Travelers Announces Strategic Partnership With Groundspeed Analytics; Will Use AI to Streamline Submission and Quoting Processes
Summary
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. “ 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.” For more information about Travelers and its tools and resources for agents, please visit travelers.com/foragents.