Hiscox says its AI quoting tool improved US broker speed to quote by about 75% in two lines

Hiscox said in its trading statement for the nine months to 30 September, published on 3 November, that an AI-augmented submission-to-quote tool in its US broker business has improved its speed to quote by around 75% in terrorism and in architects and engineers cover. The insurer said the tool also contributed to a better quote-to-bind ratio, and that it is now rolling the solution out more widely across its Retail division.

The statement lists other technology steps. In the third quarter Hiscox launched what it calls an AI-native portal in its US direct business, with more self-service functions. It is also advertising on a leading large language model, which it does not name, as customer search and buying habits change, and it is developing a new pricing engine in the UK. Phil Withey has been appointed Group Chief Information Officer; Hiscox credits him with expanding its AI-augmented underwriting and overseeing work on agentic AI.

The AI figures sit in a growth update. Group insurance contract written premium rose 9.5% to $4,437.2m. Hiscox USA grew 8.4% to $791.6m, with the US broker channel up 5.8% to $300.2m and direct and digital partnerships up 10.1% to $491.4m. The London Market grew 9.9% to $1,050.5m; Insurance Business reports that underlying growth there was 3.9%, and that Hiscox continues to pull back from major property, upstream energy, power and renewables risks.

Hiscox Retail, the division that will receive the wider rollout, grew written premium by 9.1% in constant currency to $2,253.3m. Hiscox said this momentum positions Retail to deliver 9% constant-currency growth for the full year, in line with its upgraded guidance. The statement does not give the quote time in hours or days, the volume of submissions the tool handles, or any effect on loss ratios.