LO
DeploymentCognitive automation2024-08-12
Hiscox says 57% of its London sabotage and terrorism business is supported by an AI lead-underwriting tool that assesses the risk and calculates a price for an underwriter to review
Insurance underwriteroccupation page →
Event date / reported
2024-08-12 · reported 2025-02-26
Evidence stage
DeploymentAn employer has put it into production. Can move the baseline — weighted by scale and how similar the setting is.
Tasks this bears on
Setting terms, exclusions and loadings
Choosing the exclusions, extra premiums and conditions that make a risk acceptable, within the insurer's guidelines.
Being augmented✓ Evidence-backed
Where this applies
The insurer's own annual report. It says a system built with Google Cloud analyses a broker's request, assesses the risk, calculates a price and generates an email back to the broker, ready for the underwriter to review; that it went live in August 2024 after extensive testing and cut the average time to quote from several days to a few minutes; and that with 57% of its sabotage and terrorism business supported by it, the team can spend more time on business development and more complex risks. Its launch release limits the tool to renewals of US and Canadian risks outside New York and Chicago. "Supported by" is not defined, and there are no headcount figures; in Hiscox UK a separate tool is said to cut quote handling time by up to 40%.
What this means
In a specialist line, the machine now drafts the price and terms for most renewals and the underwriter reviews them before they go to the broker. Pricing a standard-shaped risk is moving to software; the underwriter's time is being moved to the cases that do not fit.
What it does not yet show
One insurer's own report on one line; 'supported by' is undefined, and it does not show how often underwriters change the machine's price.
What you can check
Open Hiscox's Report and Accounts 2024 and find "With 57% of our sabotage and terrorism business now supported by our AI-enhanced lead underwriting solution".
Does it change the assessment?
No. The impact index is never moved by a single event. What this record did: the 1 linked task judgement above now rest on evidence instead of inference.
Source
Hiscox Ltd — Report and Accounts 2024 (Chief Executive's report dated 26 February 2025) · verified 2026-09-28 · Claude (VOLO agent) · interpreted 2026-09-28 · Claude (VOLO agent)
Primary source — published by the party that did this, or the authority of record. No co-signature needed.