Hiscox Tech Portfolio launch presentation June


Technology evolves fast… so do the risks

Launching the Hiscox Technology Insurance


June 2013

Why are we here?

• Share fascinating facts

• Claims....claims...claims

• Discuss our new technology insurance portfolio

• How can we help you sell more?


Our pedigree in the technology sector

Employ two claims specialists to focus exclusively on

TMT business.

Rumoured millennium bug

Hiscox pays for

Y2K survey of every technology client.

TMT launches in America.

Include ‘duty to defend’ cover.

0 clients










26,000 clients

Insure first technology client – one of first insurers to write this type business.

First insurer to provide breach of contract cover.

TMT division formed.

36% of claims arise from breach of contract.

Release sixth technology PI wording and first tailored commercial combined product.


Why place your technology clients with


• Experience – Hiscox insures over 26,000 technology businesses in the UK

• Global reach - Hiscox is a FTSE 250 company employing over

1,400 people in 11 different countries. We write technology professional indemnity insurance in 24 of our 28 offices across the world, from Manhattan to Dublin and Lisbon.

• Commitment to the IT sector – Hiscox are proud to continue to sponsor the Sunday Times Tech Track 2013

─ Hiscox have insured an average of 30% of the Tech Track top

100 over the last three years

• Chartered insurer - we are proud to be among a small number of insurers who have achieved a gold standard of excellence, professionalism and integrity in insurance.

• Award-winning - providing superb service to our brokers and customers is at the heart of everything we do.


Our dedicated in-house team of technology lawyers

• Dedicated team of legally trained solicitors

Kate Jacques

T 020 7448 6496

E kate.jacques@hiscox.com

Chris Charlton

T 0113 205 1036

E chris.charlton@hiscox.com

James Webster

T 020 7448 6454

E james.webster@hiscox.com

Carol McGlade

T 01206 773741

E carol.mcglade@hiscox.com

• Fair and flexible approach to claims handling

• ‘Free-range’ claims handlers


Where is my client’s exposure?

• Tactical litigation

• Expect the unexpected

• Contractual liability

• Small errors becoming very costly


Our claims experience

Losses in 2012

We handle 94% technology claims in house – protecting your clients’ loss records


The ingredients of innovation

“I like insurers who have clear focus, wording and people.”

• Learning – insight sessions with brokers and clients

• Big data – informed underwriting decisions

• Full collaboration – our underwriters and claims handlers work together to develop our products

• In-house expertise – all our wordings are written in house

“If you cover it, say you cover it.”

“The breadth of contractual cover is the first thing I point to when pitching to a new technology client.”


Product changes

Five ways our new technology insurance portfolio better meets the needs of your technology clients

Client need

Product enhancement

Need – what we’ve done

Professional indemnity

• 62% of claims come from breach of contract

Unrestricted breach of contract cover

• Your insurance contract should underpin all other contracts you sign

Specific cover for liquidated damages

• 2,277 technology companies were acquired globally in 2012*

Automatic cover for acquired entities

Specialty commercial

Not just an office

– specific cover for property in transit, contract sites and contract works

Increasing threat of online attacks

– First party cyber business interruption cover

*CBC Insights 2012 Tech M&A Activity Report – Private Company Acquisitions


One more thing

• Most requested service from our research groups

– Contractual review service

• Differentiate with a unique offering

Preferred and three specialists

• Generate new business and retain renewals

62% claims arise from breach of contract

Unrestrictive cover

Contractual review service


Company A

Company B

Would we insure this company?

Company C

• Turnover €350m

• Software house providing real time solutions across multiple asset classes for electronic trading, position management, pricing, risk management

• Clients – global financial institutions to leading niche financial specialists

• Contracts up to $10m

• Turnover £90m

• Managed services provider, offering fully managed hosting, network security and solutions services

• Largest contract >£8m

Company D

• Turnover £120m

• Provision of gaming machines to gaming and leisure industries

• Operate globally in 22 countries with over 50,000 gaming terminals

• Clients – major bookmakers

• Turnover £0 (forecast


• IT consultancy, web design

• Covers South

Tunbridge Wells mainly operating from his bedroom


Head of Technology

Matt Webb

020 7448 6786 matthew.webb@hiscox.com


Caspar Stops

020 7448 6311 caspar.stops@hiscox.com

Being the local expert

We have dedicated technology underwriters and claims managers across the UK


Sarah Mason

01446 560 9309 sarah.mason@hiscox.com


Jon Hall

01206 788810 jon.hall@hiscox.com


Richard O’Dwyer

00 35 31 237 4651 richard.o’dwyer@hiscox.com


Chris Sloan

0141 285 6517 chris.sloan@hiscox.com


Ken Phillips

0113 205 1032 ken.phillips@hiscox.com


David Smith

020 7448 6321 david.smith@hiscox.com


Louise Barratt

01628 762925 louise.barrett@hiscox.com

Mancheste r

James Brady

0161 245 3350 james.brady@hiscox.com


Thought Leadership

Product launching on Monday 24



• Look out for an email with your marketing toolkit containing:


– Application form

Wording comparison summary

– Technology professional indemnity client flyer

– Technology insurance portfolio brochure

Technology newsletters

– Claims videos

Contractual hints and tips



Our appetite for technology companies

Software publishers and customer software developers

• Accounting software

• Anti virus software

• Banking software

• Computer aided design software

• Customer relationship management software

Enterprise resource planning software

• Geographic Information

Systems (GIS)

• Medical administration software

• Military command and control software

Supply chain management

Software testers

IT outsourcing

• Data center services

• Managed security/desktop/help desk services

• Application/web hosting

Cloud computing


• IT consultants

• IT staffing

• Telecoms

• Technology training

• Value added resellers

We do not insure: Industrial control processing, payment processing, non-IT business process outsourcers.