Hiscox Tech Portfolio launch presentation June

advertisement

Technology evolves fast… so do the risks

Launching the Hiscox Technology Insurance

Portfolio

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?

2

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

1994

1997

1998

1999

2000

2001

2007/8

2009

2013

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.

3

Why place your technology clients with

Hiscox?

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.

4

Our dedicated in-house team of technology lawyers

Dedicated team of legally trained solicitors

Kate Jacques

T

E

020 7448 6496 kate.jacques@hiscox.com

Chris Charlton

T

0113 205 1036

E

chris.charlton@hiscox.com

James Webster

T

E

020 7448 6454 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

5

Where is my client’s exposure?

Tactical litigation

Expect the unexpected

Contractual liability

Small errors becoming very costly

6

Our claims experience

Losses in 2012

We handle 94% technology claims in house

– protecting your clients’ loss records

7

The ingredients of innovation

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

Learning

clients insight sessions with brokers and

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.”

8

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

10

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

11

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

£60K)

IT consultancy, web design

Covers South

Tunbridge Wells mainly operating from his bedroom

12

Head of Technology

Matt Webb

020 7448 6786 matthew.webb@hiscox.com

Nationals

Caspar Stops

020 7448 6311 caspar.stops@hiscox.com

Being the local expert

We have dedicated technology underwriters and claims managers across the UK

Birmingham

Sarah Mason

01446 560 9309 sarah.mason@hiscox.com

Colchester

Jon Hall

01206 788810 jon.hall@hiscox.com

Dublin

Richard O’Dwyer

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

Glasgow

Chris Sloan

0141 285 6517 chris.sloan@hiscox.com

Leeds

Ken Phillips

0113 205 1032 ken.phillips@hiscox.com

London

David Smith

020 7448 6321 david.smith@hiscox.com

Maidenhead

Louise Barratt

01628 762925 louise.barrett@hiscox.com

Mancheste r

James Brady

0161 245 3350 james.brady@hiscox.com

13

Thought Leadership

Product launching on Monday 24

th

June

Look out for an email with your marketing toolkit containing:

Wording

Application form

Wording comparison summary

Technology professional indemnity client flyer

Technology insurance portfolio brochure

Technology newsletters

Claims videos

Contractual hints and tips

15

Appendix

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

Others

IT consultants

IT staffing

Telecoms

Technology training

Value added resellers

We do not insure:

Industrial control processing, payment processing, non-IT business process outsourcers.

17

Download