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."