Hiscox and Google Cloud Collaborate on AI in Lead Underwriting for the London Market
Customer Company Size
Large Corporate
Region
- Europe
Country
- United Kingdom
Product
- Hiscox AI Laboratories (Hailo)
- Google Cloud's BigQuery
- Google Cloud's Vertex AI
Tech Stack
- Generative AI
- BigQuery
- Vertex AI
Implementation Scale
- Pilot projects
Impact Metrics
- Innovation Output
- Productivity Improvements
Technology Category
- Analytics & Modeling - Generative AI
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Process Control & Optimization
Services
- Software Design & Engineering Services
- System Integration
About The Customer
Hiscox is a global specialist insurer headquartered in Bermuda and listed on the London Stock Exchange. The company employs over 3,000 people across 14 countries and serves customers worldwide. Hiscox offers a diverse portfolio of insurance products, balancing catastrophe-exposed business with less volatile local specialty business. The company operates through retail businesses in the UK, Europe, Asia, and the USA, providing a range of specialist insurance products in both commercial and personal lines. Hiscox London Market and Hiscox Re & ILS handle internationally traded, bigger ticket business and reinsurance. The company's values focus on people, courage, ownership, and integrity, with a strong emphasis on delivering an award-winning claims service.
The Challenge
The traditional underwriting process in the London Market insurance industry is highly manual and time-consuming, often taking up to three days to process lead open-market quotes. This inefficiency is particularly evident in the Sabotage and Terrorism line of business, which requires extensive manual data extraction and analysis. The challenge lies in automating this process to improve speed and efficiency while maintaining the quality of human insight and expertise. Hiscox aims to leverage AI technology to streamline the underwriting process, reduce manual tasks, and allow underwriters to focus on more complex risks that require human expertise.
The Solution
Hiscox collaborated with Google Cloud to develop an AI-enhanced lead underwriting model for the London Market insurance industry. The solution integrates Hiscox's proprietary AI tool, Hiscox AI Laboratories (Hailo), with Google Cloud's generative AI technology. This collaboration utilizes Google Cloud's BigQuery and Vertex AI platforms to automate the lead algorithmic underwriting process, significantly reducing the time required to process quotes. The AI technology extracts key data and insights from email submissions, transforming a process that typically takes three days into one that can be completed in just three minutes. The proof of concept was initially applied to the Sabotage and Terrorism line of business, with plans to extend the principles to other lines of business. The AI solution aims to augment the knowledge and expertise of underwriting teams, allowing them to focus on more complex risks while improving efficiency and effectiveness.
Operational Impact
Quantitative Benefit
Case Study missing?
Start adding your own!
Register with your work email and create a new case study profile for your business.
Related Case Studies.
Case Study
Real-time In-vehicle Monitoring
The telematic solution provides this vital premium-adjusting information. The solution also helps detect and deter vehicle or trailer theft – as soon as a theft occurs, monitoring personnel can alert the appropriate authorities, providing an exact location.“With more and more insurance companies and major fleet operators interested in monitoring driver behaviour on the grounds of road safety, efficient logistics and costs, the market for this type of device and associated e-business services is growing rapidly within Italy and the rest of Europe,” says Franco.“The insurance companies are especially interested in the pay-per-use and pay-as-you-drive applications while other organisations employ the technology for road user charging.”“One million vehicles in Italy currently carry such devices and forecasts indicate that the European market will increase tenfold by 2014.However, for our technology to work effectively, we needed a highly reliable wireless data network to carry the information between the vehicles and monitoring stations.”
Case Study
Safety First with Folksam
The competitiveness of the car insurance market is driving UBI growth as a means for insurance companies to differentiate their customer propositions as well as improving operational efficiency. An insurance model - usage-based insurance ("UBI") - offers possibilities for insurers to do more efficient market segmentation and accurate risk assessment and pricing. Insurers require an IoT solution for the purpose of data collection and performance analysis
Case Study
Smooth Transition to Energy Savings
The building was equipped with four end-of-life Trane water cooled chillers, located in the basement. Johnson Controls installed four York water cooled centrifugal chillers with unit mounted variable speed drives and a total installed cooling capacity of 6,8 MW. Each chiller has a capacity of 1,6 MW (variable to 1.9MW depending upon condenser water temperatures). Johnson Controls needed to design the equipment in such way that it would fit the dimensional constraints of the existing plant area and plant access route but also the specific performance requirements of the client. Morgan Stanley required the chiller plant to match the building load profile, turn down to match the low load requirement when needed and provide an improvement in the Energy Efficiency Ratio across the entire operating range. Other requirements were a reduction in the chiller noise level to improve the working environment in the plant room and a wide operating envelope coupled with intelligent controls to allow possible variation in both flow rate and temperature. The latter was needed to leverage increased capacity from a reduced number of machines during the different installation phases and allow future enhancement to a variable primary flow system.
Case Study
Automated Pallet Labeling Solution for SPR Packaging
SPR Packaging, an American supplier of packaging solutions, was in search of an automated pallet labeling solution that could meet their immediate and future needs. They aimed to equip their lines with automatic printer applicators, but also required a solution that could interface with their accounting software. The challenge was to find a system that could read a 2D code on pallets at the stretch wrapper, track the pallet, and flag any pallets with unread barcodes for inspection. The pallets could be single or double stacked, and the system needed to be able to differentiate between the two. SPR Packaging sought a system integrator with extensive experience in advanced printing and tracking solutions to provide a complete traceability system.
Case Study
Transforming insurance pricing while improving driver safety
The Internet of Things (IoT) is revolutionizing the car insurance industry on a scale not seen since the introduction of the car itself. For decades, premiums have been calculated using proxy-based risk assessment models and historical data. Today, a growing number of innovative companies such as Quebec-based Industrielle Alliance are moving to usage-based insurance (UBI) models, driven by the advancement of telematics technologies and smart tracking devices.
Case Study
Enhancing Security and Compliance in Remitly's Global Money Transfer Service with Fastly
Remitly, an online remittance service, was faced with the challenge of securing its proprietary global transfer network. The company needed a security solution that could meet PCI requirements and protect customers' sensitive transactions through its mobile application. The solution had to be capable of defending against new and emerging attack types without impacting performance. Remitly also had to deal with irregular traffic patterns, such as a sudden spike in account transfers from a small network segment on the Pacific coastline of South America. The company needed to determine in real time whether such traffic indicated an attack or valid requests. A traditional web application firewall (WAF) would not be able to distinguish this traffic, potentially leading to customer frustration if the IP was blacklisted.
