The Hartford Outlines Customer-centric Strategy at Investor Meeting

Date : 04/01/2010 @ 2:05PM
Source : Business Wire
Stock : Hartford Financial Services Group Inc (HIG)
Quote : 59.0  0.37 (0.63%) @ 12:59AM
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The Hartford Outlines Customer-centric Strategy at Investor Meeting

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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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