New options extend cashflow benefits to more businesses
HARTFORD, Conn.–(BUSINESS WIRE)–The Hartford Financial Services Group, Inc., will now offer XactPAY®, its payroll-based workers’ compensation premium payment service, to midsize and larger commercial customers. The insurer has also launched XactPAY XpressSM, a self-reported billing option designed specifically for companies that manage their own payroll.
“Effective cash flow management is a priority for all businesses regardless of size or method of payroll management,” said Mike Concannon, executive vice president of sales and distribution at The Hartford. “Whether a company uses a full service payroll provider, submits payroll using desktop software or manages payroll in-house, these billing options provide businesses with added value and capital flexibility.”
With The Hartford’s XactPAY options, premiums are calculated based on actual payroll during the policy period. This eliminates the need for large up-front deposits, minimizes costly audit surprises at the end of the policy period and gives businesses greater flexibility to invest cash in other aspects of their operation.
“For our business clients, the ability to pay workers’ compensation premiums based on actual payroll during the policy period rather than a single estimated payment is a tremendous benefit,” said Mark R. Connelly, CIC, principal of the Connelly Agency in Fairfield, Conn. “We believe The Hartford’s XactPAY Xpress is unique in the marketplace as a cashflow management solution.”
For more information about The Hartford’s patent-pending XactPAY payroll billing options, visit www.XactPAY.com. Agents and brokers should contact their Hartford underwriter.
About The Hartford
Celebrating 200 years of helping its customers achieve what’s ahead, The Hartford (NYSE: HIG) is an insurance and wealth management company. Through its unique focus on customer needs, the company serves businesses and consumers by providing the products and solutions they need to protect their assets and income from risks and manage their wealth and retirement needs. A Fortune 100 company, The Hartford is recognized widely for its service expertise and as one of the world’s most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Annual Report for fiscal year 2009 on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
The description herein is a summary only and may not apply under all circumstances. Coverage is individually underwritten. For a complete description of coverage terms and conditions, refer to the insurance policy. In the event of a loss, the terms and conditions of the policy issued will determine the coverage provided. Coverage is provided by the member insurance companies of The Hartford and may not be available in all states.
Pamela Rekow, 860-547-8990