Our unique collaboration with Hiscox has seen the creation of a new online portal, bringing 21st century capability to the regulation, performance, and auditing of suppliers. HisConect has now been recognised by the most prestigious awards in the insurance industry. Hiscox and Albany Group have been shortlisted as British Insurance Awards finalists in ‘The Technology Award’ category. The winners will be announced at a glittering awards ceremony on 5 July at The Royal Albert Hall.
The bespoke HisConect portal brings new standards of excellence to the relationship between an insurer and its global claims partners. The real-time application is unlike any other in its field, yet is easy, simple and extremely cost effective to implement.
This is an ‘industry first’, heralding a new era of transparency and co-operation. This benefits customers, insurers and suppliers alike.
Creating and maintaining a true partnership demands a multi-dimensional governance framework. The product of this governance model is a large body of documentation and information. All of this needs to be stored – ideally somewhere that can be accessed by claims partners, claims teams and regulators.
The problem: Storing, maintaining and keeping up to date such a large body of governance data and documentation. Approaches can be time consuming, resource-heavy and often haphazard.
A technology solution was needed. As a one stop shop for all things claims supplier related, this would have to be cloud-hosted. It also needed to be fit for purpose and scalable. The technology needed to help meet regulatory obligations for effectively managing a supply chain, treating customers fairly wherever they may be.
A beautifully simple solution to the supply chain management challenge. Conect enables insurers to manage claims partners across the world. Everything is in line with its regulatory obligations, managed in a simple and intuitive way. Conect houses all information and documentation about each claims partner in its own dedicated self-service profile page.
Conect demonstrates that regulatory compliance can be beautifully simple. The portal allows insurers to create a global network with its claims partners. At the same time, they can prove to the regulator they are ensuring good customer outcomes, worldwide.
"The Conect platform has been well received by employees and service providers alike and we genuinely consider it to be a ground breaking facility for service provider management."
White Oak Underwriting
Conect is enhancing the future compliance of the business with regulatory and/or legal requirements. This is an invaluable safety net designed to avoid future breaches of compliance requirements within the supply chain. This is envisaged by the FCA Delegated Authority Thematic Review, and gives a baseline to plan further improvements.
"In an increasingly connected world, robust due diligence and heightened regulatory demands across organisations and their third party suppliers, is more important than ever. To minimise risk, realise both efficiencies and inefficiencies, and to ensure greater compliance.
The use of Albany’s unique and standout solution, Conect, has huge potential to change the industry."
Within a single multi-layered system, the Conect portal secures major advances in supplier management and audit control by offering:
It is the Audit Hub module of our Conect platform that reduces the administrative burden of running an audit programme by around 80-90%, meaning that more time can be spent on the “so what”.
If you are an insurer, intermediary or claims manager, you can now enjoy the benefits of the platform as a stand-alone version, Conect.