AI deployment and broker tools
Hiscox has reduced the time required to turn around broker submissions by approximately 75% in terrorism and architects and engineers lines through an AI submission-to-quote tool developed with Google Cloud. The insurer is expanding this solution across its UK, European and US retail operations. In addition, a new broker portal is being deployed across Europe, and a pricing engine is in development in the UK to expand auto-underwriting eligibility. Phil Withey has also been appointed as Group Chief Information Officer, having previously served as chief technology officer for Hiscox London Market.
London Market and UK retail performance
While digital channels advanced—with US direct digital new business growing about 40% year-on-year and UK retail ICWP rising 11.1%—the London Market saw selective retrenchment. London Market ICWP grew 9.9% to US$1.05 billion, but underlying growth dropped to 3.9% after stripping out prior-period premium adjustments. Cycle management actions in major property, upstream energy, power and renewables reduced growth by nine percentage points following a 5% aggregate fall in rates.