Hiscox is a leading international insurance company, headquartered in Bermuda and a well-established provider of primary insurance in the U.S. market through its managing-general agent (MGA) partner network. The company covers traditional catastrophe perils such as hurricane and earthquake alongside more recent expansion into the growing private flood market.
Hiscox has a long-standing relationship with RMS and uses probabilistic RMS catastrophe models to provide a foundation for its view of risk. While the models offer essential insights that serve many use cases, including portfolio management and risk aggregation, they are not designed for low- latency underwriting. Hiscox wanted to be able to return a quote to customers within 5 seconds.
The combination of Hiscox’s strategy to both enhance digital capabilities and access quality data at speed made RMS Location Intelligence API an obvious fit to improve their Underwriting Performance and deliver strong growth, proactive collaboration, and efficiency gains.
We’re now able to provide quotes that are tailored to the individual risk and ensure we achieve price adequacy on every policy.
Daniel AlpayLine Underwriter for Flood, Hiscox