The Hartford Re-Aligns Employer Markets Group To Strengthen Delivery Of Total Benefits And Retirement Plan Solutions For Empl...
November 24 2008 - 10:01AM
Business Wire
The Hartford Financial Services Group, Inc. (NYSE: HIG) is
announcing a new organizational structure for its Employer Markets
Group (EMG) to better serve the group benefits and retirement plan
needs of employers and their employees, optimize leadership talent,
and drive growth opportunities. EMG is part of the new
customer-centered organizational structure announced for The
Hartford�s life operations earlier this year and provides products
and services to 86,000 employers in the corporate, government and
non-profit markets. Through those employers, approximately 10
million employees are protected by The Hartford�s group life,
disability and accident coverage or participate in The Hartford�s
401(k), 457 and 403(b) retirement plans or both. �The goal of our
Employer Markets Group is to deliver a total financial solution to
employers,� said Jim Davey, executive vice president and director
of EMG. �In an uncertain economy, we can provide security against
sudden loss of income due to disability, the comfort of protection
through our life insurance products, and the tools to accumulate a
nest egg for retirement.� In an effort to surpass customer
expectations and make the most of new opportunities for providing
retirement plans and employee benefits, Davey announced a new
organizational structure: Jamie Ohl, senior vice president, will
lead the Retirement Plans Group (RPG). Previously, Ohl was
responsible for product development and business retention,
enhancing The Hartford�s overall product competitiveness. The
Hartford ranked among the top 10 providers in customer satisfaction
for mid-market plan providers, according to 401(k) Exchange. Ron
Gendreau, executive vice president, will continue to lead the Group
Benefits Division (GBD). Gendreau has directed the expansion of
GBD�s market share for group life and disability insurance.
According to LIMRA�s first quarter 2008 report on group benefits
sales, The Hartford retained its No. 1 ranking in fully insured
group disability sales that it has held since 2006 and holds the
No. 2 ranking in group life sales from the full year 2007 report.
Marty Swanson, vice president and chief marketing officer, will
lead marketing for both GBD and RPG. He is now responsible for
ensuring consistent messaging for the organization and uncovering
unique business opportunities across EMG�s markets. Harry Monti,
senior vice president, is responsible for leading operations and
service for EMG. In addition, Monti is charged with leading the
integration of RPG�s recent acquisitions and helping to develop a
multi-site strategy across EMG. In his previous role as head of
GBD's claim and service operations, Monti led GBD to impressive
customer and claimant satisfaction scores, with more than 90
percent of customers surveyed completely or mostly satisfied with
overall claim service. EMG brings together two dynamic,
fast-growing businesses that serve employers. GBD is a proven
industry leader and RPG has become one of the Hartford�s fastest
growing businesses. Earlier this year, The Hartford completed the
purchase of three retirement plans businesses. These acquisitions
illustrate the company�s commitment to serving all major markets,
customers and types of retirement plans across the defined
contribution and defined benefit spectrum. The three acquisitions
are TopNoggin of Powell, Ohio, a defined-benefit group that offers
top talent and cutting-edge technology; the Princeton Retirement
Group�s alliance business of Atlanta and Winston-Salem, N.C., which
brings private label capability and mid-market presence; and
SunLife Retirement Services of Boston and Phoenix, a defined
contribution record keeper that provides entry into the large
retirement plan market. Davey said EMG wants to stoke its
fast-growing group benefits and retirement plans businesses, in
part by making the most of complementary business opportunities
with employers and sharing best practices. Already, EMG has seen
those efforts pay off, he said. For example, The Hartford is a
leader in providing retirement plans to government employees
through its 457 plans. Tapping RPG�s knowledge in the government
market has helped GBD more than double its premium for group life
and disability coverage provided in this market, according to
Davey. �There are tremendous opportunities in the employer market
that The Hartford will be able to capitalize on going forward,�
Davey said. �Increasingly, employers are offering benefits such as
group life and disability coverage to employees on a voluntary or
contributory basis in much the same way that participants in
defined contribution plans have taken on increasingly more
responsibility for their own financial security. Both our group
benefits and group retirement plans businesses will be learning
from each other, improving how they can best serve the needs of our
customers.� About The Hartford The Hartford, a Fortune 100 company,
is one of the nation's largest diversified financial services
companies, with 2007 revenues of $25.9 billion. The Hartford is a
leading provider of investment products, life insurance and group
benefits; automobile and homeowners products; and business property
and casualty insurance. International operations are located in
Japan, the United Kingdom, Canada, Brazil and Ireland. The
Hartford's Internet address is www.thehartford.com. HIG-L 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 Quarterly Reports on Form 10-Q, our 2007 Annual
Report 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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