Launching the Hiscox Technology Insurance
Portfolio
June 2013

• Share fascinating facts
• Claims....claims...claims
• Discuss our new technology insurance portfolio
• How can we help you sell more?
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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.
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• 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.
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• 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
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• Tactical litigation
• Expect the unexpected
• Contractual liability
• Small errors becoming very costly
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Losses in 2012
We handle 94% technology claims in house – protecting your clients’ loss records
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“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.”
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Five ways our new technology insurance portfolio better meets the needs of your technology clients

Client need
Product enhancement
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
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• 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
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Company A
Company B
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
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Head of Technology
Matt Webb
020 7448 6786 matthew.webb@hiscox.com
Nationals
Caspar Stops
020 7448 6311 caspar.stops@hiscox.com
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
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th
• 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
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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.
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