Transcript Hiscox Tech Portfolio launch presentation June

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?
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Our pedigree in the technology sector
Employ
two claims
specialists
to focus
exclusively on
TMT business.
0
clients
1997
1994
Insure first
technology
client – one of
first insurers to
write this type
business.
Rumoured
millennium bug –
Hiscox pays for
Y2K survey
of every
technology client.
1999
1998
First insurer to
provide breach of
contract cover.
TMT launches
in America.
Include ‘duty to
defend’ cover.
2001
2000
TMT division
formed.
2009
2007/8
36% of claims
arise from breach
of contract.
26,000
clients
2013
Release sixth
technology PI
wording and first
tailored commercial
combined product.
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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.
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Our dedicated in-house team
of technology lawyers
• Dedicated team of legally trained solicitors
Kate Jacques
T 020 7448 6496
E [email protected]
James Webster
T 020 7448 6454
E [email protected]
Chris Charlton
T 0113 205 1036
E [email protected]
Carol McGlade
T 01206 773741
E [email protected]
• 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
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Our claims experience
Losses in 2012
We handle 94% technology claims in house – protecting
your clients’ loss records
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The ingredients of innovation
• 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
“I like insurers
who have clear
focus, wording
and people.”
“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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Product changes
Five ways our new technology insurance
portfolio better meets the needs of your
technology clients
Need – what we’ve done
Professional indemnity
• 62% of claims come from breach of contract
– Unrestricted breach of contract cover
Client need
• 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
Product
enhancement
• 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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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
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Would we insure this company?
Company A
Company C
•
Turnover €350m
•
Turnover - £90m
•
Software house providing real
time solutions across multiple
asset classes for electronic
trading, position management,
pricing, risk management
•
Managed services
provider, offering fully
managed hosting,
network security and
solutions services
•
Clients – global financial
institutions to leading niche
financial specialists
•
Largest contract >£8m
•
Contracts up to $10m
Company B
Company D
•
Turnover - £120m
•
•
Provision of gaming machines
to gaming and leisure industries
Turnover £0 (forecast
£60K)
•
•
Operate globally in 22 countries
with over 50,000 gaming
terminals
IT consultancy, web
design
•
•
Clients – major bookmakers
Covers South
Tunbridge Wells mainly
operating from his
bedroom
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Being the local expert
We have dedicated technology underwriters
and claims managers across the UK
Head of Technology
Matt Webb
020 7448 6786
[email protected]
Nationals
Caspar Stops
020 7448 6311
[email protected]
Birmingham
Sarah Mason
01446 560 9309
[email protected]
Leeds
Ken Phillips
0113 205 1032
[email protected]
Colchester
Jon Hall
01206 788810
[email protected]
London
David Smith
020 7448 6321
[email protected]
Dublin
Richard O’Dwyer
00 35 31 237 4651
richard.o’[email protected]
Maidenhead
Louise Barratt
01628 762925
[email protected]
Glasgow
Chris Sloan
0141 285 6517
[email protected]
Manchester
James Brady
0161 245 3350
[email protected]
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Thought Leadership
Product launching on Monday 24th 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
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Appendix
Our appetite for technology companies
Software publishers and
customer software
developers
IT outsourcing
Others
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•
•
•
• Data center services
• Managed
security/desktop/help desk
services
• Application/web hosting
• Cloud computing
•
•
•
•
•
•
•
•
•
•
•
•
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 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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