Hiscox has created and launched a full-cycle digital trading extranet for its broking partners as GlobalData surveying has found that this may help it attract more business with brokers.
As per GlobalData’s 2023 UK Commercial Insurance Brokers Survey, only 0.8% of brokers believe that Hiscox offers the best extranet sites, 0.4% believe it has the best electronic trading capability, and none of the respondents believe that it is best in class for speed of response to queries/quotes. However, features of Hiscox’s new platform include instant quotes, connection with brokers’ back offices, and access to underwriters. Brokers will have complete control over their clients’ policies over the extranet, including new business, mid-term adjustments, and renewals.
GlobalData surveying has also found that the launch of Hiscox’s new digital trading extranet may help it retain and attract new business with brokers. According to our 2023 UK Commercial Insurance Brokers Survey, 7.6% of brokers believe that speed of response to queries/quotes is the most important factor when choosing who to place business with. Additionally, brokers value flexibility in underwriting/cover (23.5%), claims service quality (19.9%), and price/premiums (17.9%) as important factors when choosing which insurer to place business with. Hiscox should focus on what is most important to brokers by ensuring its offerings are stronger in these areas.
Aviva, which does this well, consistently gets high ratings from brokers. As per our 2023 UK Commercial Insurance Brokers Survey, Aviva ranks best in class for flexibility in underwriting/cover (27.1%) and ranks second for claim service quality (21.5%). It also ranks highest for speed of response to queries/quotes (31.8%), electronic trading capability (54.2%), and quality of extranet sites (55.0%).
Overall, brokers are a fundamental distribution channel for both personal and commercial insurance. By focusing on what they value most, insurers can improve relationships and increase business with brokers, which may be important amid uncertain macroeconomic conditions.