The Hanover Enhances Life Sciences Solutions
The Hanover Insurance Group (NYSE: THG) has announced a significant expansion of its Business Owner's Advantage product to serve a broader range of life sciences organizations. The enhanced offering specifically targets early-stage and smaller businesses in the life sciences sector, complementing their existing coverage for mid-size operations.
The expanded product, available through The Agency Place (TAP) Sales platform, now covers over 15 new classes of life sciences organizations, including medical device manufacturers, contract research organizations, digital health companies, and pharmaceutical firms. Key features include tailored coverage enhancements, streamlined digital experience, and expanded class eligibility, all supported by specialized underwriters.
The Hanover Insurance Group (NYSE: THG) ha annunciato un'importante espansione del prodotto Business Owner's Advantage per servire un più ampio ventaglio di organizzazioni nel settore delle scienze biologiche. L'offerta migliorata è rivolta in particolare a imprese in fase iniziale e realtà di piccole dimensioni, integrando la copertura già disponibile per le medie aziende.
Il prodotto ampliato, disponibile tramite la piattaforma di vendita The Agency Place (TAP), ora copre oltre 15 nuove categorie di realtà nel campo delle scienze della vita, tra cui produttori di dispositivi medici, contract research organization, aziende di digital health e imprese farmaceutiche. Gli elementi distintivi includono coperture personalizzate, un'esperienza digitale semplificata e criteri di ammissibilità estesi, supportati da underwriter specializzati.
The Hanover Insurance Group (NYSE: THG) ha anunciado una importante ampliación de su producto Business Owner's Advantage para atender a un abanico más amplio de organizaciones de ciencias de la vida. La oferta mejorada está dirigida específicamente a empresas en etapas tempranas y negocios más pequeños, complementando la cobertura existente para operaciones de tamaño medio.
El producto ampliado, disponible a través de la plataforma de ventas The Agency Place (TAP), ahora cubre más de 15 nuevas clases de organizaciones de ciencias de la vida, incluidas fabricantes de dispositivos médicos, organizaciones de investigación por contrato, empresas de salud digital y farmacéuticas. Entre las características clave figuran mejoras de cobertura a medida, una experiencia digital simplificada y una elegibilidad de clases ampliada, todo respaldado por suscriptores especializados.
The Hanover Insurance Group (NYSE: THG)는 생명과학 분야의 더 다양한 조직을 대상으로 Business Owner's Advantage 상품을 크게 확장했다고 발표했습니다. 이번 강화된 상품은 기존의 중간 규모 기업 대상 보장을 보완하며 초기 단계 및 소규모 기업을 특히 겨냥합니다.
TAP(The Agency Place) 영업 플랫폼을 통해 제공되는 확장된 상품은 의료기기 제조업체, 임상수탁기관(CRO), 디지털 헬스 기업, 제약사 등 15개 이상의 신규 분류를 새롭게 포함합니다. 맞춤형 보장 강화, 간소화된 디지털 경험, 확대된 분류 적격성 등이 주요 특징이며, 모두 전문 언더라이터의 지원을 받습니다.
The Hanover Insurance Group (NYSE: THG) a annoncé une expansion significative de son produit Business Owner's Advantage pour couvrir un plus large éventail d'organisations des sciences de la vie. L'offre améliorée cible spécifiquement les entreprises en phase précoce et les petites structures, en complément de la couverture déjà proposée aux opérations de taille moyenne.
Le produit étendu, disponible via la plateforme de vente The Agency Place (TAP), couvre désormais plus de 15 nouvelles catégories d'organisations des sciences de la vie, notamment les fabricants de dispositifs médicaux, les organisations de recherche sous contrat, les entreprises de santé numérique et les sociétés pharmaceutiques. Les points forts incluent des améliorations de couverture adaptées, une expérience numérique simplifiée et une éligibilité de classes élargie, le tout soutenu par des souscripteurs spécialisés.
The Hanover Insurance Group (NYSE: THG) hat eine bedeutende Erweiterung seines Produkts Business Owner's Advantage angekündigt, um eine breitere Palette von Life-Science-Organisationen zu bedienen. Das verbesserte Angebot richtet sich speziell an frühphasige und kleinere Unternehmen im Life-Science-Bereich und ergänzt die bestehende Abdeckung für mittelgroße Betriebe.
Das erweiterte Produkt, verfügbar über die Vertriebsplattform The Agency Place (TAP), deckt nun über 15 neue Klassen von Life-Science-Organisationen ab, darunter Hersteller medizinischer Geräte, Auftragsforschungsinstitute, Digital-Health-Unternehmen und Pharmafirmen. Zu den Hauptmerkmalen zählen maßgeschneiderte Deckungserweiterungen, eine vereinfachte digitale Nutzererfahrung und erweiterte Klassenberechtigungen, alles unterstützt von spezialisierten Underwritern.
- Expansion to serve over 15 new classes of life sciences organizations
- Streamlined single-carrier approach for both core and specialty coverages
- Enhanced digital platform for efficient quoting and issuing
- Specialized underwriting support for life sciences sector
- None.
Insights
THG's enhanced life sciences insurance offering expands their market reach to early-stage companies, potentially driving incremental premium growth.
The Hanover's expansion of its Business Owner's Advantage product represents a strategic move to capture market share in the growing life sciences insurance segment. By adding over 15 new classes of life sciences organizations to their coverage eligibility, including medical device manufacturers, contract research organizations, digital health companies, and pharmaceutical firms, THG is positioning itself to serve clients across the entire growth spectrum—from early R&D startups to established mid-size operations.
The company's digital-first approach through their TAP Sales platform creates operational efficiency for both The Hanover and their agent partners, potentially reducing acquisition costs while accelerating policy issuance. This streamlined approach to both core and specialty coverages creates a compelling single-carrier solution that could strengthen agent loyalty and increase policy retention rates.
What's particularly notable is the company's focus on creating an insurance growth path for their clients. By designing coverage that can evolve alongside client businesses, The Hanover is implementing a land-and-expand strategy that could generate higher lifetime customer value. Their Hanover Fusion product, which bundles multiple liability coverages on a unified form, further enhances this value proposition by simplifying coverage for complex risks.
The timing aligns with growing demand for specialized insurance products in the life sciences sector, which faces unique regulatory, product liability, and intellectual property challenges. By developing tailored endorsements for these specific exposures, The Hanover is creating differentiation in what has historically been an underserved market segment for comprehensive, customized coverage.
The company offers an expanded suite of capabilities to meet the evolving needs of the life sciences industry
Available through The Agency Place (TAP) Sales, the company's online quoting and issuance platform, Business Owner's Advantage offers a streamlined, single-carrier approach to writing both core and specialty coverages. With over 15 new classes of life sciences organizations now available, including medical device manufacturers, contract research organizations, digital health companies and pharmaceutical firms, this expansion enables The Hanover's agent partners to offer coverage that evolves with their customers' needs.
"This expansion reflects our commitment to supporting specialized small businesses with tailored insurance solutions," said Charles F. Hamann, president, small commercial at The Hanover. "Our enhanced offering helps smaller firms – including those still in the research and development phase – navigate evolving risks with the protection and flexibility they need to thrive."
Key features of the product include:
- Tailored coverage enhancements: Specialized property and general liability endorsements that meet the unique exposures of life sciences organizations
- Streamlined digital experience: Fast and efficient online quoting and issuing through TAP Sales
- Expanded class eligibility: Designed for early-stage and smaller life sciences organizations, with support and consultation from dedicated specialized underwriters
"The life sciences sector evolves at a rapid pace, and organizations are facing increasingly sophisticated risks," said Toni E. Mitchell, president, technology and life sciences at The Hanover. "With this expansion, we're equipping our agent partners with the tools and expertise needed to deliver meaningful protection and guidance to their clients, helping these businesses to stay focused on advancing innovation while we help safeguard their progress."
This latest investment enables independent insurance agents to offer their clients a competitive, holistic insurance solution that can evolve with their businesses – a demonstration of The Hanover's account-oriented approach for life sciences businesses. At the heart of this strategy is Hanover Fusion, the company's flagship product that delivers multi-line liability coverage, including products-completed operations, errors and omissions, and cyber liability, all on one unified form.
For more information about The Hanover's life sciences offering, please visit hanover.com.
About The Hanover
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, which together constitute one of the largest insurance businesses in
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All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates ("The Hanover"). Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy. This material is provided for informational purposes only and does not provide any coverage.
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SOURCE The Hanover Insurance Group, Inc.
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