Hartford Announces New Auditing Tool

The Hartford Financial Services Group, Inc., has introduced a Web-based audit reporting tool for small business policy holders that will allow quick, convenient audits and updates for their policy renewals.

The Hartford, Conn.-based carrier has introduced what it terms as a "groundbreaking" online Premium Audit Reporting tool that simplifies the process of submitting information to reconcile insurance premiums.

Because most commercial insurance premiums are provisional, calculated at the beginning of the policy year based on estimates of the business operations throughout the year, they are audited prior to renewal. Any changes in the business that affects the premium, including increases or decreases in payroll and sales, are reflected after the audit in the new premium.

The Hartford's new Premium Audit Internet Reporting tool allows commercial policyholders to quickly and easily complete voluntary audits and submit them online over a secure, Web-based site. The tool is for the carrier's small business and workers' compensation policies.

For policyholder's they simply log on to the site and watch as basic policy data, including information from the previous year, quickly populates the screen. The policyholder then updates the existing information and submits it.

"Owners of small businesses are used to wearing many hats, but they don't have to like them all," said Sharon Ritchey, senior vice president, property-casualty service operations at The Hartford. "Our aim was to create a fast, easy-to-use tool that would take the pain out of the process."

Recognizing that workplace time is precious and a user may not complete an audit in one session, the company said it built its system so the audit can be saved and completed at another time. Policyholders can send additional supporting information by clicking a link to create an e-mail message and attach documents. After completing the process, a user can print a detailed summary and request an email receipt confirming the carrier has received it.

"People who do their own income tax will recognize that this tool is a bit like shifting from paper to tax preparation software," Ritchey said.

The tool will become available as current policies expire, starting in September. The Hartford said it plans to make this available for approximately 250,000 policies this year, mostly for its small workers' compensation policyholders and Spectrum business owners policy customers.