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:

Visit Hiscox’s Website

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

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.