Hiscox London Market partners with Google Cloud
Posted 12/12/2023 – Quick takes
Hiscox London Market has announced its partnership with Google Cloud to create the first AI-enhanced underwriting model. Hiscox’s Sabotage and Terrorism classes of business were the first to undergo the proof of concept, however other classes will in time also benefit from this work.
Hiscox London Market’s CEO Kate Markham said “We are delighted to be working with Google Cloud to explore the applications of AI technology to augment our underwriting teams’ knowledge and expertise. This early stage work suggests that there are areas of the business where automation can support better, faster results for our brokers and clients, and we look forward to developing the programme further.”
The proof of concept work has shown that AI can help underwriting teams by reducing the turnaround time of quotes from three days to just three minutes.
The insurance sector has generally lagged behind other industries in terms of automation. We are now seeing significant strides being taken by the sector to streamline systems and eliminate manual human data input. The work by Hiscox to improve its administrative process will no doubt help its underwriters and also give it a competitive edge as brokers look for markets that offer a seamless service from insurance quote through to claims. We welcome the work undertaken by Hiscox to improve the service proposition and this should also reduce administrative expenses in time. We expect that it will be extended to other lines of business and other syndicates may follow suit in due course.