HARTFORD, Conn. -- The process of proofreading 17-digit automobile VIN numbers or lists of property coverages can consume as much unproductive time for an insurance agency as recording account information with a quill pen. New tools are needed to match the insurance business with the competitive needs of a new century. Thanks to one major insurance company, agencies will soon find they have more time to devote to managing customer relationships, time which used to be spent knee-deep in paperwork.
The Hartford Financial Services Group is introducing a ground-breaking series of eSubmission tools for new middle market accounts that promises to 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," said Gary Thompson, senior vice president of Middle Market and Specialty Practices for The Hartford. "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 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," said Thompson. "Our emphasis is on flexibility, and we will be able to accept submissions in multiple formats."
The Hartford will be able 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. "When an agent sends an eSubmission and an exposure schedule, The Hartford can accept both and use them in a complementary manner," he added.
The Hartford has a broad set of capabilities today to support middle market insurance submissions, and will be expanding those capabilities over the next several months.
Source: The Hartford Financial Services Group
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