#United States #Small Business #Worcester #Hanover Insurance #Workers' Comp

The Hanover Insurance Group Unveils a New Solution for Small Businesses

In a significant move for the small commercial insurance sector, The Hanover Insurance Group, Inc. (NYSE: THG) has introduced its Workers' Comp Advantage. This new addition is designed to enhance the quotation and binding process for small business clients, making it simpler and faster than ever before.

The Hanover aims to support independent agents with an advanced platform that integrates seamlessly with their existing offerings. Known as The Agency Place (TAP), this industry-leading online quoting and issuance platform allows agents to access various coverage options. This includes but is not limited to business owner's policies, marine insurance, and both professional and management liability products.

A Step Forward in Digital Innovation

The launch of Workers' Comp Advantage represents The Hanover's commitment to embracing digital innovation to better serve small businesses. According to Charles F. Hamann, president and chief underwriting officer for small commercial at The Hanover, this initiative is a significant advancement in their digital journey, creating a superior experience for agents and their clients.

“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,” Hamann stated.

Speed and Efficiency Redefined

One of the key highlights of the Workers' Comp Advantage is the speed with which agents can acquire quotes. A bindable quote can be delivered in less than two minutes, with up to 90% straight-through processing available across many target classes. This rapid turnaround is crucial for agents working to meet the demands of their clients who expect swift service.

The platform presents an enhanced user experience characterized by an intuitive interface. It’s built to work cohesively with the business owner's policy, delivering a more integrated quoting experience. The entry process has been simplified so that agents can quote using just seven pieces of information, reducing time spent on data entry and minimizing the potential for errors.

Flexible Pricing and Value-Added Services

Furthermore, the platform offers flexibility in pricing and provides access to state-specific safety credit programs, which are based on clients' risk management practices. This allows agents to cater to clients' unique needs and preferences more effectively.

The Workers' Comp Advantage also facilitates faster policy delivery, instantly generating customized quote proposals and sending policies electronically to agents. This feature ensures that policies reach customers in real-time, a necessity in today's fast-paced business environment.

Additionally, agents can provide their clients with access to various other services offered by The Hanover, such as Nurse Triage 24, which offers immediate injury response, and Hanover EZ Pay, enabling a pay-as-you-go billing option for workers' compensation. This comprehensive suite of services positions agents to better serve their clients and address their diverse needs in an increasingly complex insurance landscape.

Availability and Future Expansion

Currently, Workers' Comp Advantage is available in Idaho, Illinois, Indiana, Maryland, New Hampshire, Utah, Vermont, and Virginia. The Hanover has plans for further expansion, targeting additional states, including South Carolina and Tennessee, to be added in August. This strategic rollout aims to reach a broader audience of small businesses across the United States.

For more details about the Workers' Comp Advantage and The Hanover's offerings in small commercial insurance solutions, interested parties can visit hanover.com.

About The Hanover Insurance Group

The Hanover Insurance Group, Inc. serves as a holding company for several property and casualty insurers, ranking among the largest insurance organizations in the U.S. The Hanover offers tailored solutions through a select network of independent agents and brokers, providing both standard and specialized insurance protection for small to mid-sized businesses, as well as personal insurance products for homes and automobiles. For further information, visit hanover.com.