Hartford Financial (HIG) Upgrades Group Benefits Product
The Hartford Financial Services Group, Inc. HIG recently added enhanced flexible plan designs and new coverage options in its group life and disability offering — ProtectPro. Notably, the offering is intended to cater to medical professionals.
Moreover, the company boasts of an efficient team of underwriting, customer service and claims personnel, whose services can be availed by ProtectPro customers.
Besides flexible plan designs, three optional benefits have also been introduced within the offering. First, specialty coverage will be offered to nurse practitioners, physician assistants, certified registered nurse anesthetists and other non-physician providers. The coverage will be provided on the basis of their job at the respective medical groups.
The second and third benefits intends to assist covered employees obtaining long-term disability benefits. When such employees partly resume work post availing the benefit, a student loan credit benefit will be offered to them. The benefit is likely to relieve employees of the pressure to finance student loans to some extent. The third benefit comes in the form of a medical premium supplement benefit.
Notably, the enhanced offering basically aims to shield the specialized income of medical professionals and address their diversified needs. The company has a well-established history of offering specialized disability and life insurance coverage, and effective claims management services to medical groups for nearly three decades.
Besides helping employees, this offering from Hartford Financial comprising an apt benefits package seeks to help medical practices in recruiting and retaining more employees.
The enhanced offering seems to be of paramount importance amid the relentless efforts put in by worldwide healthcare workers during the COVID-19 pandemic. Further, the offering has been upgraded at an opportune time of rising employment expected for non-physician medical professionals.
Per U.S. Bureau of Labor Statistics, employment of nurse anesthetists, nurse midwives and nurse practitioners are anticipated to witness 45% growth from 2019 to 2029. The reason being intensified focus on preventive care coupled with rising demand for healthcare services to cater to an aging U.S. population.
Zacks Rank & Price Performance
Shares of this Zacks Rank #3 (Hold) company have gained 40.6% in a year compared with the industry’s rally of 31.6%.
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Stocks to Consider
Some better-ranked stocks in the insurance space are Assurant, Inc. AIZ, Old Republic International Corporation ORI and Cincinnati Financial Corporation CINF, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Assurant, Old Republic and Cincinnati Financial have a trailing four-quarter earnings surprise of 21.71%, 53.01% and 17.63%, on average, respectively.
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