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Hiscox expands partnership with insurtech INSTANDA

28th November 2019 - Author: Charlie Wood

Specialist re/insurer Hiscox has expanded its partnership with INSTANDA, the cloud-based digital insurance platform.

hiscox INSTANDAThis enhanced partnership is designed to build critical distribution through the deployment of the INSTANDA platform and has been extended to manage both direct-to-consumer and broker products in four countries.

This announcement follows the successful launch of Hiscox’s existing direct-to-consumer car product in Germany and Austria in May.

The German team will now launch direct products covering professional indemnity, general liability, property and cyber for SMEs in December on the INSTANDA platform.

Concurrently, Hiscox France will migrate an existing PI and cyber direct-to-consumer product to INSTANDA, and Hiscox Ireland will migrate the PI cyber, employers liability/public liability and property broker book to the platform.

“INSTANDA is an end to end digital platform responding to a strong market need in a unique way,” commented Hiscox European Chief Executive Officer, Stéphane Flaquet.

“Our first car product in Germany was built in just 10 weeks. Our second product with more channels was built in just 6 weeks.

“As we trade, we can adjust pricing in real time and continuously feed in customer experience improvements. The agility INSTANDA provides gives us a competitive edge which will be very important to our future business model.

“The platform’s flexibility combined with the operational efficiencies the software has provided has made it such an easy decision to continue to grow our partnership with INSTANDA.’’

INSTANDA CEO Tim Hardcastle added, “We are delighted to help Hiscox continue to accelerate further ahead through the agility it now has in the front and middle offices.

“I am equally excited for the Hiscox team as they become increasingly independent. The INSTANDA no code model has enabled Hiscox to create their own ‘agile product factory’; a team of in-house and partner configurators trained on INSTANDA, who are adding more books, building new products and making changes whenever the business requires it.”

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