Hiscox is set to launch a new internet-based quotation system for its high and mid-net worth (HNW and MNW) products.
The move is part of the insurer's drive into the expanding MNW market and will provide the framework for the relaunch of its HNW and MNW policies next year.
The system will allow brokers to obtain a quotation from any location with internet access, such as a client's premises, and to print policy document. It will also protect the broker against potential errors and omissions claims by providing an audit trail for the action points agreed between the broker and underwriter.
Hiscox head of private client division Guy Knight said: "The broker using the system will be able to use it to underwrite and deliver data to our own system. It tries to replicate the trading dialogue between broker and insurer in terms of the negotiation and bargaining that takes place on a risk."
Knight said the system was a core part of Hiscox's strategy to control costs and speed its growth into the MNW market. He added that it would play a vital part of the relaunch of the company's MNW and HNW policies in 2004, although he declined to comment on the precise details of the policies.
The system is currently being piloted with eight brokers and will be launched next year.