Overcoming data challenges with Hiscox

Hiscox is a global specialist insurer with over 100 years’ experience, protecting more than 400,000 businesses and 60,000 homes in the UK. Lee Turner, Head of Schemes at Hiscox, explained the benefits of their innovative approach to data and working with Broker Insights Vision^TM.

Problem

A key issue that Hiscox faced is that data remains siloed in the insurance sector, which impacts the efficiency and effectiveness of insurer and broker relationships. Lee expanded on the difficulties presented by data being stored in many different ways, explaining that it makes it almost impossible to cut through the noise and get the right business:

“At Hiscox, our route to business is through brokers and, talking with our broker partners, we know they face very similar information challenges. All parties tend to work in silos, and the focus tends to be on the relationship, or the upcoming renewal, and not on the wider opportunities presented by data.” 

Solution

Recognising these challenges, Hiscox has been on a problem-solving journey, seeking innovative solutions to overcome data challenges and break down siloes. 

Firstly, they switched their location-based approach to schemes to an underwriter-led focus on customer segments. 

Lee described this as a “win-win-win for our staff, broker partners, and their clients”.

Secondly, Hiscox began extending their market knowledge by improving access to data through their partnership with Broker Insights. Our Vision platform provides them with data-driven matches between their risk appetite and brokers’ held books.

“As an insurer, getting the right data at the right time from brokers is crucial – the quality of data we get helps to drive a better return.”

Result

Supported by customers and underwriters, Hiscox’s new approach to schemes resulted in more consistency and a deeper understanding of customers, while underwriters gained more ownership and accountability.

Broker Insights Vision^TM has reduced the time it previously took brokers to obtain relevant data from multiple offices and systems required to support conversations. Correspondingly, with better information and market insight, underwriters can now work more efficiently, no longer being fatigued by out-of-appetite proposals, which also improves the broker experience and service. Lee explained:

“We have found that Broker Insights Vision^TM gives us access to data in a form which is immediately actionable and enables us to explore opportunities for immediate proposals and develop enhanced broker relationships and schemes.”