International specialist insurer Hiscox has selected Ivalua, a provider of cloud-based Spend Management software, to digitise its global procurement operations with its Source-to-Pay (S2P) solution.
Hiscox has over 1.5 million retail customers across the UK, Europe, Asia and the US. It offers a range of specialist insurance products in both commercial and personal lines.
Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
According to the announcement, the insurer identified the need for a SaaS-based end-to-end S2P solution to provide its procurement teams with greater control over their standard sourcing, purchasing, and invoicing activities.
Following a comprehensive selection process, Hiscox chose Ivalua’s solution to fully digitalise these operations.
Karl Poulsen, Group Chief Procurement Officer at Hiscox, commented: “We are delighted to be working with Ivalua and looking forward to a step-change allowing us to drive up spend under management and gain greater granularity and speed of procurement data to drive efficiency and savings across the Group.”
The S2P solution will consolidate multiple, disconnected systems into a single platform for onboarding suppliers, generating purchase orders, and processing invoices.
Around 3,000 users from Hiscox will manage all company spend with over 4,000 suppliers through Ivalua’s full S2P solution working in parallel with the insurer’s ERP system.
Hiscox will be able to streamline key procurement processes, such as invoice automation, while also improving user adoption thanks to simplified processes and a consistent user experience.
Additionally, the level of transparency provided by Ivalua will encourage the development of a diverse supplier base, as it will allow Hiscox to proactively monitor a range of key criteria, including ESG-related factors while feeding these insights into the company’s ongoing supplier management roadmap.
Dan Amzallag, Ivalua’s Chief Operating Officer (COO), said: “Our unified solution will provide Hiscox with greater transparency and control across the entire S2P process, facilitating the adoption of a truly holistic approach to manage supply chain risk and deliver continuous improvement.”
Adding: “We look forward to digitally transforming Hiscox’s procurement operations”.
