Hiscox and Google Cloud Collaborate on AI in Lead Underwriting for the London Market
公司规模
Large Corporate
地区
- Europe
国家
- United Kingdom
产品
- Hiscox AI Laboratories (Hailo)
- Google Cloud's BigQuery
- Google Cloud's Vertex AI
技术栈
- Generative AI
- BigQuery
- Vertex AI
实施规模
- Pilot projects
影响指标
- Innovation Output
- Productivity Improvements
技术
- 分析与建模 - Generative AI
- 平台即服务 (PaaS) - 数据管理平台
适用行业
- 金融与保险
适用功能
- 商业运营
用例
- 过程控制与优化
服务
- 软件设计与工程服务
- 系统集成
关于客户
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.
挑战
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.
解决方案
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.
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