Hiscox introduces a GenAI powered underwriting platform to speed up insurance quotes for sabotage and terrorism coverage.
Hiscox, a global specialist insurer, has launched the London insurance market’s first GenAI enhanced lead underwriting platform. In which it is setting a new standard for speed and efficiency in sabotage and terrorism insurance underwriting. Developed in collaboration with Google Cloud, the platform modernizes how complex risks are assessed and how insurance quotes are generated.
Powered by GenAI, the platform combines Hiscox’s proprietary AI technology and Hailo with Google Cloud’s Gemini large language model. Together, these capabilities automate time-intensive underwriting tasks. As well as enabling a faster, more accurate risk evaluation. Since its initial proof-of-concept launch in December 2023, the platform has demonstrated strong potential to transform underwriting workflows.
The GenAI-driven system streamlines the end-to-end process by analyzing risk submissions, automatically generating broker emails with pre-filled pricing and data. And also, preparing quotes for underwriter review within minutes. This dramatic reduction in turnaround time allows underwriters to focus on complex, high-value risks that require deep human expertise. The platform currently supports renewals for existing sabotage and terrorism risks in the US and Canada. This is excluding major metropolitan areas such as New York and Chicago.
Hiscox successfully placed its first risk through the platform in partnership with global insurance broker WTW, validating the system’s real-world impact. Looking ahead, Hiscox and Google Cloud plan to expand the platform’s capabilities and explore its application across additional lines of insurance business.
By integrating GenAI into lead underwriting, Hiscox delivers faster service, greater consistency, and improved customer outcomes. The platform underscores Hiscox’s commitment to AI-driven insurance innovation, combining advanced technology with expert judgment to meet the evolving demands of the global insurance market.
