Hiscox Launches E-Trading System for U.K. Commercial Brokers

February 22, 2016

After a successful pilot, Hiscox has launched Hiscox Trader, a new e-trading solution for U.K. commercial insurance brokers in partnership with insurance technology specialists Open GI London.

The new cloud-based technology enables brokers to give their customers an indication of price for a wide range of Hiscox products in a matter of seconds, and provides a full quote in a matter of minutes. Hiscox policies available via Hiscox Trader include professional indemnity, office, public and products liability and newer covers such as cyber and data insurance.

“Our brokers told us they want it to be even easier for them to quote and sell Hiscox products to their clients. We worked closely with a number of our broker partners to understand how we could develop an online trading system that would meet their needs and the result is Hiscox Trader – a major step forward in our e-trading capabilities,” said Peter Chapman, e-trading manager at Hiscox.

“Its flexibility means product and underwriting changes can be quickly incorporated, which enhances the service we offer our brokers and helps them to cement their client relationships,” Chapman added.

“Being given the opportunity to work with Hiscox on their new e-trading system has been a great experience for First Insurance Solutions,” according to Scott Williams, head of Professional Indemnity at First Insurance Solutions, the Maidstone, England-based insurance broker. “The ease and speed of quoting has dramatically improved, referrals have fallen, and our conversion rate has increased significantly.”

David Kelly, director at Open GI London, added: “Over the last few months we have been working closely to form a strong partnership with Hiscox UK and deliver a market leading technology solution. With Hiscox Trader, commercial lines brokers can access their impressive product range even more efficiently and effectively.”

More details about Hiscox Trader can be found via Hiscox’s website.

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