Posted on 05 Apr 2010
The Hartford Financial Services Group, Inc. last week discussed its go-forward business plan, including a customer-centric business strategy and organizational structure at its investor meeting in New York City.
"With the successful capital raise, repayment of the Treasury investment and customer-focused strategy, we are well positioned to move The Hartford forward with confidence to achieve what's ahead," said Liam E. McGee, The Hartford's Chairman, President and Chief Executive Officer. "The go-forward plan will focus the company around our customers, partners and The Hartford's strong brand. We will organize around our key customer growth opportunities: risk protection and benefits for businesses, wealth management, and consumer risk protection for affinity groups and select customer segments."
"The new go-to-market organization will allow us to better capitalize on our competitive advantages. We have a large and growing customer base; a broad and diverse product portfolio; and an enviable distribution network of agents, brokers and advisors. The Hartford's goal is to deliver sustained, profitable growth with strength, confidence, focus and discipline," added McGee.
Commercial Markets will provide risk protection and benefits for businesses, offering small commercial, middle market and specialty property and casualty, and group benefits, with a growth focus on small and mid-sized businesses. Juan Andrade will serve as President of Commercial Markets.
The Wealth Management business will provide solutions for the retirement savings, income and estate planning needs of consumers and small business owners. The aging of America presents significant opportunities for The Hartford's wealth management businesses as the 65+ population is expected to increase by 36 percent by 2020. John Walters will serve as President of Wealth Management.
Through this business, The Hartford will continue to grow its AARP auto and homeowners insurance program through independent agents and direct distribution, and grow its non-AARP business, with an initial focus on customers age 40+, through independent agents. Going forward, the company intends to use its expertise to pursue additional affinity relationships and targeted customer segments. The company is conducting an internal and external search for a Consumer Markets leader.
The company also discussed its launch of a new effort to enhance its ability to reach customers through the web and to generate customer research and analytics. The group will be led by Jonathan Bennett, Executive Vice President of Digital Commerce and Customer Analytics. Bennett, who previously led personal and small business insurance in the company's Property and Casualty Operations, will report directly to McGee.