Naperville, IL – February 17, 2015 – “In entertainment, the show must go on.” So opens the description of Hiscox One™, a comprehensive insurance offering for entertainment production companies from specialty carrier Hiscox Insurance Company Inc. Hiscox has a long history of covering entertainment production, dating back to the 1960s and its roots at Lloyds of London. In the US, Hiscox has established a strong reputation in professional liability insurance and was looking to the entertainment industry as an untapped growth opportunity when it ran into a show-stopping system bottleneck. It could only write commercial automobile insurance in two states.
“It’s the most complex product Hiscox offers, with an average policy covering over 20 types of risk,” says Hiscox USA COO, Adam Edelstein. “Without coverage for any one of these, the show can’t go on.”
With several large opportunities in the pipeline, Hiscox had six months to solve its problem or risk losing the business to a competitor. As it searched for an answer, Instec stood out as the best solution provider that could meet the company’s target timeframe, in an environment where the typical system implementation takes anywhere from 18 months to seven years. Hiscox was particularly attracted to Instec’s expertise in commercial property and casualty coverage and the surrounding filing and regulatory requirements.
“Instec helped us fill in the details and avoid the pitfalls,” says Edelstein. “Their pre-built integration of ISO rates, rules and forms for all 50 states, their insurance expertise and their alignment with reporting intermediaries were big factors in selecting Quicksolver as our solution.”
Instec’s cloud deployment also allowed the company to implement the system without any involvement from IT and with no new investment in infrastructure, factors that contributed to the fast implementation time and lower operating costs. With the commercial auto phase of the project complete, Hiscox has replaced three legacy systems with Instec Quicksolver and is pursuing new business. The new system now provides a centralized point for entering policy data, creating a much simpler user experience for underwriters, and greater efficiency across the deal lifecycle, from quoting to policy issuance.
“A lot of solution providers and industry analysts are talking about speed-to-market,” says Ray Simon, Instec’s President. “We take that challenge seriously in everything we do, and we’re pleased that Hiscox was able to gain some real business value from our short implementation times, our rating out-of-the-box, and our active management of bureau updates and the associated guidance we provide.”
Looking ahead, Hiscox will be moving all other lines and non-ISO coverages for its entertainment offering to the Quicksolver system to improve response times and increase new business opportunities. In keeping with the company’s implementation experience so far, it expects these follow-on projects to be completed by the middle of 2015.
Instec delivers best-of-breed rating and policy administration solutions to P&C commercial insurers, MGAs, MGUs, and the solution providers that serve them. Since 1982, Instec’s solutions have empowered insurers and general agents to get and keep their competitive edge, efficiently create highly specialized insurance products, go to market quickly, and scale with a minimal IT footprint. To learn more, visit www.instec-corp.com.
About Hiscox in the U.S.
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group – Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox International includes operations in Bermuda, Guernsey and the USA. Hiscox Syndicates Ltd is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The ability of syndicates at Lloyd’s to do business in the USA, and its territories, is restricted as they are not US-based insurers. Hiscox Underwriting Limited and Hiscox ASM Limited are authorized and regulated by the Financial Conduct Authority.
Hiscox Inc., a Delaware corporation headquartered in New York, d/b/a Hiscox Insurance Agency in CA, is a licensed insurance intermediary for admitted and surplus lines business. Hiscox Inc. underwrites on behalf of, and places business with, Hiscox Insurance Company Inc., other domestic insurers, and syndicates at Lloyd’s (www.lloyds.com). Hiscox Insurance Company Inc. is a Chicago, IL-based insurer that is admitted or licensed to do business in all 50 states and the District of Columbia.