Sponsored content: Laura Shaw, head of digital trading at Hiscox, and Simon De Ferry, chief insurance products officer at Acturis, discuss how eTraded HNW products can help brokers better serve clients
1. What developments has Hiscox seen in the high net worth (HNW) market recently?
Laura Shaw: “The HNW market is a very competitive, specialist market that continues to evolve and has seen strong demand over recent years.
”With this competitive landscape in mind, it is more important than ever for insurers to make themselves easy to trade with, through driving improvements and maintaining excellent relationships with broker partners.”
Simon De Ferry: ”The demand for HNW products has grown strongly over the past 12 months, with gross written premium and policy volumes increasing 20% and 10% respectively, according to Acturis data.
“However, with several providers withdrawing from the market, it is getting harder for brokers to find suitable cover for their customers. As such, the launch of Hiscox’s eTradeable high value home product is a huge step in the right direction to make trading this class of business more efficient for our users.”
2. With HNW products now on Tradeable, what changes have you made and what did you have to do to facilitate this?
Shaw: ”We have launched Hiscox’s 606 product on the Acturis HVH panel, providing full cycle eTrade for new clients, as well as the option to move existing Hiscox traded business onto eTrade.
”We offer the same 606 cover on eTrade, with no change to our claims service. Ease of access and quicker decisions are important to our brokers and being able to trade on Acturis improves both aspects.
De Ferry: ”Hiscox coming onboard was a great opportunity for us to completely revamp our HVH data capture by listening to broker feedback, to bring it in line with today’s market needs.”
3. What was the journey into market for this eTraded HNW product?
Shaw: ”We start all our digital builds at Hiscox by speaking to our brokers, designing in collaboration with them to ensure we focus on what they value. Our brokers told us they wanted to see enabled self-service of mid-term changes and renewals, as well as new business quotes. We chose to partner with Acturis on their HVH panel with these goals in mind, as well as to be able to move our current books of business to eTrade.”
De Ferry: ”Acturis and Hiscox have a great existing working relationship, having already launched successful personal indemnity and cyber offerings. Leveraging this partnership has allowed us to combine Hiscox’s market-leading HNW expertise and Acturis’ extensive eTrading capabilities, to jointly launch this innovative new product.”
4. What ease of trading improvements can brokers expect when eTrading with Hiscox?
Shaw: ”Brokers can expect a clear eTrade appetite, ease of use on the HVH panel and on Acturis, removing double keying and providing access to sector specialist underwriters. Referrals can now also be done on eTrade, with brokers now able to refer to an underwriter within the platform for terms or a decision. Finally, we’ve worked with our brokers and Acturis to update the HVH question set – a change our brokers have welcomed.
De Ferry: ”Acturis has, for many years been the clear market-leader in commercial electronic trading, championing the efficiencies it can bring to all parties involved in the policy lifecycle. As such, it is exciting to see Hiscox committing to bringing the same efficiencies to a product line which has historically been underserved by eTrade.”
5. Does the move to eTrading change your approach to claims fulfilment?
Shaw: ”Our excellent Net Promoter Score of 70-75 shows our continuous commitment to a superior claims service. eTrade brings improved data quality, which supports the claims process, and integration of claims data back to Acturis provides brokers with updates on their clients claims.”
