Modernizing Procurement & Risk Management at Hiscox

Explore how Hiscox Insurance built a modern procurement and risk management framework from scratch—achieving 60% spend under management in under two years and preparing for financial services regulations like DORA with Ivalua.

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Industry:

Financial Services & Insurance

Headquarters:

Pembroke Parish, Hamilton, Bermuda

Employees:

2,000

Website:

www.hiscoxgroup.com

About Hiscox

Hiscox is a global specialist insurer with a reputation for innovation, risk expertise, and operational agility. With procurement playing a growing strategic role, Hiscox launched a digital transformation journey to build a fully connected, data-driven supply chain ecosystem from the ground up.

Challenges

Undeveloped Technology Landscape: Prior to Ivalua, there was no procurement platform supporting supply chain processes across the enterprise.
Low Spend Visibility: At the outset, only ~20% of company spend was under management, with limited tracking or governance.
Heavy Regulatory Environment: In financial services, regulatory compliance—including due diligence, third-party risk, and sustainability—was both complex and non-negotiable.
Need for Integration & Automation: Managing risk and compliance manually was unsustainable and Hiscox needed real-time data flow between systems, suppliers, and internal stakeholders.

Benefits

20% → 60% spend under management in ~2 years
Targeting 80%+ by the end of the business case, with 90%+ shortly after
Unified Procurement Platform: From Source-to-Contract to Procure-to-Pay, Ivalua is at the core of Hiscox’s digital supply chain operations.
Automated Due Diligence & Risk Scoring: Ivalua integrates with the Financial Services Qualification Scheme (FSQS), allowing Hiscox to automate supplier due diligence, insurance tracking, exit plans, and risk scoring—all in one place.
Regulatory Readiness (e.g., DORA): With increasing compliance obligations in Europe, including DORA (Digital Operational Resilience Act), Hiscox is adapting its Ivalua Risk Center to support automated regulatory reporting while maintaining audit readiness.
Fraud Prevention & Embedded ESG:
- Payment and banking fraud is mitigated through an integration with Trustpair ensuring payment integrity.
- Sustainability data and scoring is embedded within processes exposing insights, risks, and opportunities to enhance business decisions.

Solutions Selected

Supplier Risk & Performance

Sourcing

Contract Management

eProcurement

Intake Management

Invoicing

Payments

Spend Analysis

Our key metric is all about bringing spend under management. When we started this journey, it was about 20%, at the end of last year it was pushing 60. So in two and a bit years, we’ve made very considerable progress.