The Travelers Companies, Inc. announced a strategic partnership with Groundspeed Analytics, Inc. to simplify its new business and policy renewal processes through the use of artificial intelligence (AI). The two companies will also collaborate on the design of additional AI capabilities that can provide increased efficiencies through the automation of commercial insurance analytics.
Quote requests often require manual effort to extract information from submitted documents before an underwriter can fully evaluate and price the risk. The use of AI will augment the company’s underwriting capabilities by enhancing risk selection and increasing efficiency while also allowing agents and brokers to write business more quickly.
“Using Groundspeed’s AI capabilities will optimize productivity for both our underwriters and our agent and broker partners,” said Bill Devine, Senior Vice President, Business Insurance, Travelers. “We are pleased to be working with the Groundspeed team and will look for additional opportunities to enhance our customers’ experiences and provide higher levels of service.”
“We’re excited to collaborate with one of the most respected and sophisticated leaders in the commercial property and casualty insurance industry,” said Andrew Robinson, Co-CEO, Groundspeed. “By organizing valuable unstructured data from submission documents, our technology solutions will help Travelers realize operational improvements that can reduce friction in the underwriting process for parts of its Business Insurance book and drive a better experience.”