For Tom Dixon (photo), head of technology at Hiscox UK, working with the technology sector was a common thread in his insurance functions. In the light of the formulation of Hiscox's new technology policy, Dixon spoke with Insurance company about how a customized offer offers an essential edge in this competitive sector and what insurers can learn from technology companies.
Dixon, who has always had an interest in the technology sector, appreciates the opportunity that his role offers to discover how technology companies are evolving and to meet the entrepreneurs who are responsible for setting up these companies. The interesting thing about this sector, he said, is how fast it is developing and how it essentially skips to influence every area of business.
"(In the technology sector)," he emphasized, "you see the most growth, the most change and the most impact on the economy in general. You name it and technology has had an impact."
In discussing the recent update of Hiscox's technology offering, Dixon emphasized how the company has been making customized technology for 25 years and has always tried to provide market-leading solutions for the technology space. Part of the process to ensure that you offer the most up-to-date solutions, he said, is to think about what the product is missing, what can be added and what the technology company wants and needs.
"You cannot offer industry-leading solutions unless you update regularly," he said, "and ensure that you are aware of recent claims developments and the recent exposures that technology companies face."
This update, Dixon said, was not directly caused by changes in the industry, but by Hiscox's drive to stay ahead of the rest of the market by offering the best product value. Offering the best value, he said, is not just about giving the best coverage or the best price, but about creating a combination of these two for the customer.
It is absolutely crucial, Dixon said, to constantly monitor product offerings and formulations to ensure that they remain relevant to brokers and customers. The only way to ensure that you take into account all the risks that companies face, he said, is to regularly check what your product offering looks like.
"This is not just about staying ahead of the competition," he said, "but also about making sure you provide solutions to the new and emerging risks that many technology companies are facing. If you are going to claim that you are a specialist in an area, you must ensure that you offer the best products of the breed that truly meet the needs of a customer. "
There is no doubt, Dixon said, that Hiscox's experience in offering its customized technology products has given it a head start when it comes to product development and has made it possible to distinguish itself from the non-customized competitors at the market. This tailor-made offer allows the company to see where the claims come from and where exposures hit.
Dixon sketched the conversation with those running technology companies and talked to them, giving him an idea of what MD & # 39; s & # 39; is keeping awake at night and what they are really looking for from their insurance solution. Keeping customers informed of these changes is also essential, he said, because communicating what you do is just as important as actually doing it.
"One of the things we try not to do," he said, "is to compare ourselves only to other insurance companies, because there are many companies in different sectors that are not very good at putting the customer first. How to process of product development is to put the customer first and to work out what you can do to make their life a little easier. ”
When it comes to developing insurance solutions, Dixon said, a valuable example can be found within the technology companies for which these products are developed.
"Right now," he said, "insurance is a very reactive issue where our primary task is to help people and clean up mess. I think the sooner we can move that conversation to scenario & # 39 in the first place ; s proactively avoiding the more value our customers can be offered. This is why we have embedded pre-claims assistance in our new PI formulation. "
What many technology companies do for their customers, he outlined, is anticipating problems and offering solutions to make their customers' businesses more efficient. This is what should happen to insurance solutions and service proposals, he said.
For Dixon, looking at the future is an integral part of his role and he outlined how he is always excited to see what each new year brings in terms of technological developments and to see what solutions new companies will bring to market. .
"I am lucky to meet many of these companies," he said, "and take a look at the highly innovative solutions that these companies bring to market."
The pace of change in the technology sector always seems to surprise everyone and shows no signs of slowing down, Dixon said, and this makes it very difficult to predict exactly what is going to happen within the sector. For Hiscox's technology team, where policy formulation is now in its seventh iteration, predictions are not as useful as simply keeping abreast of the risks for customers.
For more information about the new Hiscox Technology Insurance, visit the Hiscox website or talk to Tom and his team.