Hiscox Ireland launches Hiscox Trader – a new e-trading solution for Irish commercial brokers
02 August 2016 Broker email
Hiscox Trader is the quickest and easiest online quote and placement tool in the market and has transformed our broker experience in the UK. It offers multiple indicative premiums within 10 seconds, a full quote within a couple of minutes and a wide range of products from professional indemnity and public liability to cyber and data. Brokers can now benefit from instant quotes as well as the ability to quickly bind cover and receive policy documentation immediately. It also shows brokers quickly where a policy would not be within our appetite, saving time and effort for both brokers and customers.
Commenting on the launch of Hiscox Trader for Ireland, Peter Chapman, eTrade Manager, said: “Our brokers told us they wanted us to make it easier for them to quote and sell Hiscox products to their clients. So we worked closely with a number of them to understand how we could develop an online trading system that would meet their needs and deal with their frustrations when it comes to e-trading.
“The result was Hiscox Trader, a major step forward in our e-trading capabilities and a platform that offers real benefits to brokers in terms of time and ease of use for both quoting and binding risks. Its flexibility also means new products and underwriting changes can be quickly incorporated, further enhancing the service we can offer our brokers and helping them to cement their client relationships. Following its success in the UK since its launch, we are proud to now be launching it for use in Ireland.”
For more details about Hiscox Trader Ireland, go to: www.hiscoxbroker.co.uk/commercial-insurance/trader/
Hiscox approach to the CMA Private Motor Insurance Market Investigation Order 2015
02 August 2016 Broker email
As a specialist motor insurer, we understand that if your client has chosen to drive something a little more special, they require the insurance to match.
We individually underwrite policies to ensure each is tailored to your client and their driving history. In line with this, and the Competition and Markets Authority review of the Private Motor Insurance Market, we have decided to make our policies more transparent and clear. Therefore, we are removing references to No Claims Discount (NCD) and No Claims Discount Protection (NCDP) from our motor policy documentation.
The Private Motor Insurance Market Investigation Order 2015 took effect from Monday 1st August and the removal of NCD and NCDP will come into play for all renewals invited and new quotations from the 3rd of September 2016. For business incepting or renewing between the 1st August and 3rd September, the current process will remain. See our FAQs below.
What did the Competition and Markets Authority (CMA) find in their review?
The CMA found that some areas of Private Motor Insurance were often unclear to customers, specifically No Claims Discount and No Claims Discount Protection. This often resulted in confusion around what the No Claims Discount Protection actually covers.
What was the confusion around No Claims Discount Protection?
NCDP is used to protect the discount applied after a client’s policy premium has been calculated. It does not protect their overall premium which may increase as a result of a claim, regardless of the number of No Claims Discount years.
Why we have decided to remove NCD and NCDP?
When calculating the price of each policy, we look at each client and their driving history in the round, rather than just their claims history. As a result, we’re able to provide a tailored, personal price for every vehicle they insure with us, regardless of where, when or who they have been insured with in the past. We believe being clear about this means there is no confusion about how we arrive at a premium.
Will this affect the client negatively if they decide to change insurer?
If a client decides to move insurer we will, on request, provide you with written evidence of their claims experience while insured with us. This will be proof of their claims history and should not disadvantage them if they decide to change insurer.
Why should you continue to insure with Hiscox over a provider who still offers NCD/NCDP?
When we price a policy we look at the client’s overall claims history. As this reflects their true driving experience, we believe this enables us to understand them better and therefore price the risk more accurately. They therefore will benefit from being a careful driver for every car they insure with us, not just the one with the accrued discount.
I have just renewed motor insurance with NCDP, how does this affect the client?
If the client’s current active policy has NCDP, they will continue to receive this protection for the remainder of the policy year. At renewal the protection will be removed and the premium reduced to reflect the unprotected price.
Your Regional Manager will be able to answer any additional questions you may have around NCD and NCDP.
Hiscox approach to the Insurance Act 2015
11 July 2016 Broker email
Following on from our initial communication in March, we are now pleased to enclose the guide to our approach to the Insurance Act 2015 (the “Act”), which comes into effect on the 12th August 2016.
We believe the changes brought about by the Act are positive for you and your customers. However, we recognise that there is still some uncertainty as to how the Act will work in practice.
We want to give you as much clarity and transparency about our approach to the act, with our underlying commitment and philosophy of treating customers fairly remaining unchanged.
A summary of our approach to the changes
- We will not be applying proportionate remedies (as set out by the Act) where the failure to make a fair presentation of the risk is neither deliberate nor reckless. However, we will retain the right to apply the other remedies that the Act affords.
All electronically traded business will be deemed to be a fair presentation of the risk, provided the policyholder’s responses to the questions we have asked are accurate and complete.
All business placed on our pre-priced proposal forms will be deemed to be a fair presentation of the risk, provided the policyholder’s responses to the questions we have asked are accurate and complete.
For further information on the act, read the Hiscox Key Elements of the Insurance Act fact sheet
If you have any comments or questions around the Act, please feel free to talk to your regional manager.
Great news for Hiscox brokers and your customers - Interest free direct debits
08 July 2016 Broker email
At Hiscox we continually drive to improve and develop our services to you and your customers and as part of this on-going promise we are very pleased to be able to tell you that from 11th July we removed the interest charge on direct debit facilities on new policies across all of our Hiscox Art and Private Client broker products – regardless of premium size – including 606 house and contents, overseas and motor. This also applies to renewals renewing from the 1st August onwards.
This change now means that we no longer charge interest on direct debits across any of our products from Art and Private Client to Professions and Specialty Commercial.
Interest Free Direct Debits - Making your renewals easier
We recognise that recent increases in Insurance Premium Tax and the imposition of the Flood Re levy have placed an added financial burden on your customer. The removal of existing direct debit charges not only reduces their overall insurance costs, but also helps to make your renewals easier in a tough market. It is also a benefit not universally offered throughout the high net worth market.
The new interest free direct debit is now available and we hope your customers will be happy to take advantage of this new facility. If, in the meantime, you have any further queries, then please do not hesitate to contact your usual Hiscox contact.
A guide to Hiscox Renovation and Extension Insurance
Live webinar - 14th July 10:30am
Do you have clients that are about to embark on a building works project?
Join our live webinar to find out all about the new Hiscox Renovation and Extension Insurance.
Home improvement projects can be exciting, but will often have implications for the cover provided by home insurance. In many cases cover will automatically be reduced to just the basic perils such as fire; and often the presence of building works can invalidate the policy entirely, potentially leaving your customers' biggest asset uninsured. Many homeowners don’t realise that there is the risk of suffering an uninsured loss.
Hiscox Renovation and Extension Insurance is an all-risks cover that will give new and existing 606 clients complete confidence that should the worst happen, their home, contents and the works themselves will be fully covered during major renovations and extensions.
Tim Slattery, Personal Lines Underwriting Manager and Richard Griffiths, Technical Claims Manager, are hosting a live webinar on the 14th July that will cover:
- What Renovation and Extension Insurance is and the simplicity of the cover
- Why Hiscox have launched this product
- What's different about this exciting new solution and the benefits to clients
- Recent claims stories
- Q&A session
Join the webex at your desk or as group in a boardroom. It's free to join and you won't need to leave the office.
Contact your Regional Manager for further information or to register.
Flood Re - what does it mean for the insurance industry?
01 April 2016 Broker email
As you may already be aware, the introduction of the Flood Re scheme launches on 4th April 2016. Flood Re is a joint industry/government sponsored reinsurance fund owned by the UK insurance industry that has been designed to ensure flood insurance is both available and affordable for the 350,000 properties most at risk of flooding in the UK.
There are two costs associated with Flood Re, a ceding premium which is charged on those risks submitted to the pool and a levy which is a compulsory contribution made by all UK household insurers. This compulsory contribution, along with the recent IPT change out of the Budget are increases beyond our control and as such, will be passed onto customers. This equates to an average Flood Re levy of 3.6% for Hiscox customers however this will vary based on the proportion of buildings, contents and fine art under the policy. Hiscox are committed to stable pricing and as you’ll be aware we have made no wholesale changes to our rates for the past five years.
Please read the factsheet and should you have any questions or comments, please do ask your Regional Underwriter.
Insurance Act 2015
24 March 2016 Broker email
On the 12th August 2016 the Insurance Act will come into force bringing about the biggest change to English insurance contract law in more than 100 years. These changes apply to all ‘non consumer’ insurance contracts. Reform has come about to not only modernise the current law but also with the intention of:
- ensuring better exchange of information between insurer and insured
- reducing the number of disputes, saving legal costs and avoiding 'disruption for both insurer and insured'
- reducing the number of claims rejected
- increasing confidence within the insurance sector.
Hiscox appoints new Head of Media for UK and Ireland
30 July 2015
Specialist global insurer Hiscox has announced the appointment of James Brady as its new Head of Media for UK and Ireland.
James has worked at Hiscox since 2007 and held a number of different roles across the UK business. Having initially worked as an Art and Private Client underwriter, both in Glasgow and London, he went on to specialise in Technology, Media and Telecoms before moving into a Senior Development Underwriter role in Manchester and, most recently, a Regional Manager role in Maidenhead.
Based in London and reporting to Group Head of Hiscox Media, Entertainment and Events, Suzy Kemble, James will be instrumental in maintaining the team’s market-leading position – leveraging his breadth of skills, experience and regional relationships to drive profitable growth.
Suzy commented: “This year marks 20 years of media at Hiscox and over that time we have developed a market-leading proposition as well as a specialised media claims handling team which truly sets us apart. James has an important part to play in helping us build on that experience. His deep understanding of our UK business and our media book means he is well placed to drive forward this important line of business for us.”
Hiscox has been providing commercial insurance for the media sector since 1995, and now insures more than 9,000 businesses across the UK and Ireland – ranging from bloggers to some of the largest broadcasters in the world. It offers commercial policies that are specifically tailored for media companies, advertising, media buying, PR or graphic design agencies, publishers and broadcasters and is able to provide professional indemnity, specialist media combined, cyber and data, personal accident, Director’s and Officer’s, event cancellation and crisis containment cover. Hiscox is also able to offer market-leading contingency based coverages such as advertising agent’s indemnity, commercial producer’s indemnity and death and disgrace.
What will the home of the future look like?
08 June 2015
The Hiscox Home of the Future Report 2015, commissioned to mark the 25th anniversary of 606 Home Insurance, shines a light on how people will live in the future and shows that although homes will look much the same as how they look now, their functionality and capabilities will change dramatically.
As well as highlighting the transformative role of technology and the growing importance of sustainability and wellbeing, key findings include:
- Dual and tri-hub homes on the rise – more generations living under one roof
- Renaissance of the pre-fab – next-generation pre-fabricated homes will be well-engineered, factory built homes that improve affordability and help relieve housing shortages
- Growth of energy-positive communities that will generate both power and profit
- Evolution of the bathroom as it becomes the nerve centre for health monitoring and wellbeing
- Move towards ‘accidental minimalism’ as even more of what we own becomes virtual
Download the report now to find out what the the next 10 years in the home will look and feel like for people in the UK, France and Germany – and what this could mean for you and your clients.
New appetite guides out now
The Hiscox Professions & Specialty Commercial team have recently released new appetite guides for key products including Emerging Professional Indemnity, Technology and Media. These aim to give our brokers a simplified and clear indication of the business types that are within our core appetite and those we will consider.
The guides are available to download now >
Stay up-to-date on topics relevant to your technology clients
The Hiscox small business blog has been providing useful, engaging content across a range of topics for more than five years and is now accessed by 16,500 small businesses every month. The blog has recently been redesigned, making it easier to find articles which may be relevant to you and your technology clients. You can find a range of resources - from guidance on the most common IT insurance claims that can help you bring the risks to life for your clients, to case studies from cutting-edge firms and opinion from industry experts.
Improvements to our motor claims service
30 March 2015
At Hiscox, we are proud of our award-winning* claims service and are constantly working to improve it. Our motor account is growing and to ensure that we continue to deliver the best service to you and your clients, we have taken a fresh look at our motor claims service.
Following a detailed review, we are delighted to announce that we are partnering with WNS Assistance to manage our claims from first notification to final settlement. They are a market leader in motor claims management with a wealth of experience in the UK, supported by cutting edge technology. This means a larger, dedicated team will be working exclusively on all new Hiscox motor claims from April 13th 2015, focused on enhancing the customer experience throughout the claims process.
All of our motor claims telephone numbers, including for first notification of loss (0845 213 8898 or 01206 773 898 if calling from a mobile or overseas), remain unchanged. From 13th April the email address for notification of claims will change to email@example.com.
We will continue to work with many of our existing claims partners, with motor specialist BLM taking the lead as our preferred law firm for the motor account.
*Outstanding Insurer Claims Team of the Year Insurance Times Claims Excellence Awards 2013
Personal Lines Claims Team of the Year 2013 Post Magazine Claims Awards
Building on the past, creating the future
23 March 2015
Tailored to customer requirements, schemes can offer a means to future-proof your business in a changing landscape. They also present an excellent platform to provide true and bespoke value to clients. Hiscox will be hosting a series of seminars throughout 2015, looking at the lifecycle of a scheme – from launching a new scheme to optimising performance at every stage. How are data and digital changing the consumer marketplace, and how can we utilise this to develop our schemes? What are the key challenges in a rapidly changing environment? What lessons can be learned from the most successful and innovative schemes in the market? To find out more or book a place, please visit hiscoxbroker.co.uk/schemesroadshow
How to predict trends in your industry
16 March 2015
Bernard Marr, business author and consultant in strategic performance shares his insight into the challenges of predicting trends and which path to take in your sector. It’s not all about gut feel which he says is basically a guessing game. His advice is to rely on the numbers to take you in the right direction.
Read it here >
Hiscox awarded ServiceMark
9 March 2015
Hiscox has long recognised the importance of delivering superb service to our brokers and their clients, so in December 2014 we were proud to receive accreditation by the Institute of Customer Service. The Institute of Customer Service’s ServiceMark is based on customer satisfaction and an assessment of employee engagement with an organisation's customer service strategy. In their report the Institute of Customer Service said that Hiscox’s ‘quality of service [was] apparent throughout’ and that Hiscox ‘embraced change and looked for improvement in order to differentiate itself from its competitors’. Only a handful of businesses have received the ServiceMark, which demonstrates our commitment to delivering great service at every level.
Perseverance stories: the reward of not giving up
9 February 2015
Hiscox head of UK brand Tracy Waxman looks at how determination can bring huge rewards. She breaks down the steps to achieving your goals however challenging they may seem at first. It is especially daunting for small businesses that have clear goals but don’t necessarily know how to move forward.
Read it here >