
Google Cloud head of financial services industry UK Graham Drury said: “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.”
This April, Ariel Re collaborated with Hiscox Re & ILS to form CyberShock, a new cyber catastrophe consortium.
