Hartford, Conn. - On Oct. 22, The Hartford Financial Services Group Inc. will unveil Select Customized Pricing, a predictive underwriting model designed to bring agents a highly refined policy price at the beginning of the submission process for its Spectrum business owners' policy, commercial auto, and workers' compensation insurance."We've turned a multi-step process into a single step for agents by pulling in several unique business characteristics upfront and using the results to differentiate one business customer from another," says Jim Ruel, senior vice president of Small Commercial business at The Hartford.
Select Customized Pricing will now be integrated into The Hartford's ICON 2.0 small commercial submission system to deliver a customized premium indicator in real time. Agents will still have the flexibility to support additional pricing modifications as needed.
Beyond eliminating re-pricing work and providing agent flexibility, Select Customized Pricing has other important agency benefits, according to The Hartford. By providing agents with a more precise price upfront, they can respond to clients much more quickly. This, in turn, should result in a higher ratio of policies written. It will also allow agents to be more competitive on their best business.
Small business represents a $31 billion market and The Hartford has been in this market for more than 20 years, starting with its original Spectrum business owners product. Spectrum has continually grown in depth and breadth and now serves more than 1,800 business classes/industries with coverages tailored to their specific needs.
"The Hartford's small commercial insurance business grew by more than 20% last year and we plan to continue our fast pace in the future," Ruel says. "We're counting on the new Customized Pricing to give our agents the edge they need to win and retain business. It's a great combination -- fast, accurate and flexible."
Source: The Hartford
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