The Hartford Collaborates With Origin To Help Support The Financial Well-being Of U.S. Workers

Rhea-AI Summary

The Hartford introduces Origin, a financial education and planning tool for employees, aiming to enhance financial wellness. Origin's platform offers U.S. workers access to budgeting, planning tools, and education. Jonathan Bennett, head of Group Benefits, highlights the company's commitment to expanding offerings to support employer clients and their employees.

Insights

Market Research Analyst

Introducing financial wellness tools such as Origin’s Financial Planning platform can be seen as a strategic move to enhance The Hartford's competitive edge in the employee benefits market. By addressing the growing concern of financial stress among employees, The Hartford may increase customer loyalty and attract new business. A Market Research Analyst would assess the demand for such tools and the potential market share shift that could result from this addition to their services.

Financial wellness programs are becoming a differentiator in benefits packages offered by employers. Companies that provide comprehensive benefits, including financial education, can have a higher retention rate and more engaged employees. Moreover, this move could position The Hartford as a thought leader in the employee benefits space, potentially influencing stock performance positively if the market perceives this as an innovative approach to employee wellness.

Financial Analyst

From a Financial Analyst's perspective, the introduction of Origin's platform by The Hartford is likely to involve significant upfront investment but could pay off in terms of long-term profitability. The key metrics to watch would be the adoption rate among The Hartford's existing customers and the impact on customer acquisition costs and lifetime value. If the tool leads to reduced employee turnover for their clients, it may also result in lower claims for disability and other employee benefits, which could improve The Hartford's loss ratios and ultimately their financial performance.

It's important to analyze how this service addition might affect The Hartford's operating expenses and whether it will lead to an increase in premiums or if it's a value-add to justify existing pricing. Either way, the financial implications for The Hartford and its stakeholders will depend on the successful integration and utilization of the financial planning tools.

Employee Benefits Consultant

An Employee Benefits Consultant would look at the implications of this new tool on the overall benefits landscape. The introduction of a financial planning platform speaks to the evolving nature of employee benefits, where there is a shift from traditional benefits to more holistic well-being offerings. Employers are recognizing the importance of financial health as a component of overall employee wellness.

By offering such services, The Hartford is not just providing a tool but is also addressing a critical pain point—financial stress—which can have profound effects on employee productivity and health. The success of this initiative will largely depend on how well it is communicated to employees and the actual usability and effectiveness of the tools provided. If successful, it could lead to a new standard in the industry, prompting other companies to follow suit.

Company introduces Origin to provide employers financial education and planning tools for their employees

HARTFORD, Conn.--(BUSINESS WIRE)-- The Hartford, a leading provider of employee benefits and leave management, is introducing a new tool to help its employer customers address the financial wellness needs of their employees. The company will refer Origin’s Financial Planning¹ platform to its customers to provide U.S. workers access to financial education, budgeting and planning tools to help them manage their personal finances and plan for the future.²

“We continue to expand our Group Benefits offerings to provide the benefits and resources our employer clients are seeking to help care for their employees,” said Jonathan Bennett, head of Group Benefits at The Hartford. “Our research has consistently shown that U.S. workers are stressed about their household finances and we have seen how an unexpected injury, illness or loss of a loved one can disrupt someone’s financial situation, especially those living paycheck to paycheck. We are pleased to introduce this platform to help people manage their personal finances, learn more about their benefits and, take steps to improve their financial security.”

The Hartford’s Future of Benefits Study found one-third of U.S. workers do not feel secure about their household financial situation and many would welcome financial education tools from their employer to help with retirement planning, managing debt, establishing a savings plan and basic budgeting.

Origin’s Financial Planning platform provides personal financial management tools to help address budgeting and savings needs, as well as financial guidance and benefits education at no cost. In addition, employers or their employees will have the option to purchase enhanced services such as tax filing and access to a certified financial planner for one-on-one personal financial advice.

Origin is an all-in-one software based financial management platform that enables people to track their income and spending, get one-on-one financial guidance from a network of certified financial planners, and help members manage their money confidently and with ease.

“Financial stress has a major impact on employer productivity,” said Matt Watson, founder and CEO of Origin. “Even though financial wellness starts with a paycheck, many employers aren’t providing financial wellness assistance to their employees. Origin’s new relationship with The Hartford will help increase employee access to high-quality financial planning.”

This new tool is the latest example of The Hartford’s commitment to assisting employers with a wide array of benefit and service options to meet the unique needs of their workforce and to help working Americans become more financially secure.

About The Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.

HIG-E

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 2023 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, 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.

From time to time, The Hartford may use its website and/or social media channels to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.

¹ Blend Financial Inc. DBA Origin ("Origin") provides a financial wellness software platform. Advisory services are offered through Origin Advisory Services LLC ("Origin RIA"), a Registered Investment Adviser registered with the SEC and a wholly-owned subsidiary of Origin. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services. All content is for information purposes only and is not intended to provide any tax or legal advice.

² The products referenced above are offered by Origin to customers meeting certain criteria set by Origin, and in accordance with contracts entered into directly between the customer and Origin. Origin is not a Hartford vendor or contractor and not related to or affiliated with The Hartford. The Hartford is not responsible for the products and services provided by Origin. Where permitted, Hartford Life and Accident Insurance Company will receive a fee from Origin in connection with the purchase of products or services by customers we refer.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240228299024/en/

Michelle Symington

860-547-5385

michelle.symington@thehartford.com

Source: The Hartford

FAQ

What is the new tool introduced by The Hartford for employers?

The new tool introduced by The Hartford for employers is Origin, a financial education and planning platform for employees.

What does Origin's platform offer to U.S. workers?

Origin's platform offers U.S. workers access to financial education, budgeting, and planning tools to manage personal finances and plan for the future.

Who is Jonathan Bennett in the context of The Hartford's announcement?

Jonathan Bennett is the head of Group Benefits at The Hartford, emphasizing the company's commitment to expanding offerings for employer clients and their employees.