Small business insurer Hiscox USA has expanded its partnership with ClarionDoor, the insurance distribution and policy management company owned by Zywave, to distribute another type of insurance through its platform.
"Nobody likes a menu with only one choice," said Ed Sanchez, senior vice president and head of digital operations and solutions at Hiscox USA. "A good range of options, paired with expert broker advice, empowers insureds to choose the coverage that is the best fit for them."
To that end, ClarionDoor will now offer Hiscox USA's Crime coverage, which insures against tech-enabled fraud, theft and extortion, through its API. Hiscox also has its P3 portal that provides Crime and CyberClear coverage services.
"By digitizing Hiscox small business products, we're making them easier for brokers to offer and insureds to access," said Sanchez. "Brokers are moving toward multi-carrier platforms, and ClarionDoor enables Hiscox to access these platforms or marketplaces by connecting via API."
Hiscox first partnered with ClarionDoor in 2019 and launched CyberClear in 2020, a cyber risk coverage solution for small businesses, with under $100 million in revenue. CyberClear covers privacy, data breaches and network interruptions, according to Sanchez. It also offers prevention and response services and is updated to react to the latest ransomware and cyber threats.
Hiscox began the ClarionDoor partnership after a selection process. "We were thoroughly impressed by ClarionDoor's capabilities and their close alignment with our requirements," said Sanchez. Hiscox has since made ClarionDoor a preferred vendor. The partnership will allow Hiscox's broker partners to conduct business 24 hours a day, including accessing quotes, binding quotes and cross-selling. CyberClear quotes increased when connected with Clarion Door, according to Sanchez, and he expects the same increase for Crime coverage.
"Launching new products can be extremely challenging without the right technology," said Pat McCall, vice president of sales at ClarionDoor, in a statement. "Which is why insurers and MGAs appreciate the power and flexibility of the ClarionDoor platform. It's also built on API architecture that enables seamless distribution. We are thrilled to be supporting Hiscox on their journey to provide even better service and support for their customers."
