The Hartford Financial Services Group has eliminated the need to rekey large amounts of property, auto and workers’ compensation data as part of the application and rating process for middle market business.
The Hartford is the first insurer to successfully accept exposure schedules in an XML transaction based on the ACORD XML large commercial standards. The Hartford is now also able to populate these XML transactions with data extracted from Excel spreadsheets, or directly accept XML streams from partners. Agents don’t need to change their systems to take advantage of this capability.
“Insurers have made great strides in enhancing workflow for personal and small commercial insurance, but despite agent/broker requests they have not found a way to address the complexities of middle market policy applications,” Gary Thompson, senior vice president, Middle Market and Specialty Practices, at The Hartford, said. “We have developed an infrastructure that will allow us to bring the benefits of automation to this business sector in a non-proprietary way, and we’re now beginning to use it.”
The Hartford is now conducting a pilot to take in auto submissions in an Excel spreadsheet, convert them to XML streams, and push them to the company’s internal commercial lines rating and policy writing system.
“We are pleased to see The Hartford take the lead in implementation of the Large Commercial XML standards,” Gregory Maciag, president and CEO of ACORD, remarked. “They have been a leader in development of the standards, and now that they have used those standards for the elimination of double data entry for Schedules, it’s only a matter of time before other companies follow suit.”