The Hartford launches next-generation business owner’s policy

The Hartford launches next-generation business owner’s policy | Insurance Business

The Hartford launches next-generation business owner’s policy

The Hartford has announced the launch of the next generation of its Spectrum Business Owner’s Policy (BOP), which delivers customized insurance recommendations, real-time, transparent pricing and simplified coverage explanations.

“This is more than just a product release,” said Stephanie Bush, head of small commercial and personal lines at The Hartford. “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.”

The new policy offers customized coverage recommendations as the quote is being built, The Hartford said. If the customer has questions about the recommended coverage, a pop-up window is available with a simple description and an explanation for why the coverage is recommended for that customer’s business.

The quote proposal and policy documents have also been rebuilt. They include easy-to-understand descriptions, intuitive coverage groupings, detailed pricing explanations and a glossary of terms to help small-business owners understand their coverage and limits, The Hartford said.

“The updated system is user-friendly and demonstrates that The Hartford listens to its agency partners,” said Amy Binning, account manager at Horizon Agency. “The new features enable us to provide greater customization for our customers. For new agents, this is especially useful as they quote clients and educate them about the protection being provided.”

The updated Spectrum is available in 16 states, with a nationwide rollout slated for 2020.