The Business
A FTSE 250 company with offices across 11 countries, Hiscox is a specialist insurer underwriting personal and business risks for people and businesses with unusual and often complicated needs.
The Client
Jason Jones, Group Compliance and Audit Director, Hiscox
The Challenge
To automate the determination of license and regulatory regime for complex, multi-territory risks across multiple classes of insurance to: improve turn-around time on enquiry responses; reduce the load on the compliance helpdesk whilst maintaining consistency on rulings; and make more effective use of scarce compliance skills by deploying them only on cases that require specialist adjudication.
The Solution
A bespoke system providing a fast, easy way for Hiscox underwriters around the world to access guidance on license selection and regulatory regime for complex risks. The solution consists of a web based underwriting tool, a rules management console and audit and reporting functionality.
The web based tool has a simple, intuitive interface that minimises the need for user training. The design and technologies were selected to ensure the tool could run in a range of typical user environments across different countries, would not require IT user support and would perform satisfactorily in countries with lower bandwidth availability.
The rules management console is designed to make it quick and easy for compliance managers to define and maintain a large number of highly complex linkages between regulations, regulatory frameworks, insurance product classes, risk parameters and Hiscox group license and agency structures in the underlying rules engine.
Ongoing change in regulation, business and risk parameters is a fact of this environment, and is fundamental to the design of the system. Changes can be effortlessly implemented through the console.
Reporting and audit functionality enable Hiscox to review the use and outputs of the tool. Past determinations given by the system and the basis on which they were made can be accessed and reviewed easily. Different reports are readily available to relevant users.
Why Build?
“We found nothing available in the market that could do what we needed. We also needed something specific to Hiscox due to our particular corporate structure.”
The Experience?
“InnoSys quickly understood what we wanted to achieve. We were surprised at how our complex descriptions and instructions were easily understood and were quickly and accurately implemented. InnoSys designed a system to fit our needs exactly and delivered it fast and at a very attractive cost.”
“We have continued support from InnoSys, and have implemented a number of extensions and enhancements to the system. This helps us with ongoing improvement to our processes and service.”
The Benefits?
“Our underwriters are delighted with the tool. It makes their jobs easier enabling faster decision making without compromising risk management. It has also helped us contain compliance costs whilst increasing service to our growing business.”
Download the Hiscox case study
