Hiscox introduces a GenAI-powered platform to speed up insurance quotes for sabotage and terrorism coverage.
Hiscox, a global specialist insurer, has introduced the London insurance market’s first GenAI-enhanced lead underwriting platform, designed to accelerate and streamline the process of providing sabotage and terrorism insurance quotes. Developed in collaboration with Google Cloud, this innovative platform marks a significant advancement in how risks are assessed and quotes are generated.
Initially launched as a proof of concept in December 2023, the platform leverages the power of Hiscox’s proprietary AI tool, Hailo, combined with Google Cloud’s Gemini large language model. This technology eliminates many manual elements of the underwriting process, allowing for rapid assessment and quote generation. The platform currently focuses on renewing existing sabotage and terrorism risks in the US and Canada, excluding major metro areas like New York and Chicago.
Using GenAI, the platform can process risk submissions, generate broker emails with pre-filled pricing and data, and have quotes ready for underwriter review within minutes. This significantly reduces the time from risk submission to quote, enhancing efficiency and allowing underwriters to focus on more complex cases.
The first risk under this new system was written with insurance broker WTW. Hiscox and Google Cloud plan to expand the platform’s capabilities and explore its application in other lines of business. The platform’s aim is to bring tangible benefits to customers while freeing underwriters from routine tasks, allowing them to focus on more complex risks where human expertise is crucial.