Hiscox news - issue 1

Laying out the red carpet for claims brokers at Great St Helen’s

New Hiscox claims trading floor set to further improve service

Hiscox’s new London Market Claims trading floor, located in its London office, opened for business in April, as part of Hiscox London Market’s strategy to deliver a more welcoming and efficient environment to transact business for visiting brokers.

The redesign of the office responds to an increasing demand from Hiscox’s partner brokers for a space to sit down with its claims team, despite the expectation by many that the growing use of technology in the insurance process would reduce the need for personal meetings. As Ben Bolton, Managing Director of Gracechurch Consulting explains: “We’ve seen so much change in the market with the introduction of new technology, process and drive for greater efficiency. But if anything, the more technology plays a part, the more important the face to-face trading between insurer and broker becomes, particularly for the more complex risks. And there appears to be a real move towards insurers doing more business in their own offices rather than just on the Lloyd’s floor.”

In such a competitive market environment, redesigning the physical office space to create an efficient broking and claims process is becoming ever more important

Brilliant basics

In such a competitive market environment, redesigning the physical office space to create an efficient broking and claims process is becoming ever more important, adds Bolton: “Increasingly brokers are looking for the ‘brilliant basics’ from their insurer partners. They don’t want to queue - they want quick access to underwriters.  Also, as an insurer’s claims service becomes increasingly ‘front of shop’, what is visible and tangible to visiting brokers becomes more important. Insurers will be judged on the broker experience.”

Claims desk within Hiscox

The refit of Hiscox’s London office is part of a wider programme to improve its service to brokers, says Andrew Sellers, Group Claims Service Delivery Manager at Hiscox. “We are grateful for all of the feedback we receive from brokers and the Gracechurch Report. It is important, and we have been listening carefully. Brokers are our core customers in claims, and the successful refurbishment is just one piece of a larger service improvement we are currently reviewing. We are intent on improving every thing we do.”

A brand that intrigues

The refurbished floor is not only designed to deliver an improved broker service but also reflect Hiscox’s unique brand and heritage, an appeal that the business hopes will add to the attraction of doing business with Hiscox. “Hiscox is a brand that intrigues people,” adds Gracechurch’s Bolton, “so it’s good for them to set up their stall and open up their business in this way.”

 


For more information, contact:
Andrew Sellers
Group Claims Service Delivery Manager
Andrew.Sellers@hiscox.com
+44 (0) 20 7448 6233

Hiscox launches first anti-bribery insurance and response product

Bribery Act Response Insurance provides integrated insurance/response solution to investigations under the 2010 UK Bribery Act

Hiscox has launched the first combined anti-bribery response, defence and expense insurance product for UK businesses. Provided in conjunction with global risk consultancy Control Risks and a panel of leading law firms, Bribery Act Response Insurance helps businesses with the costs and practical steps required to successfully investigate and defend an actual, or suspected, Section 7 Bribery Act offence.
The 2010 UK Bribery Act created a new corporate offence for businesses of ‘failure to prevent’ an act of bribery. Under the Act, the Serious Fraud Office are increasing the number of businesses it investigates as it moves towards a zero tolerance policy.

Hiscox Bribery Act Response Insurance provides:

  • Insurance protection against the costs of conducting bribery investigations and the associated legal costs
  • Flexibility of defence and investigation team – an insured can have access to an integrated and coordinated response team (agreed at policy inception) or choose their own team
  • Pre incident crisis planning – includes, at the commencement of the policy, the identification of key stakeholders and data in the event of a claim
  • Optional claims handling roadmap – predefined ‘ways of working’ document between Control Risks and law firms.

Marcus Breese, Casualty Underwriter at Hiscox, said: “Bribery is a growing and ever present danger for UK businesses, particularly those with a multi-national presence and those that use a lot of third party vendors. The UK Bribery Act made it very clear that a failure to prevent a bribe can lead to prosecution and the Serious Fraud Office is increasingly adopting a zero tolerance approach to bribery. British businesses have a real exposure to bribery risk which is not currently met by any existing insurance/response product. That is why we have teamed up with Control Risks and a number of leading law firms to offer a market first.” 

To find out more about Hiscox Bribery Act Response Insurance, email Marcus Breese marcus.breese@hiscox.com or call +44 (0)20 7448 6265.

Claims+ quickly delivers positives

Hiscox’s London Market division has gone live with ‘Claims+’: a bespoke, state of the art claims system that has taken three years to develop. It is designed to deliver an improved response time for brokers, a reduction in manual work for claims handlers, and free up more time to add value to the claims process where it really counts.

‘Claims+’ has already begun to deliver on its promised benefits, says Tony Rai, Head of London Market Claims at Hiscox. “We wanted to see how we could provide a better service for our brokers and respond to the growing benefits and efficiencies offered by the Electronic Claims File initiative within the London market. The results so far have been very encouraging,”.

Rai says: “Claims+ allows us to better focus on our brokers’ key claims, while streamlining the claims handling process also means we have more time to maintain and build relationships with our key brokers.”

 


For more information, contact:
Andrew Sellers
Group Claims Service Delivery Manager
andrew.sellers@hiscox.com
+44 (0)20 7448 6233