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+
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.
The Value of a Complete, Unified Source-to-Pay Platform
Greater adoption and automation
360 degree spend and supplier visibility
