Hiscox and Google Cloud partner on AI for streamlined underwriting in London

This collaboration aims to significantly reduce the time required for generating preliminary insurance quotes.

The joint project leverages Hiscox’s “Hailo” platform and Google Cloud’s AI technology to automate data extraction and analysis from email submissions, usually taking up to three days. The new model can produce initial quotes within minutes by streamlining this step.

“This pilot demonstrates the potential of AI to enhance specialist underwriting,” said Kate Markham, CEO of Hiscox London Market. “While human expertise remains critical, AI can improve efficiency and service for brokers and clients. We’re excited to explore its broader application within and beyond high-value insurance.”

Hiscox initially tested the model in its Sabotage and Terrorism line due to the workload involved in manual data analysis. They emphasise that human underwriters and their expertise will always be central to the process, with AI as a complementary tool.

“Our work with Hiscox showcases the power of AI for improved underwriting,” said Sandeep Kottekudiyil, client director at Google Cloud. “We look forward to further collaboration with Hiscox to responsibly transform the insurance industry through AI.”

This partnership presents a potential leap forward in insurance efficiency and responsiveness. While the impact on broader insurance lines remains to be seen, the Hiscox-Google Cloud collaboration represents a significant step towards harnessing AI for streamlined underwriting.