The product was developed in partnership with Google Cloud last December, and the model enables Hiscox’s sabotage and terrorism line of business to significantly reduce the duration of the process from the submission of a risk through to the quote stage.
By combining Hiscox AI Laboratories with Google Cloud’s generalist capabilities, the specialist insurer claims it can now remove manual elements of the underwriting process. Hiscox says the given risks of a transaction are assessed within Google Cloud’s Gemini LLM, and the process generates an email for the broker with pricing and other completed data, ready for an underwriter to review.
Hiscox argues it can provide brokers with insurance quotes in a very short time. The new model is available to all brokers following the first risk and was produced in partnership with WTW. Hiscox and Google Cloud confirmed they are continuing to explore additional capabilities as well as potential applications in other segments.
Kate Markham, CEO of Hiscox London, commented: “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.”
Graham Drury, head of financial services industry UK, 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.”
