Travelers partners with Google Cloud to improve commercial insurance underwriting
Property/casualty insurer Travelers Companies is working together with Google Cloud to create a cloud-based data ecosystem that will help underwriters more efficiently evaluate risks for large and middle market businesses, and thus accelerate the quoting process.
Travelers claims that early pilot results from the partnership have showed that by leveraging Google Cloud’s data and analytics tools, the time to complete an underwriting file for a commercial insurance quote for a large or middle market business can be reduced from an industry standard of weeks to potentially just minutes, substantially shortening the time from submission to quote.
The data ecosystem, built on Google Cloud, will securely integrate millions of structured and unstructured data points from multiple sources – internal and external – and leverage artificial intelligence and advanced analytics to give underwriters a clearer picture of a prospective account’s risk profile. This will accelerate the quoting process for agents and customers, the insurer explained.
“Insurance companies are rich with proprietary data, but there’s an abundance of new and developing third-party data that’s becoming increasingly valuable to underwriters,” said Henna Karna, managing director, Global Insurance, Reinsurance & Risk Management Industry Solutions, Google Cloud. “Our ultimate goal is to empower the insurance industry with cloud-based capabilities that connect those dots and provide a complete view of risk. Travelers is an industry leader known for underwriting excellence and innovation, and together, we’re working to further scale its advanced analytics and unlock additional data-driven insights.”
Greg Toczydlowski, executive vice president and president of Business Insurance at Travelers, added: “We have made great strides in recent years to improve and simplify the underwriting experience for our customers, agents and employees. Google Cloud’s world-class data science capabilities will significantly enhance our efforts and provide us with an even more granular understanding of the risks we’re evaluating at a faster pace.”
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