The Hartford is one of the longtime, traditional players in the small business insurance market; Hiscox USA is relatively new to the market.
Executive SummaryA blend of old-fashioned experience, customer knowledge and technology tools are the formulas that The Hartford and Hiscox USA are using to maintain their enviable positions in the small business insurance market, even as new competitors threaten to move onto their turf.
Both claim success as major U.S. players in the space. The Hartford counts more than one million small business customers in the sector, which it has occupied for years. Hiscox USA, on the other hand, has built up more than 160,000 policyholders since it entered the market about eight years ago.
Each insurer insists it embraces the need for old and new to succeed with small business insurance, relying on a blend of experience and technology that they see as vital to keep growing and soaring in a market with plenty of competitors. When asked to look ahead and predict what will help small business insurance players succeed in 2017, executives from both The Hartford and Hiscox USA point to essentially the same thing: the importance of adapting for customers and investing in technology to meet their wants and needs.