Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

October 31, 2019

Travelers hopes AI will speed policy writing

Travelers cos. insurance HBJ File Photo The Travelers Cos. office in Hartford.
By Joe Cooper

Property-casualty insurer Travelers Cos. is looking to simplify its new business and policy renewal processes through artificial intelligence (AI).

The New York-based insurer, which has a major presence in downtown Hartford, this week announced it will streamline those processes through a new partnership with Groundspeed Analytics Inc.

Travelers said it will use the Michigan-based firm’s technology for commercial property-casualty policies. The two companies will also collaborate on the design of other AI capabilities, Travelers said.

The insurer said the AI will support its underwriters by improving risk selection while allowing its agents and brokers to write business at a faster pace.

“By organizing valuable unstructured data from submission documents, our technology will help Travelers reduce friction in the underwriting process for parts of its Business Insurance book,” Andrew Robinson, co-CEO of Groundspeed, said in a statement.

The company didn’t disclose any financial details of the partnership.

Travelers has drawn attention for its use of other emerging technologies for its business, including using drones to survey property damage after storms.

Sign up for Enews

Most Recent

Most Recent

Related Content

Travelers donated millions to CT organizations in 2023, annual report shows
Thumbnail Autonomous vehicles likely safer than human drivers, Travelers report finds
Thumbnail Travelers Championship raises more than $3M for charity; expected to continue as PGA event next year
Thumbnail Top golfers in world to compete in ‘elevated’ Travelers Championship this week

0 Comments

Order a PDF