Hiscox

How Hiscox Mastered the Art of Supply Chain Automation for Unrivaled Business Success

About

Hiscox stands at the forefront of specialized insurance, boasting a legacy that traces back to 1901. As an integral component of the Hiscox Group, it leverages the strength of over 3,000 dedicated professionals across 14 countries to serve a global clientele.

Headquarters:
Pembroke Parish, Hamilton, Bermuda

Employees:
3,000+

Revenue:
$3.7B+

Hiscox’s Website

Challenges

Procurement teams needed greater control over their standard sourcing, purchasing, and invoicing activities
Siloed procurement processes and delayed invoice processing procedures
Complex processes causing low user-adoption of technology platforms
Difficulty reporting on supplier KPIs including diversity and ESG-related factors

Benefits

Spend under management increased from 33% to 80% in just 8 weeks
Improved expense ratio (underwriting premiums vs. expenses)
Real-time due diligence and transparency into supply base
Integrating various isolated systems into a unified procurement platform for supplier onboarding, creating PO’s, and handling invoice processing.
Streamlined P2P processes, while also improving user adoption, resulting in simplified procurement processes and a consistent user experience.