US-based property and casualty insurance firm The Travelers Companies and Google Cloud are working to create a cloud-based data ecosystem to enhance the commercial underwriting process.
The new data ecosystem, which is built on Google Cloud, is expected to enable Travelers’ underwriters to evaluate risks for large and middle market businesses more efficiently.
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It will work by integrating millions of structured and unstructured data points from numerous sources, both internal and external.
The data ecosystem will then leverage artificial intelligence and advanced analytics to give underwriters insight into a prospective account’s risk profile while speeding up the quoting process for agents and customers.
According to the official statement, early pilots indicate that the time from submission to quote for commercial insurance has been reduced from an industry standard of weeks to potentially just minutes.
Google Cloud global insurance, reinsurance & risk management industry solutions managing director Henna Karna said: “Insurance companies are rich with proprietary data, but there is an abundance of new and developing third-party data that is becoming increasingly valuable to underwriters.
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By GlobalData“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 are working to further scale its advanced analytics and unlock additional data-driven insights.”
Travelers executive vice president and president of business insurance Greg Toczydlowski said: “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.”
In February this year, Travelers acquired the technology of Trōv for an undisclosed sum.
