In a groundbreaking collaboration, global insurer Hiscox has joined forces with Google Cloud to introduce the first AI-enhanced lead underwriting model in the London Market insurance industry. This strategic partnership harnesses the capabilities of Hiscox London Market’s cutting-edge technology platform, Hiscox AI Laboratories (Hailo), and Google Cloud’s generative AI technology to revolutionize the lead algorithmic underwriting process from submission to quote.
The collaboration integrates Google Cloud’s powerful tools, specifically BigQuery and Vertex AI platform, to extract crucial data and insights from email submissions. In the traditional insurance operating model, this manual process often consumes up to three days. However, with the infusion of AI into specific elements of the underwriting process, teams now have the ability to provide quotes within an impressive three-minute timeframe.
Kate Markham, CEO London Market, expressed her enthusiasm about the collaboration, stating, “We are delighted to be working with Google Cloud to explore the applications of AI technology to augment our underwriting teams’ knowledge and expertise.” She emphasized the potential of automation to yield faster and more accurate results for brokers and clients. Markham looks forward to further developing the program, recognizing the significant impact it can have on various lines of business.
The proof of concept for this groundbreaking initiative was carried out in Hiscox’s Sabotage and Terrorism line of business. The success of this endeavor suggests that the principles applied can extend to other lines of business within and beyond big-ticket insurance.
Kate continued, “Human insight is and will always be a crucial part of the specialist underwriting process, but when expertise is paired with cutting-edge AI technology, we will be able to serve our customers even more effectively and efficiently.” She sees the potential for AI technology to streamline manual tasks, allowing underwriters to focus on more complex risks where human expertise and analysis are indispensable.
Sandeep Kottekudiyil, Client Director at Google Cloud, highlighted the value that AI brings to the underwriting process. He expressed excitement about the ongoing collaboration with Hiscox and the shared commitment to transforming the insurance industry through the responsible use of AI. As this partnership evolves, it holds the promise of reshaping industry standards and delivering unprecedented efficiency in underwriting practices.
