(Tom’s Restaurant in Morningside Heights, New York City, an example of the small business risk that Hiscox covers. Photo credit: Rick Dikeman.)
Hiscox, a Bermuda-based specialty insurer, has gone into production with the Sapiens (Holon, Israel) IDIT Software Suite for policy administration, claims and billing, according to a vendor statement.
(For IIR’s interview with Hiscox CIO Stephane Flaquet on the carrier’s transformation plans, see Inside Hiscox’s Selection of Sapiens For Retail Insurance IT Transformation)
The first Hiscox product to be migrated onto the Sapiens IDIT platform is Hiscox Home Insurance in the UK. Hiscox plans to migrate all of its global retail insurance business to the Sapiens IDIT platform, so it can benefit from a single, unified platform. Once complete, Hiscox will decommission its legacy environment to take full advantage of the cost benefits, speed-to-market advantages, product and process flexibility, and simplified maintenance offered by Sapiens IDIT, according to the vendor.
“With our customers’ expectations continually evolving in today’s digital landscape, we knew we needed to embrace new technology to consistently provide an exemplary customer experience relative to both products and services,” comments Stephane Flaquet, CIO, Hiscox. “The Sapiens IDIT system provides the necessary breadth of functionality, while offering us agility and a high degree of configurability to set up new products, or modify existing ones.”
Flaquet characterized working with the Sapiens team on the implementation as a great experience. “Sapiens has proven that they are committed to our success and they have been rigorous in working with our team to ensure our expectations and timeline are met,” he says.
Benefits Hiscox anticipates from Sapiens IDT include:
- Integrated platform for Underwriting, Policy Administration, Claims Management and Billing and Collections
- Pace of change with configurable products, rates and rules
- Superb service enabled by more customer-centric solutions
- Multi-channel platform for our customers, brokers and partners
- Increased operational effectiveness through automation and straight-through processing
“Sapiens is enjoying strong momentum in the global P&C insurance market and having an outstanding organization like Hiscox select and successfully deploy our solution serves to strengthen our position in a strategic region,” comments Gary Sherne, president of Sapiens’ P&C/General Insurance and Reinsurance division. “We look forward to continuing to work closely with the Hiscox team as they move the remaining retail business to the Sapiens IDIT platform to achieve their goal of a common and configurable core processing platform.”