Hiscox cuts 42 positions amidst reorganization
Hiscox underwent a workforce reduction of around 10% in the US yesterday, according to a Coverager source.
The carrier responded to our inquiry with the following statement:
“The reorganization reflects the changing shape of our business, which is prioritizing customer service and utilizing digital tools to support customer and partner journeys. This has resulted in a reduction of 42 roles. Where possible, impacted individuals have been offered the opportunity to work elsewhere in the business.”
The news comes a year after Hiscox announced the appointment of Sarah Bourdeau as its Head of Distribution in the US. She reports to Kevin Kerridge, CEO of Hiscox USA.
Hiscox has been dealing with an increasingly competitive market. The carrier has a sweet spot with contractually required insurance policies bought by businesses with one to five employees. It is going head-to-head against its closest competitor, Next Insurance, which recently announced its fourth major funding round, driving its total funding beyond $1 billion and bringing onboard a top personal lines insurer – Allstate.
*As an aside, we published a report just yesterday on the topic of SME Insurance, offering an in-depth analysis of this sector.