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- Specialist insurer invests in Plato-developed site and call centre for high net worth individuals

London, England – June 6th 2001 – High net worth individuals can insure their house and contents on the Internet in under five minutes, following the a significant investment by Hiscox PLC in its online business. The site, www.hiscox.com, which has been developed by Plato Computer Services, is the first fully interactive insurance site for high net worth individuals, says Hiscox.

The launch is in response to the growing number of cash rich, time poor Britons who are now taking to the Internet for shopping, share dealing, accessing information and even homebuying. For the first time those individuals whose insurance needs should be catered for with specialist high value cover can manage to handle their own affairs. Hiscox anticipate this will dramatically increase the number of people who buy specialist cover.

Designed to appeal to high net worth individuals – a group Hiscox terms “the mass affluent”, the Plato-built site initially offers cover for buildings and contents, and travel and is exceptionally easy to use, claims Hiscox, requiring less information than mainstream insurers to obtain a quote. Typically a price indication can be obtained in 30 seconds. In addition, policies can be viewed and amended through the site.

According to Kevin Kerridge, Director of Hiscox Online, the new site is already bringing new business to the company. “We are aiming to shift ourselves in to the ‘clicks and mortar’ market, and have been encouraged by an exceptionally high conversion rate our new site has brought. Individuals in our market are technically literate, with the vast majority experienced at buying online.”

The new site, created by specialist, Plato Computer Services, is based on BEA’s WebLogic eBusiness platform. Links have been created to Personal Lines’ Underwriting Service a specialist insurance administration company. The Hiscox product range can also be ‘plugged’ into third party sites, providing a commissioned sales outlet on sites targeting Hiscox’ market. These include BP’s intranet and MoneyExtra on MSN. Together, these partnerships account for the majority of Hiscox’ online sales.

Plato is already working on an extranet for Hiscox. “Inscribe” will allow brokers to buy Hiscox’ specialist insurance for their clients.

About The Hiscox Insurance Company

Hiscox was founded in 1901 as The Economic Insurance Company. The Economic was bought by Hiscox in July 1996 and the name was changed. The Company has been transformed with an increase in capital, a change in management and in the business underwritten. It now concentrates on four areas of business; High value household insurance; Professional insurances: this includes professional indemnity insurance for IT, marketing, advertising, public relations, broadcasting and film companies; Propertycare: the insurance of portfolios of property owned by property companies; and Affinity business: insurance sold to selected groups of people or companies. Visit http://www.hiscox.com

About Plato Computer Services (UK) Limited

Plato Computer Services is an independent software consultancy that provides IT services and solutions to meet organisation’s business and technical needs. Customers include Blue Chip companies such as NatWest Group, Sun Life Financial of Canada and Thomson Holidays. Established in 1984, and wholly owned by its employees, Plato employs some 250 consultants who contribute a wealth of specialist knowledge and experience across a variety of disciplines within enterprise computing.

Through more than 15 years of controlled growth and consistent profitability, Plato has proved time and again its ability to deliver specialist resources or entire projects to time, specification and budget. Long-term relationships are the foundation of Plato’s success and the guarantee of both its own and its customers future.

For further information, please contact:
Mary Hennessy
Plato Computer Services (UK) Limited
01707 600700
mary.hennessy@plato.co.uk

Peter Linton
Media Link
0118 984 3386
peter@medialink.co.uk

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