PriyaPatel
TLDR:
- Hiscox launches genAI-powered lead underwriting platform
- Aim to provide sabotage and terrorism insurance quotes faster
Hiscox, a global specialist insurer, has unveiled the London insurance market’s first lead underwriting platform enhanced by generative AI in collaboration with Google Cloud. The platform aims to streamline the process of providing sabotage and terrorism insurance quotes to customers, reducing the time taken from risk submission to quote generation. By combining Hiscox’s AI Laboratories with Google Cloud’s generative AI, the platform automates certain manual elements of the underwriting process, allowing Hiscox to deliver insurance quotes to brokers in a matter of minutes.
The new platform initially focuses on the renewal of existing sabotage and terrorism risks from the US and Canada, excluding major metro areas like New York and Chicago. Hiscox and Google Cloud plan to explore additional capabilities and potential applications in other lines of business. The collaboration marks a step forward in digitizing the insurance market and delivering quicker turnaround times for risk submissions to quotes. The aim is to leverage technology to provide tangible benefits for customers while freeing up underwriters to focus on more complex risks that require human expertise.
This development showcases the power of generative AI in transforming complex insurance underwriting processes and highlights the potential for further innovation in the insurance industry. With the platform now live and available to all brokers, insurers like Hiscox are embracing AI technology to enhance efficiency, improve customer service, and drive innovation in the market.
