What got us here, won't get us there
February 03, 2015
The speed is which business is changing today is faster than ever before. Some estimate that 90% of jobs young people might end up doing are still to be invented. In a world that is constantly evolving, it is important to embrace change and not get caught flatfooted. “What got us here, wont get us there.” This is a pretty progressive approach to managing an insurance practice and one that we take pride in doing here at Hiscox. Looking for smarter ways to do business, trade with our partners, and position our products in the marketplace is at the center stage for everyone trying to stay ahead in the highly competitive E&O environment.
Traditional professions including accountants, lawyers, doctors, architects and engineers (to name a few) are generally aware of their exposures and appreciate the benefits of liability insurance. These are established industries with a legislative backdrop that helps shine visibility on the professional risks and exposures they face. For new industries, or “emerging professions,” the risks and exposures are not always as visible and the legal landscape is still evolving.
Brokers and Insureds require an underwriting solution that is one step ahead of the legal trends, embraces the evolving world we live in, and is focused on sharing that expertise with their valued partners. The MPL carriers that invest the time and resources to focus on building these solutions will continue to add value to the marketplace.
Look for Hiscox to continue being at the forefront of this journey.
David Egosi, Underwriting Leader – Miscellaneous Professional Liability