Hartford upgrades BOP
The Hartford has launched the next generation of its Spectrum Business Owner’s Policy (BOP) that delivers tailored insurance coverage recommendations, real-time, transparent pricing and simplified coverage explanations.
“This is more than just a product release. Agents have told us that our business owner’s policy and quoting system were already the best in the industry, but we saw an opportunity to offer even more. We’re all consumers and expect customization and ease in our own digital shopping experiences, and we believe quoting and buying small business insurance should be just as effortless.” – Stephanie Bush, head of Small Commercial and Personal Lines at The Hartford.
The new policy offers tailored coverage recommendations as the quote is being built. If there is a question about a recommended coverage, a pop-up window is available with a simple description and an explanation for why the coverage is recommended for a customer’s specific business.
Agents can see the pricing of each coverage selection on the screen immediately, providing transparency as they move through a quote – it is an overall process that has not been seen in the industry.
In addition, the quote proposal and policy documents have been rebuilt with the customer in mind. They include easy-to-understand descriptions, intuitive coverage groupings, detailed pricing explanations and a glossary of terms to ensure small business owners fully understand their insurance coverage and limits.
This next generation of Spectrum is available in 16 states and will be rolled out nationwide by early 2020.
Bottom Line: Prioritizing for agents.