Hartford Financial (HIG) Streamlines Workflow With New Launch
The Hartford Financial Services Group, Inc. HIG recently announced the launch of its new submission and quote Application Programming Interfaces and portal options. HIG’s new digital capabilities will aid its brokers in writing mid-size and large accounts to improve accuracy, provide faster turnaround and reduce time taken. This will further improve the company’s operating efficiency and improve customer experience.
This move bodes well for HIG, enhancing its digital capabilities and acting as a key differentiator. Moreover, as brokers and agents benefit from this, the company’s business will improve as a result. Agents and brokers can now easily request a quote of auto, general liability, property and workers’ compensation accounts and share submission data in a seamless way. Agents’ efficiency and policy sales will improve, thereby boosting the top line in the future.
This initiative builds on HIG’s strategic priorities to emphasize digital and data and analytics to enhance customer experience and improve claims decision making and underwriting. The company is expected to accelerate profitable organic growth as a result. Apart from expanding product breadth and distribution relationships, the company places equal importance on advancing technological expertise to enhance underwriting capabilities.
The new portal will improve speed to market, make data and information sharing quicker, simplify submissions, improve accuracy and streamline workflow. The company has partnered with Highwing, Inc., which provides processing and data management solutions for carriers and brokers. Highwing connects brokers and agents with carriers, improving transparency and ensuring accurate data transfer and open communication.
This new launch adds to the company’s existing Electronic Business Center agent portal, which gives access to digital tools, enhancing transparency, in one centralized location. As the company continues to invest in technology, it aims to drive growth using this as a competitive advantage and save on expenses in the future.
Zacks Rank & Price Performance
Hartford Financial currently carries a Zacks Rank #3 (Hold). Shares of HIG have gained 9.9% in a year compared with the industry’s 1.4% rise.
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Stocks to Consider
Some better-ranked stocks from the insurance space are Arch Capital Group ACGL, Axis Capital Holdings AXS and ProAssurance PRA. Each of these companies presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Arch Capital’s earnings surpassed estimates in all the last four quarters, the average beat being 26.8%. The stock has gained 4.6% quarter to date.
The Zacks Consensus Estimate for ACGL’s 2023 and 2024 earnings indicates a 38.2% and 10.4% year-over-year increase, respectively. The expected long-term earnings growth is 10%. The consensus estimate for 2023 and 2024 has moved up 2.3% and 2.5%, respectively, in the past 60 days.
Axis Capital delivered a trailing four-quarter average earnings surprise of 9.8%. Year to date (YTD), the stock has gained 2.5%.
The Zacks Consensus Estimate for AXS’s 2023 and 2024 earnings indicates a 44.8% and 10.7% year-over-year increase, respectively. The expected long-term earnings growth is 5%. The consensus estimate for AXS’s 2023 and 2024 earnings has moved up 2.8% and 1.5%, respectively, in the past 30 days.
ProAssurance’s earnings surpassed estimates in two of the last four quarters while missing in the other two. YTD, the stock has gained 5.4%.
The Zacks Consensus Estimate for PRA’s 2024 earnings implies a year-over-year rise of 143.5%. The consensus estimate for PRA’s 2023 and 2024 earnings has moved up 25.9% and 2.5%, respectively, in the past 30 days.
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The Hartford Financial Services Group, Inc. (HIG) : Free Stock Analysis Report
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Arch Capital Group Ltd. (ACGL) : Free Stock Analysis Report
