Hiscox Insurance: How Hiscox effectively engages mass affluent consumers
- Pages: 19
- Published: November 2015
- Report Code: ML00019-052
The Hiscox brand carries with it a strong sense of superior customer service, focused products, and specialist underwriting. Through the research undertaken for this analysis we have identified the following areas as being key to Hiscox’s ongoing success: diversity, specialism, superior customer service and innovation.
Learn how Hiscox has established a reputation as a provider of expertise.
Understand how carefully managed diversification has been a key driver of Hiscox's success.
Read about how the company's dedication to research and innovation has helped it stay ahead of the competition.
Reasons to buyWhat is Hiscox?
How has Hiscox diversified in a bid to strengthen its market position?
What role has research-driven innovation played in Hiscox's success?
What future opportunities exist for Hiscox?
Table of Contents
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
Customer focus and innovation key to success
Ask the analyst
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