The Hartford says it will now offer its payroll-based workers’ compensation premium payment service, XactPAY, to midsize and larger commercial customers.
XactPAY calculates premiums based on actual payroll during the policy period, eliminating the need for large up-front deposits, and minimizing the risk of audit surprises at the end of the policy period, The Hartford says.
“Whether a company uses a full service payroll provider, submits payroll using desktop software or manages payroll in-house, these billing options provide businesses with added value and capital flexibility," Mike Concannon, EVP of sales and distribution at The Hartford, says in a statement.
The carrier partnered with Intuit (Mountain View, Calif.) to integrate the latter's QuickBooks softward with the Web version of XactPay last year. It has also launched XactPAY Xpress, a self-reported billing option designed specifically for companies that manage their own payroll.
Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio