Hiscox has today announced that it is rolling out its AI-enhanced lead underwriting model to all of its London market brokers after a successful proof of concept.
Initially developed in December 2023 in collaboration with Google Cloud, the new underwriting model enables Hiscox’s sabotage and terrorism line of business to significantly reduce the time taken from the submission of a risk through to the quote stage.
By combining Hiscox AI Laboratories with Google Cloud’s generative AI, the specialist insurer claims it now has the ability to remove manual elements of the underwriting process.
Matter of minutes
It explained risks that are in scope are assessed
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