The Hartford Financial Services Group announced that it is introducing a series of eSubmission tools for new middle market accounts, which it feels will “revolutionize how middle market business is handled, saving agencies time and money.”
“The Hartford continues to show why it has earned the reputation as the insurer that agents can count on to make business easier,” stated Gary Thompson, Sr. VP Middle Market and Specialty Practices. Our aim is to build new technology-driven improvements that work with the agency management systems and streamline the process of placing business with us.”
The Hartford’s announcement noted that it had “pioneered electronic acceptance of schedules and other exposure information for midsize new business submission 18 months ago through the use of ACORD XML. Now, the company is the first to work with agency management system vendors and brokers to make the remaining stages of the new business process just as simple.”
“We realize that each agency has established its individual workflow and wants technology to complement, not co-opt, the way it does business,” Thompson continued. “Our emphasis is on flexibility, and we will be able to accept submissions in multiple formats.”
The new capabilities will enable Hartford “to electronically accept a full submission (including coverage, exposure, and answers to underwriting questions) from agency management systems, in addition to the current capability of accepting exposure schedules from Excel spreadsheets or on a system-to-system basis, said the announcement. “When an agent sends an eSubmission and an exposure schedule, The Hartford can accept both and use them in a complementary manner,” Thompson added.
The company’ noted that it already has a “broad set of capabilities” to support middle market insurance submissions, and will be expanding those capabilities over the next several months.
Specifically it said it can accept the following middle market agency transactions directly into its rating and policy administration system:
– Auto, workers’ compensation and property exposure schedules directly from the agency’s system or Excel spreadsheet to The Hartford’s system. This process is now fully in use;
– Full ACORD Package Submissions for both property and general liability insurance. The Hartford is the first in the industry with this capability, with pilot programs with several agencies now underway;
– Full ACORD submissions for workers’ compensation and commercial auto insurance. This capability will be rolled out in pilot programs from The Hartford later this year.
The Hartford’s announcement noted that as it ” rolls out its pilot programs during the fourth quarter of this year, it will actively engage agents for feedback as part of its continued development process.”
“These automation capabilities enhance the relationship between agents and underwriters,” Thompson stressed. “As revolutionary as these enhancements are, they can never replace the relationships that are so important to our mutual success. These expanded capabilities allow us to focus together on increasing revenue, improving margins and adding value.”