The Future of Insurance – Mary Boyd, CEO, Hiscox USA

Episode Info

Mary Boyd is a seasoned senior executive with over 30 years of experience leading businesses through transformative phases in their history that span invention, renovation, integration and rebuilding. Beyond her reputation for building, revitalizing, and integrating businesses, Mary has a proven track record of successfully translating strategic vision into reality. Her career is distinguished by spearheading large-scale operational, technological, and team transformations, driving significant growth and innovation across organizations. Mary’s success lies in her ability to blend innovation with an agile approach, excelling at both seeing the big picture and identifying strategic opportunities in the finer details.

Since 2006, Mary has held CEO, President and division leadership roles, consistently improving net income by optimizing channel economics, fostering best-in-class partnerships, building high-performance teams, and advancing operational excellence. 

Mary currently serves as Chief Executive Officer of Hiscox USA, leading the business through its next phase of growth and commitment to supporting the small business landscape. In her role, Mary oversees the financial operations of Hiscox USA’s nearly $1 billion commercial property and casualty business. She collaborates closely with her teams to drive near-term profitable growth while implementing a strategic vision that will markedly expand their reach to more of America’s entrepreneurs.

Mary joined Hiscox from Plymouth Rock Assurance Corporation, where she served as President and CEO of their Independent Agency Group, overseeing personal insurance and commercial auto businesses. Before that, she led Hartford’s personal lines Direct-to-Consumer and Agency channels, following 15 years in high-net-worth personal lines. Mary began her insurance career at Chubb as an actuarial trainee, progressing through roles in Product and Pricing. She ultimately launched the Predictive Analytics practice for Chubb’s Personal Lines division and later spent five years at ACE (now Chubb), where she served as President of their Private Risk Services division. 

Mary earned her Bachelor of Arts degree in Applied Mathematics and Economics from Rutgers University. As a coach of youth sports, ambitious professionals, and entrepreneurs 

Episode Highlights

Introduction and Background

• Mary shares her experience and background in the insurance industry, highlighting her 30-year career and her role at Hiscox USA.

• Hiscox USA, part of a long-standing London-based company, started its operations in the US in 2006.

Business Model and Growth

• Hiscox USA has transformed the small commercial business sector by offering online binding and digital partnerships, expanding its business to nearly a billion dollars.

• The company operates as an omnichannel business, engaging in direct sales, digital partnerships, and wholesale brokerage.

Challenges and Opportunities

• The conversation touches on the challenges small business owners face, such as being underinsured, and how Hiscox aims to support them through education and tailored insurance solutions.

• The company is focused on being a leading insurer for entrepreneurs, emphasizing the need for holistic support beyond just sales.

Innovation

• The discussion emphasizes the importance of AI and advanced tools in improving underwriting and efficiency across the insurance value chain.

• Hiscox has partnered with Google to leverage AI for better underwriting and insights.

Future Outlook

• Mary discusses the future of Hiscox, highlighting the integration of data and analytics to enhance product offerings and maintain competitivenes.

• The company aims to continue its growth by being a better partner and protector for businesses, focusing on insights and protection rather than just speed.

This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk.

Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.