MOUNTAIN VIEW, Ca. (PRESS RELEASE – Jan. 7, 2008) – It just got easier and more efficient for small business employers to pay their workers’ compensation insurance premiums and manage their cash flow. Intuit Inc. (Nasdaq: INTU) and The Hartford (NYSE:HIG) have entered into a strategic alliance to offer The Hartford’s XactPAY Web® workers’ compensation premium payment service to Intuit Payroll’s more than one million customers free of charge. And, they will market Intuit Payroll, designed to help small businesses quickly, easily and confidently set up and manage payroll, to the customers of The Hartford’s small business commercial agents.
XactPAY Web, fully integrated with Intuit QuickBooks Payroll, automatically calculates the premiums for Hartford-issued workers’ compensation policies each time payroll is run using QuickBooks Payroll. Payments are then automatically drawn from the employer’s bank account each pay period, eliminating the hassle of writing checks. Upon request, employers can receive e-mail notifications before payments are made and monthly detailed reports from The Hartford. The XactPAY Web premium payment service is free of charge to Intuit QuickBooks Payroll customers that also have Hartford-issued workers’ compensation policies.
The combination of Intuit Payroll and The Hartford’s XactPAY Web premium payment service enables small business owners to pay Hartford workers’ compensation premiums one payroll at a time. This helps improve the business’ cash flow by eliminating the need for large down payments and minimizing the potential for year-end audit adjustments. Traditional billing methods can crimp cash flow by requiring employers to pay all or part of the year’s workers’ compensation premiums in advance, potentially tying up thousands of dollars at the beginning of each year.
“With this free solution, The Hartford and Intuit aim to help small businesses where it matters most – keeping more cash on hand,” said Cameron Schmidt, vice president of Intuit’s payroll division. “This initiative is the beginning of what we hope will be a long alliance dedicated to helping small businesses thrive.”
“We’re pleased to offer Hartford agents and our valued policyholders a unique premium calculation solution through our alliance with Intuit, a leader in providing small businesses with cash flow management tools,” added Donato Monaco, vice president of The Hartford’s Payroll Alliances Center. “Leveraging nearly 200 years of insurance experience, we developed XactPAY Web Special Edition for QuickBooks to provide Hartford policyholders with a solution that automatically splits up their workers’ compensation premium into manageable installments, helping small businesses manage cash flow.”
Intuit Payroll subscribers can learn more about The Hartford’s XactPay Web billing service by calling The Hartford at 1-877-633-6546 or submiting a request online. To learn more about Intuit Payroll, visit www.qbpayroll.com/hartford. For more information about your local state workers’ compensation requirements go to the Office of Workers’ Compensation Programs.
This strategic alliance to offer The Hartford’s XactPAY Web workers’ compensation premium payment service to Intuit Payroll’s customers is just one example of Intuit’s renewed company-wide focus on helping consumers and small businesses save and make money. While this benefit is particularly relevant in today’s environment, it has and always will be Intuit’s hallmark as it continues to deliver innovative products and services for its customers.
About The Hartford
The Hartford, a Fortune 100 company, is one of the nation’s largest diversified financial services companies, with 2007 revenues of $25.9 billion. The Hartford is a leading provider of investment products, life insurance and group benefits; automobile and homeowners products; and business property and casualty insurance. International operations are located in Japan, the United Kingdom, Canada, Brazil and Ireland. The Hartford’s Internet address is www.thehartford.com.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit’s leading tax preparation software suites for professional accountants. The company’s financial institutions division, anchored by Digital Insight, provides on-demand banking services to help banks and credit unions serve businesses and consumers with innovative solutions.
Founded in 1983, Intuit had annual revenue of $3.1 billion in its fiscal year 2008. The company has approximately 8,000 employees with major offices in the United States, Canada, the United Kingdom and other locations. More information can be found at www.intuit.com.
XactPAY Web® is a special edition for QuickBooks users with (1) the 2006 or newer version of QuickBooks Pro/Premier/Enterprise U.S. PC (XactPay Web is not available to QuickBooks Simple Start users), and (2) a subscription for Intuit QuickBooks Basic, Standard, Enhanced or Assisted Payroll (XactPay Web is not available to QuickBooks Online Payroll subscribers). The purchase of a Hartford Workers’ Compensation policy is necessary to utilize the XactPAY Web® service. All insurance policies offered by The Hartford are sold through licensed insurance producers or agents appointed by The Hartford.
Intuit Inc. is not a licensed insurance producer or agent of The Hartford. Employee Matters Insurance Agency, Inc., a wholly owned subsidiary of Intuit Inc., is an appointed agent of all or some of the property and casualty insurance company subsidiaries of The Hartford. Intuit Inc. receives a royalty fee from The Hartford in connection with The Hartford’s use of the Intuit name, marks and other property, which are used for purposes of marketing the XactPay Web® service.