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.
