Specialist global insurer Hiscox has chosen to partner with leading InsurTech INSTANDA as part of the insurer’s European growth strategy. The partnership aims to explore opportunities for further growth across the insurer’s commercial and personal lines business, through multiple distribution and service channels.
Hiscox Europe Managing Director, Stéphane Flaquet said:
“We are always looking to take a progressive approach to underwriting and to adopt proven innovative technology solutions that are beneficial to our business and more importantly our customers. Following an extensive evaluation of leading technology e-trading platforms, we are pleased to partner with INSTANDA, having been impressed by the
expertise of the team and their ability to deliver demonstrable results.”
The first Hiscox product to use the INSTANDA platform has been identified in Germany and is expected to be trading in early 2019. More products will move onto the platform throughout 2019.
INSTANDA CEO Tim Hardcastle added:
“Our partnership with Hiscox in Europe is another significant step forward for our business, enabling us to deliver quantifiable value to our clients. Naturally, we are delighted to be working with one of the world’s leading specialty insurers and look forward to helping them drive their business forward.”
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2017 saw the business deliver a profit before tax (excluding foreign exchange) of £93.6 million despite reserving net $225 million for claims in the most costly year ever for natural catastrophes. The Hiscox Group employs over 2,700 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.