Hiscox Insurance: How Hiscox effectively engages mass affluent consumers

Catalyst

Summary

DIVERSITY IS KEY TO THE BROADER HISCOX BUSINESS AND THE AFFLUENT CONSUMER

Hiscox understands how its business fits its market

Diversity is important to Hiscox as a business

Taking a broader perspective helps focus on clients’ non-insurance needs

A carefully diversified offering supports the personalization affluent consumers demand

Catering to the broader needs of customers can boost engagement and enhance the relationship

Hiscox promotes its focus on superior customer service, which is highly valued by the affluent

Full control over customer service enables Hiscox to ensure high standards

Insurers partnering with an inheritance planning advisor is a natural add-on

Will writing services would also fit well with Hiscox’s proposition

REPUTATION FOR EXPERTISE AND INNOVATION

Hiscox’s business insurance product is profession-specific and tailorable

Hiscox’s specialist offering is highly regarded by commercial brokers

Hiscox’s London Market portfolio is very niche

The retail affluent proposition is tightly defined

Hiscox has a core focus on HNW homes, from which the relationship can grow

Product innovation is useful but can be replicated easily by competitors

Hiscox’s home contents insurance calculator provides practical support to the affluent

HISCOX’S USE OF RESEARCH IS INGRAINED IN ITS STRATEGY DEVELOPMENT

Detailed segmentation allows Hiscox to understand affluent needs

Hiscox uses research, distribution, and marketing to target specific groups

Internal and external research is used to lead product development and strategy

External customer segmentation data is integrated into internal research

External research also supports innovation in the distribution model

CONCLUSIONS

Customer focus and innovation key to success

APPENDIX

Further Reading

Ask the analyst

About MarketLine

Disclaimer