The Hanover Launches Workers’ Comp Advantage
By Will Jones
PRODUCT: Workers’ Comp Advantage.
COMPANIES: The Hanover.
BEST RATING: A.
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Recently, The Hanover announced the launch of Workers’ Comp Advantage, a new addition to its business submission platform, designed to simplify and accelerate the quoting and binding process for small business clients.
“This is an important advancement in our digital journey, one that helps enhance the experience for our agents,” says Charles F. Hamann, president and chief underwriting officer, small commercial, at The Hanover. “Workers’ Comp Advantage enables our agents to offer leading workers compensation solutions to their customers, streamlining the quoting process and helping them deliver insurance solutions even faster and more efficiently.”
COVERAGE DETAILS: A bindable Workers’ Comp Advantage quote can be delivered in less than two minutes, with up to 90% straight-through processing across many target classes.
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The platform offers an interface that works with the company’s business owners policy for a more cohesive quoting experience; prefilled fields and the ability to quote with just seven pieces of information; adjustable pricing and access to state-specific safety credit programs based on clients’ risk management practices; and electronic delivery of policies to agents, enabling real-time delivery to customers.
In addition, agents can offer their clients access to other value-added services from The Hanover, such as Nurse Triage 24, providing immediate injury response, and Hanover EZ Pay, a pay-as-you-go billing option for workers comp.
UNDERWRITING: Rate factors are based on class codes, payroll and risk management practices.
TARGET: A small business operating in one of the supported states, particularly those seeking fast, flexible and digitally enabled workers comp coverage. Target classes include many standard industries where straight-through processing is viable, making it especially attractive to businesses with straightforward risk profiles.
COVERAGE AVAILABILITY: ID, IL, IN, MD, NH, SC, TN, UT, VT and VA.
CONTACT: John Lacy, vice president of workers compensation at The Hanover; 440 Lincoln St, Worcester, MA 01653, 800-922-8427.
Will Jones is IA editor-in-chief.
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