The Hartford Outlines Customer-centric Strategy at Investor Meeting
April 01 2010 - 9:05AM
Business Wire
The Hartford Financial Services Group, Inc. (NYSE: HIG)
- Strategy focuses on the
company’s unique product breadth, distribution channel advantages,
large and growing customer base and strong brand to deliver
sustained, profitable growth
- Company announces three
businesses to execute on key customer growth opportunities:
- Commercial Markets
- Wealth Management
- Consumer Markets
- New digital commerce effort
launched to expand services and offerings
The Hartford Financial Services Group, Inc. (NYSE: HIG) today
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
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.
Wealth Management
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.
Consumer Markets
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.
About The Hartford
Celebrating nearly 200 years of helping its customers achieve
what’s ahead, The Hartford (NYSE: HIG) is an insurance and wealth
management company. Through its unique focus on customer needs, the
company serves businesses and consumers by providing the products
and solutions they need to protect their assets and income from
risks and manage their wealth and retirement needs. A Fortune 500
company, The Hartford is recognized widely for its service
expertise and as one of the world's most ethical companies. More
information on the company and its financial performance is
available at www.thehartford.com.
HIG-F
Some of the statements in this release may be considered
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. We caution investors that these
forward-looking statements are not guarantees of future
performance, and actual results may differ materially. Investors
should consider the important risks and uncertainties that may
cause actual results to differ. These important risks and
uncertainties include those discussed in our Annual Report for
fiscal year 2009 on Form 10-K and the other filings we make with
the Securities and Exchange Commission. We assume no obligation to
update this release, which speaks as of the date issued.
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