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Travelers Cos. Inc. on Wednesday said it is partnering with Groundspeed Analytics Inc. on the use of artificial intelligence to streamline processes for new business and policy renewal.
Travelers will be using Groundspeed’s technology for commercial insurance policies, with a focus on complex submissions for the middle market, a spokeswoman for the insurer said in an email. The collaboration will apply to property/casualty lines, she said.
The companies also will collaborate on the design of additional artificial intelligence capabilities, Travelers said in a statement.
Their use of AI aims to help with risk selection and to allow agents and brokers to write business more quickly, the statement said.
“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 Ann Arbor, Michigan-based Groundspeed, said in the statement.
Cyber risks topped the 2019 Travelers Risk Index for the first time since the survey’s origin in 2014, the insurer said in a statement Monday.