PRESS RELEASE
|
PRESS RELEASE |
|
Successful pilot leads to full-scale launch of new tech products
HARTFORD, Conn., September 17, 2002 - After piloting an innovative set of insurance products and services aimed at technology companies, The Hartford Financial Services Group (NYSE: HIG), a leader in innovative insurance products for small and mid-sized businesses, has introduced its FailSafe line of products to all Hartford agents.
FailSafe, The Hartford's new suite of professional liability products for technology companies, can meet the complex protection needs of small and mid-sized firms, using three increasingly powerful products - FailSafe MEGA, FailSafe GIGA and FailSafe TERA - and with expanded standard lines products and an integrated underwriting approach. This enables The Hartford to provide a comprehensive risk management program for technology firms.
"This is just what we needed," says Richard Leavitt, principal of William Gallagher Insurance in Boston, Mass., a participant in the pilot launch. "The products are innovative and flexible; the integrated underwriting approach means our customers are less exposed to coverage gaps; and we're excited to have a new major player in the tech insurance marketplace."
The Hartford developed its technology company products and services after extensive research that showed technology companies grow and change throughout the life cycle of their business and therefore need insurance that can respond to those changes. Research also indicated technology companies prefer to purchase their insurance from a single carrier.
"When developing our technology professional liability products, we created a suite of coverages to address the shifting business models of the modern tech company," says Laura Johnson, vice president of The Hartford, and leader of the technology insurance unit of its Hartford Financial Products organization. "We also mobilized the various specialists within The Hartford to create a unified approach to technology insurance underwriting that minimizes gaps between professional and standard lines coverage forms."
That unified approach works.
"As we continue to grow, our coverage needs change quickly," says Melinda Smith, vice president, finance at edocs, Inc., a Natick, Mass., provider of account management and customer self-service software. "The Hartford's expanded coverage options and flexible product offerings have made the transition seamless."
The Hartford's unified approach to meeting the needs of technology companies starts with its new suite of technology professional liability products. For small technology companies, FailSafe™ MEGA is a Technology Errors & Omissions (E&O) coverage that seamlessly becomes part of The Hartford's SPECTRUM small business policy so a business' needs are handled easily by a single insurer. FailSafe™ GIGA is a monoline Technology E&O policy including breach of warranty protection. FailSafe™ TERA is the most robust technology coverage form offering E&O, Content (e.g. copyright and trademark infringement), Personal Injury (e.g. libel, slander, invasion of privacy ), and Security (e.g. failure to prevent unauthorized access and/or introduction of malicious code).
These three products are customizable, further honing in a company's individual needs. For example, a tech company can purchase the FailSafe E&O and Content coverage but choose not to buy Security and Personal Injury coverage. Or, The Hartford can work with an agent and company to customize the definition of their insured technology services by modifying the policy form rather than adding an endorsement.
In addition to developing new professional liability products, The Hartford has enhanced its standard lines product and service offerings for technology companies by expanding its eligible classes and modifying policy forms to fit with the professional liability coverage. The company also made it convenient for agents to sell the products to small businesses. Now, through our online quoting system, our agents can get real time quotes for the FailSafeä MEGA Technology E&O coverage part together with our SPECTRUM business owners' policy.
FailSafe is available to agents that sell The Hartford's products. Agents interested in a Hartford appointment should contact the nearest Hartford Regional Vice President. For assistance identifying the nearest Regional Vice President, go to www.thehartford.com/agentsbrokers; select 'Property & Casualty' and then select a state.
The Hartford (NYSE: HIG) is one of the nation's largest investment and insurance companies, with 2001 revenues of $15.1 billion. As of June 30, 2002, The Hartford had assets of $179.6 billion and shareholders' equity of $9.7 billion. The company is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; business property and casualty insurance; and reinsurance.
The Hartford's Internet address is www.thehartford.com.