St. Paul Travelers is rolling out an enhanced Select Accounts platform for small commercial insurance. The Select platform includes new and expanded products and services designed to re-energize the marketplace for agents by making it easier for them to write more small business accounts profitably, according to the company.
Effective in June, the new products, Master Pac (proprietary composite rated) and Pac Plus (proprietary non-composite rated), feature expanded class eligibility with hundreds of new program codes, more embedded coverages, such as equipment breakdown and electronic data processing, coverage options, such as expanded business income for specific markets and segments, and coverage extensions.
Select Accounts has redefined its small business eligibility through an exposure-based definition — including property values, annual receipts, payroll and type of business — rather than a premium threshold.
“By using an exposure-based definition, St. Paul Travelers can bring a stronger combined risk appetite to more agents and brokers with Select and Commercial Accounts working together to eliminate the gap most traditional insurance companies face between their small business and middle market business units,” said Marc Schmittlein, president and chief executive officer of St. Paul Travelers Select Accounts.
To make it easier to do business with St. Paul Travelers, Select Accounts has invested in automation for independent agencies. The St. Paul Travelers agent Web site, Agent HQ, provides easy access to IENet, a browser-based real-time quote, rate and issuance system, and e-services, such as electronic policy view, direct bill inquiry and loss runs, and an online capabilities guide reflecting regional appetites for small commercial business.
“Our goal in 2004 was to position our small commercial platform to exceed agent and customer expectations in 2005,” said Schmittlein. “The new platform was revamped with the intent to cover a broader customer base. By expanding our business classes, deepening our exposure appetite, and strengthening our extensive regional presence, we’re setting a bold, new standard in the industry.”
The company’s service centers were established six years ago to be an extension of an agent’s customer service operation. The company maintains that its service centers make it easy for agents to write large volumes of small to mid-sized commercial accounts profitably by improving customer retention and providing more time to focus on new business initiatives.
Select Accounts has begun the rollout of its new platform with a live Webcast, agent meetings across the country in March and April, and a product guide that specifically outlines the new coverages.
“We believe our platform has always been equipped with tremendous value for the small end of the commercial market via easy to use quote to issuance technology and our Customer Service Center offering,” said Schmittlein. “The beauty of the expanded platform is our new products and broader classes and exposure thresholds will allow St. Paul Travelers Select Accounts to say yes to many more customers than ever before.”
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