The market for niche insurance is small, but excellent. Specialty insurance for works of art or classic cars, for example, covers a narrow but exclusive market. In-depth expert knowledge of the industry and outstanding claims handling services are in demand.
As an international specialist insurer for precisely this market, Hiscox offers an insurance portfolio to cover professional risks, private assets and special risks. For customers with high-value private property, Hiscox offers insurance with comprehensive all-risk coverage, especially for art, valuable household goods, vacation homes and classic cars, as well as ransomware insurance. For art collections and art exhibitions, Hiscox offers special concepts. For business customers, Hiscox offers industry-specific pecuniary loss liability, D&O and cyber insurance tailored to medium-sized service companies. Here, Hiscox focuses on the IT, media, telecommunications as well as management consulting industries.
Hiscox EU decided to launch with Sapiens IDITSuite for Property and Casualty and cloud-based Sapiens Intelligence. Germany was then the first country for Hiscox to go live with IDIT. With Sapiens’ core platform and managed services, Hiscox achieves greater cost effectiveness, scalability and sustainable profitability. It also enables insurers to adapt to increased regulatory pressure.
The packaged IDITSuite solution, with Sapiens as a partner, will help Hiscox improve efficiency and scalability, analyze data, leverage open interfaces and focus on core business strengths. Upon completion, Hiscox will dismantle its legacy environment to take full advantage of the cost benefits, speed to market, product and process flexibility, and ease of maintenance offered by IDIT’s Sapiens. As part of the Hiscox Group, the company has developed a long-term IT strategy that will realize its vision of becoming a European specialty insurer. The goal is to build a network of customers, brokers and partners.
Going forward, Hiscox will focus on straight-through processing as well as end-to-end digitization. Straight-through processing offers increased automation throughout the lifecycle. In addition, the focus is on fast and cost-effective connectivity with third parties, architectural, product modularity and agility as well as fast and flexible changes with a high level of business self-service.