To grow a profitable book of business in the technology industry, you need expertise and focus. Technology is a rapidly evolving industry and new exposures present themselves every day. It is critical that insurance coverage for technology businesses is designed to keep pace with the growth potential of an individual business and the associated exposures.
That’s why The Hartford has developed an exciting new approach to providing coverage for technology companies a single, unified business unit called the Technology Practice Group. This new technology business model provides a comprehensive, long-term approach to tech and a team that will partner with you to grow a profitable book of business in this dynamic industry.
“Technology” is a broad term that encompasses many sectors of the economy. The definition of technology business can differ among agencies and carriers. The Hartford’s Technology Practice Group has a broad definition encompassing three distinct business sectors, and is mainly consistent with the way the industry defines itself.
Here are the industry sectors included under our definition:
- Electronics Manufacturers/Computer Hardware Manufacturers component and finished goods; hardware devices and component sales including Value Added Resellers (VARs) of computer hardware and software
- Software and Computer Related Services packaged or custom software developers, computer consultants, system integrators (hardware and software), data processors, data storage, Internet Service Providers (ISPs), Application Service Providers (ASPs)
- Telecommunications Service Providers traditional and new age; Competitive Local Exchange Carriers (CLECs), Incumbent Local Exchange Carriers (ILECs), Wireless Telecommunication Carriers, Long Distance Telecommunication Carriers
The Hartford’s pricing in these sectors is “very competitive,” and our products and forms create a competitive advantage for us in the marketplace. Add the knowledge and dedication of our Technology Practice Group to an already strong foundation, and we are poised to work with you to capture a greater share in this growing industry.
The Hartford has been writing technology business since the mid-1980’s, the “birth” of the modern technology industry. The number of technological advancements since has been nothing short of amazing, and the years ahead promise even greater leaps in the development of new and improved products and services. We intend to be the dominant market for this dynamic and growing sector.
|The Hartford’s Technology Practice Group
The Hartford has established a holistic, unified team dedicated to technology business development. The creation of our Technology Practice Group solidifies our commitment to being a long-term partner in this dynamic industry. This approach:
- Streamlines touch points and processes by making one underwriter responsible for both standard lines (Property, General Liability, Workers’ Compensation, etc.) and Technology E&O
- Enhances our ability to stay with a business as it grows, offering a solid appetite from Small Commercial to Large Accounts
- Ensures that underwriters familiar with the technology industry are available to assist agents in handling these specialized accounts/products
|Growing Your Technology Book and Your Agency
Agent & Broker Magazine recently interviewed seven insurance industry consultants about the key challenges facing agency owners today. All seven interviewed for this study emphasized the need for organic growth as the key to agency survival.
Organic growth does not always have to come from adding new producers. One option is to provide an existing producer with an area of expertise. If you are considering writing more technology business, also consider that The Hartford’s Value Proposition includes not only the new Technology Practice Group (offering you the advantage of one underwriter helping you to place standard lines and technology E&O), but also:
- Three technology Professional Liability Options allowing you to meet the individual needs of each client.
- Demonstrated industry expertise and financial stability. We’re a 196 year old company that has been focused on writing technology business for more than 20 years.
- A wealth of first-class prospecting and marketing materials to help you attract and win business.
- Small account servicing through the Service Center, saving you time, money and resources.
- Automated systems (ICON 2.0) that allow you to submit FailSafe MEGA business right along with the Spectrum portion of small technology accounts saving time and effort.
- The efficiency of one bill with flexible payment options via TABS.
- Claim and loss prevention services staffed by personnel familiar with the intricacies involved in servicing technology business.