Suppliers

In the UK & Guernsey since 19 September 2024, Hiscox has transformed the way it interacts with third parties through the phased roll-out of Marketplace, which is our source to pay platform. 

With this came the introduction of purchase orders (POs). These provide Hiscox and our commercial supplier base with an upfront commitment and greater transparency, governance and efficiency around the invoicing process. 

Given the successful adoption of Marketplace and to help streamline and improve our procurement processes, the UK and Guernsey businesses operate a ‘No PO No Pay’ policy effective from 1 January 2025. 

This means that all goods or services must have a valid PO issued through Marketplace. For payment, you must put the PO number on all invoices. Invoices received without this will not be processed or paid. 

Please be aware that any goods or services delivered before receiving a valid PO will be considered ‘at risk’ and may not be paid. 

Whilst we continue to use Marketplace for our global supplier base, POs and the ‘No PO, No Pay’ policy are currently only applicable for our UK and Guernsey businesses. We aim to roll out PO functionality in the USA & Bermuda in Q1, 2025 and across our EU businesses in Q2, 2025 and will update our existent suppliers with more details nearer the time.

Onboarding due diligence & risk assessment process

Hiscox is committed to introducing responsible business practises that make it easier for our suppliers to do business with us, whilst supporting our delivery of regulatory requirements. 

As the regulatory environment becomes more complex, it’s important we demonstrate to our stakeholders and regulators that we’re working responsibly with our suppliers to minimise risk and protect our customers.

To support us in delivering our commitments we subscribe to a range of market-leading due diligence tools. 

These include - but not limited to - Ecovadis to help us make informed decisions on our suppliers’ environmental, social and governance (ESG) credentials, and the Financial Supplier Qualification System (FSQS), which is delivered by our supplier partner Hellios. FSQS is designed to standardise and manage our requests for compliance and assurance data.

The use of FSQS means that we can deliver a standard and simple mechanism for collecting and managing supplier assurance information. Along with our policies, it is an integral part of our sourcing process.

Hiscox use FSQS to find pre-qualified suppliers to be considered for new business. Qualified supplier status gives visibility across of suppliers to buyer communities and therefore, creates potential new business opportunities for both buyers and suppliers. 

Key supplier advantages:

• Single online process to submit assurance and compliance data - reducing duplicate requests for suppliers
• Compliance assessments that are proportionate to the products and services being provided
• An online supplier profile which can be updated throughout the year to demonstrate your ongoing compliance.
• Qualification means you won't have to provide assurance information each time you bid for business with Hiscox

When it comes to the payment of supplier invoices, we partner with TrustPair – a leading payment fraud prevention platform to ensure that our supplier bank account details are valid.

Given the global range of markets in which we operate, we have a broad and diverse range of suppliers who provide us with the goods and services we need to help us deliver for our customers. 

We must ensure operational resilience and robust governance requirements are in-place for the suppliers who provide us with our most vital services. Such requirements and responsibilities are set out in internal documents.

How we manage suppliers

How we do things is as important as what we do. 

We believe it’s important to be clear about ways of working and expected behaviours as these form the foundation for a robust, value-creating partnership.

Whilst you’re working with us, we aim to work positively and collaboratively in an environment that is in-line with our values.

Encourage challenge on cost and service performance

Providing timely, accurate feedback based on facts

Ownership

Monitor service performance on behalf of our business and clients

Focus on providing overall value and longevity of relationships

Integrity

Doing what you say you will do, when you say will do it 

Staying true to your word

Connected

Set clear expectations that are relevant and realistic

Seek innovation and continuous improvement

Human

Treating everyone with respect

Working towards resolving faults and not blaming others

Doing business in line with our values

The following policies, standards and supplier code of conduct set out the minimum standards we expect all our incumbent and prospective suppliers to conform to.

It is essential that all suppliers and their subcontractors have good governance and management processes in place to ensure that they are able to fully comply with these policies and this code when providing goods and services to Hiscox. 

We will assess all of our suppliers against the Supplier Code of Conduct and its principles. Hiscox performs detailed risk assessments on services with a material level of risk which third-parties deliver. If your organisation delivers such a service, it is likely that you will be expected to contract on enhanced terms.

• Supplier code of conduct
• Third party security policy
• Privacy policy
• Supplier health & safety policy 
• Third party financial crime policy
• Grievance procedure and whistleblowing policy

At Hiscox, we aim to have a diverse supplier base which reflects the world in which we live in. We treat all organisations fairly in line with our Group diversity, equity and inclusion policy and encourage suppliers of all sizes and ownership structures to get in touch.

We aim to do business in a way that is in keeping with our values.

Below are some of the questions we have heard from both incumbent and prospective third-party suppliers which we trust are useful to understanding more about how we operate.

When will Marketplace go live? 
Given the impact of change to all stakeholders, we are rolling-out Marketplace in a series of waves. Exact dates and any changes to existent processes will be communicated to suppliers at the specific times. The following is our expected launch dates:
UK & Guernsey – September 2024
United States & Bermuda – Q1 2025
Europe – Q2 2025

What is Marketplace and what is it used for? 
Marketplace is a comprehensive e-procurement and e-sourcing solution. Marketplace is used by Hiscox to manage contracts, assess supplier risk and run competitive commercial activities. Further to that, it is also used to create purchase orders, process invoices and manage supplier details and payment statuses through their own individual supplier portals. 

Is there any fee included to use Marketplace? 
There is no fee for using Marketplace.

How will I receive my purchase orders? 
Purchase orders will be sent to the specific supplier contacts electronically via Marketplace. You will receive notifications and can access the orders directly within the system.

How do I send my invoices? 
Invoices should be submitted through Marketplace. The system allows for electronic submission and tracking of invoices, ensuring a streamlined and transparent process for both Hiscox and yourself as the supplier.

What if my organisation has multiple legal entities that work with Hiscox? 
If you represent multiple legal entities, each entity will need to be registered separately within Marketplace. This ensures that transactions and communications are accurately associated with the correct legal entity.

Who do I contact if there is a payment issue? 
For any payment issues, suppliers should contact the Hiscox accounts payable team via [email protected]. They will assist in resolving any discrepancies or issues related to payments.

How do I let you know my details have changed? 
If there are any changes to your details, such as bank information or contact details, as an existent supplier you should update them directly in your supplier portal within Marketplace.