The Hartford Financial Services Group, Inc. (HIG - Free Report) extended its established auto and home insurance program for American Association of Retired Persons (AARP) members through Jan 1, 2033. AARP has been endorsing the company’s program for the past 35 years.
Hartford Financial chose Duck Creek OnDemand, the provider’s SaaS solution as its new technology platform. This unique initiative will strengthen its ability to respond to an evolving marketplace with better products. It is also expected to provide a hassle-free customer experience with the speed and ease required to meet new customer demands.
The strategic move is expected to simplify and improve customer relations as well. It is in line with the company’s commitment to cater to AARP members.
Hartford Financial is the No. 4 direct personal lines company and a leader in the 50-plus market with long-standing expertise. It should be noted that the Personal Lines business reported $3.1 billion in written premiums during 2019.
Its Center for Mature Market Excellence employed gerontologists who apply their understanding of aging to the company’s products and services as well as general awareness drives on safety, mobility and independence.
In April 2020, the company took an initiative to combat the coronavirus-induced crisis. It introduced the COVID-19 Personal Auto Payback Plan, which will provide 15% refund on the April-May personal auto insurance premiums of customers. This new effort is expected to reduce the financial burden of customers to some extent.
Shares of this Zacks Rank #4 (Sell) company have lost 23.1% in a year’s time, wider than its industry’s decline of 16.9%. However, the performance looks better than other companies in the same space, namely Kemper Corporation (KMPR - Free Report) , Aegon NV (AEG - Free Report) and American International Group Inc. (AIG - Free Report) , which have lost 24%, 36.3% and 40%, respectively, in the same time frame.
Kemper holds a Zacks Rank #2 (Buy) while both Aegon and American International carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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