Streamlining Insurance: The Hanover's New Workers' Comp Tool
The Hanover Introduces Workers' Comp Advantage for Small Business
The Hanover Insurance Group, Inc. (NYSE: THG) has announced a groundbreaking solution aimed at improving the worker’s compensation process through the launch of its new product, Workers' Comp Advantage. This innovative addition has been incorporated into their business submission platform, specifically tailored for small commercial clients.
Transforming the Quoting Experience
The Agency Place (TAP) Sales represents The Hanover's industry-leading online platform for agents, facilitating seamless quoting and policy issuance. With Workers' Comp Advantage, the company is positioning itself at the forefront of digital innovation, which underscores its commitment to enhancing the user experience for agents and their clients.
What Makes Workers' Comp Advantage Stand Out
According to Charles F. Hamann, president and chief underwriting officer for small commercial at The Hanover, this advancement is pivotal in streamlining operations. Workers' Comp Advantage allows agents to offer cutting-edge workers' compensation solutions, addressing a crucial need in the insurance market. The rapid quoting process can generate a quote in under two minutes, and the platform boasts an impressive 90% straight-through processing rate for various target classes.
Key Features of Workers' Comp Advantage
The Workers' Comp Advantage platform is designed to enhance the insurance experience significantly. Here are some highlighted features:
- Streamlined User Experience: The platform features a sleek and intuitive interface that integrates smoothly with the existing business owner's policy, ensuring a cohesive quoting experience.
- Simplified Data Entry: Agents can generate quotes using only seven key pieces of information, making it easier to process transactions quickly.
- Flexible Pricing Options: The platform offers adjustable pricing, as well as access to state-specific safety credit programs based on clients’ risk management practices.
- Rapid Policy Delivery: Customized quote proposals are generated instantly, enabling real-time delivery of policies to agents and, consequently, to their clients.
Access to Value-Added Services
In addition to the core features, agents who utilize Workers' Comp Advantage can access various value-added services from The Hanover. These include Nurse Triage 24, which provides immediate response in case of injury, and Hanover EZ Pay, which offers flexible billing options.
Availability Across States
Currently, Workers' Comp Advantage is accessible in several states, including Idaho, Illinois, Indiana, Maryland, New Hampshire, Utah, Vermont, and Virginia. The company plans to introduce this innovative tool in additional states throughout the year, thereby expanding access and enhancing support for agents nationwide.
About The Hanover Insurance Group, Inc.
The Hanover Insurance Group, Inc. is a respected holding company for multiple property and casualty insurance firms, forming one of the largest insurance organizations in the country. The company prides itself on providing remarkable insurance solutions through a dedicated network of independent agents and brokers, ensuring robust protection for small to mid-sized enterprises, as well as for individual personal items like homes and vehicles.
Frequently Asked Questions
What is Workers' Comp Advantage?
Workers' Comp Advantage is a new platform launched by The Hanover Insurance Group, designed to simplify and expedite the workers' compensation quoting process for small business clients.
How quickly can agents deliver quotes using this new platform?
Quotes can be delivered in less than two minutes, with significant straight-through processing capabilities across many target classes.
What benefits do agents gain from using Workers' Comp Advantage?
Agents benefit from streamlined processes, reduced data entry, flexible pricing, and faster policy delivery, which allows them to serve their clients more efficiently.
Are there any additional services available with Workers' Comp Advantage?
Yes, agents can offer additional services such as Nurse Triage 24 for injury response and Hanover EZ Pay for flexible billing options.
In which states is Workers' Comp Advantage currently available?
Currently, it is available in Idaho, Illinois, Indiana, Maryland, New Hampshire, Utah, Vermont, and Virginia, with plans for expansion in additional states.
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