2026-11-03 · Source: Insurance Business UK
Summary in 3 Points • Hiscox has reduced quote turnaround times by approximately 75% in terrorism and architects and engineers lines using AI tools. • The insurer reported a 9.9% growth in London Market written premiums, but underlying growth fell to 3.9% after adjustments. • Hiscox is expanding into adjacent lines such as technology errors and omissions and general liability amidst pricing pressures. --- Hiscox has successfully cut the time to turn around broker submissions by around 75% in specific lines, thanks to its AI underwriting tools developed with Google Cloud. This innovation has led to improved quote-to-bind ratios, indicating a more efficient underwriting process. Despite reporting a 9.9% growth in London Market written premiums, underlying growth was only 3.9% after accounting for prior-period adjustments, highlighting the challenges in cycle management as the insurer has withdrawn from inadequately priced business. The company is also diversifying its offerings, expanding into adjacent lines such as technology errors and omissions and general liability, while D&O pricing shows signs of stabilisation. Hiscox's digital transformation is evident, with significant growth in its digital direct channel and a new broker portal being rolled out across Europe. This shift towards automation and efficiency may reshape the operational landscape for underwriters and brokers in the London Market. Hiscox's AI tools are enhancing efficiency in underwriting, impacting the quote-to-bind process and potentially reshaping broker interactions in the London Market.
Hiscox's AI tools are enhancing efficiency in underwriting, impacting the quote-to-bind process and potentially reshaping broker interactions in the London Market.