Five minutes with... Hiscox Insurance

Hiscox UK have over 100 years’ experience in insurance, protecting businesses of all sizes. Headquartered in Bermuda, they have a long history and expertise in providing specialist home insurance cover for homes and their contents, valuables, and collections. They provide commercial covers such as public liability insurance and professional indemnity insurance for over 400,000 businesses in the UK (based on the number of policies sold in 2021).

Grab a cuppa and read on to see how they have been living our Chartered ethos!

How long has your firm been Chartered?

Since it started.

Why is Chartered status important to your business?

Following the financial crisis of 2008/9, the public needed leadership from the insurance sector to re-instill some confidence that had been sadly let down by the banks. Led by the CII, insurers and brokers worked together to create a framework to provide the public with that confidence that we will always put their interests front and centre.

From the start, Hiscox has been a strong advocate of the Chartered standard. We truly believe that, by committing to the professional development of our staff, we can provide an ethical service that the public can trust and feel that their interests are being served exceptionally well. All firms claim that they put their customers first, but we demonstrate our adherence to the Chartered standards. As we all know — actions speak louder than words.

What initiative has the organisation been involved in which has had a social impact/corporate social responsibility focus on?

We have delivered training to chartered brokers on topical subjects such as the cyber market, BI, and claims inflation, to support their professional development and enhance their service offering to their customers. We also:

• Encourage and support both local CII events for our young professionals and strongly encourage active involvement in LMA and Lloyds professional networks
• Have provided exceptionally well received all day learning event to Essex CII members on everything claims (Claims Conference and Mock Trial in Action)
• Provided and sponsored local awards for achievement of professional awards (diploma, advanced and fellowship)
• Involved in local charity fundraising for selected charities and insurance charities through the Hiscox Foundation

How do you ensure your employees remain at the forefront of their profession?

We have developed comprehensive learning frameworks (technical, behavioural, professional and leadership) for our underwriting and claims communities. Marketed as Faculties of Underwriting and Claims, these future-focused learning 'universes' clearly articulate what it takes to be a great underwriter and claims professional at Hiscox and highlight the learning offerings that support this journey.

We have heavily invested in games-based learning, developing two products (aimed at junior staff) that enable underwriters and claims professionals to develop their technical and behavioural skills in a safe environment. The feedback has been exceptional, and the Broker Account Analysis product has won three international learning awards.

Attracting and retaining people to work in insurance is very important to us. We have created career maps (based on the design of the London tube map) across all our functions that highlight all the various routes available to individuals to prosper and thrive with us.

We have also recently introduced Underwriting Academies into our UK business that target individuals in the external market that are completely new to insurance. Over a 16 week period we provide comprehensive training (regulatory, product, systems, sales, and customer service) that produces quality underwriting trainees. They then access the Faculty of Underwriting and the world is their lobster!

How have you implemented the CII Code of Ethics into your business?

The CII Code of Ethics is heavily embedded within our own values and forms the basis of both group-wide and underwriter onboarding for our staff, irrespective of territory. This ethical, values-based approach is also embedded within our foundation programme for junior staff, where underwriters and claims staff undertake trials to become a 'Knight of the Hexagonal Table'.

What advice would you give a firm who is considering applying to become Chartered?

Do it — uphold 'putting the customer' first with evidence, rather than just being someone who uses those words on your website or stationery. Your customers will appreciate it, your staff will value it and your results will evidence it.