News in brief

Brokers are best

A blogger on Twitter has given brokers’ reputation a boost by proclaiming that they are “the best” when it comes to finding the pick of the insurance deals.

The internet surfer tried several comparison sites and direct insurers to find a quote for his car insurance, but was unable to find anything that matched the great deal that his broker unearthed.

The driver, acknowledging the price vs quality argument, decided to pay slightly more for his policy in return for extra benefits that were included as standard. These included a lower excess figure and a replacement car.

News in brief

Insurance bills are priority

Recent research has brought good news for brokers and insurers by revealing that almost half of UK bill payers prioritise paying insurance bills over others.

Forty-nine per cent of people would pay for their insurance ahead of credit card payments, mobile phone bills and internet charges. They said that paying for their insurance was as important as paying utility bills, council tax and the mortgage or rent.

The research by credit reference agency Callcredit highlights the importance that consumers place on insuring themselves and their own personal belongings.

News in brief

Brokers’ own site

To make life simpler for brokers, we’ve created a dedicated broker website at www.hiscoxbroker.co.uk. This easy-to-use, standalone site is the new home of the Broker Centre, which will contain all the same information as before, plus other relevant material from the old corporate site. Any bookmarks you may have will redirect you to the new location, but you should create new bookmarks for future use.

Meanwhile, the global corporate site for the Hiscox Group has been given a fresh look but remains at www.hiscox.com, while www.hiscox.co.uk is still the first port of call for consumers. The www.hiscox.ie website address continues to provide information for brokers in Eire.

News in brief

Wedding gifts must be insured

Hiscox is urging newlyweds to check that they are fully insured for the extra valuables in their home following their wedding. Hiscox research reveals that the average increase of a newlywed couple’s home contents is £12,000 – made up of wedding rings and gifts.

Hiscox household insurance customers are automatically given a 25% increase in the amount insured for up to 60 days.

Hiscox household insurance expert Austyn Tusler says: “One of the last things on your mind when you are thinking about table plans and dress fittings is whether your new gifts or rings will be covered for loss or damage.

“Hiscox’s automatic increase means newlyweds can celebrate on the big day, relax on their honeymoon, and, when they get back, take a little time to re-examine the value of their contents.”

News in brief

Theme for BIBA conference 2010

'Professionalism in a changing world’ will be the theme of next year’s British Insurance Brokers’ Association (BIBA) conference. The event will be held at the ExCel conference centre in London on 19 and 20 May 2010.

Entry to both the conference and the accompanying exhibition will be free to BIBA members, and all intermediaries are welcome to attend the exhibition at no cost.

News in brief

SMEs confident in recession

New research from Hiscox reveals that the majority of the UK’s SMEs remain positive about their prospects in the current recession.

Almost half (48%) have not needed to take additional measures to ride out the downturn, while 54% said they were confident that they will survive the turbulent financial times.

Of the businesses that have been forced to take action, most have avoided more drastic measures, such as redundancies, salary cuts or reducing spend on office maintenance.

Alan Thomas, small business insurance expert at Hiscox, says: “SMEs are an integral part of the UK’s business landscape and an important indicator of the health of the economy, so it’s good to see that many are confident about their survival prospects.”

News in brief

Curious careers on the rise

New research from Hiscox has shown a growing trend in the UK for quirky and curious careers – from embalmers and tree root DNA analysts to equine dental technicians and organic food inspectors. Hiscox has seen a 19% uplift in people taking out insurance cover for alternative professions during the past year. These small business owners are ensuring they have appropriate professional indemnity insurance to protect themselves.

News in brief

They’re moving on up

Some Hiscox names brokers may recognise have been rewarded with promotions. Ross Dingwall, who has been with Hiscox for eight years, is now in his new role as Sales Director. Glenn Caton has been promoted to Director of Marketing and Hiscox Direct, where he will continue his good work of turning Hiscox into a household name. Another person who has moved roles is John Heaney, who is now Hiscox’s Head of Professions and Specialty Commercial. He has replaced Gary Head, who was appointed UK Underwriting Director earlier this year.

News in brief

Hiscox wins insurance award

Hiscox has won the General Insurer of the Year award at the British Insurance Awards. The award is given to the company that has most successfully set out a coherent development strategy, including product innovation, response to customer needs and enhanced quality of service. Hiscox Chairman Robert Hiscox said: “This is a very welcome endorsement by our peers and will spur us on to do even better.”

News in brief

Stationery process now quicker

In order to provide brokers with a quicker process and faster delivery times, Hiscox’s stationery ordering service has changed. The new, simpler online forms can be submitted immediately, with an email confirmation once the order has been received and logged for processing. All orders will be dispatched within two working days. Visit the new stationery pages at www.hiscox.com/broker

News in brief

CII prize winner

Hiscox’s Justin Bowen has won the Cunningham Lindsey UK Faculty of Claims prize at the CII. This is awarded to the UK candidate who achieves the best average results in units IF1 and IF4 for the Certificate of Insurance.

News in brief

Improving customer information

Finance industry efforts to produce better quality disclosure information for customers have received recognition from the FSA. The regulator has revealed that more than two-thirds of the financial services Key Features Documents (KFDs) it has reviewed have shown significant improvements in quality.

Firms must give KFDs to consumers before they buy a packaged product. All KFDs must include key headings outlining the product, its aims, risks, general questions and answers and charges. The FSA first reviewed the standard of KFDs in September 2007 and found only 15 per cent were effective.

News in brief

The winning feeling

Hiscox News has been honoured for the second year running at the Communicators in Business Awards. The judges gave the title an Award of Excellence and said: “Hiscox News is a top quality magazine, written and produced to the highest standards.” The magazine is also shortlisted to be the overall winner in its category, with the final verdict to be announced later this month.

News in brief

Challenges and opportunities

This year’s Association of British Insurers biennial conference, entitled ‘Today’s Challenges, Tomorrow’s Opportunities’, will reflect on the health of the industry and the market environment during the current economic climate, examining how insurers can serve the customer better.

Keynote speakers at the 9 June event in London include the Shadow Chancellor, George Osborne MP, who will also take questions on the Conservatives’ approach to the insurance industry and their economic plans. The second keynote speech focuses on the regulatory environment by Lord Turner, FSA Chairman.