Markets/Coverages: Travelers, Google Cloud to build data system to mitigate commercial risks

0
39

Google Cloud and The Travelers Companies said they are collaborating to create a cloud-based data ecosystem that will help Travelers’ insurers more efficiently evaluate risks for large and medium-sized businesses

The data ecosystem, built on Google Cloud, securely integrates millions of structured and unstructured data points from multiple sources — internal and external — and leverages artificial intelligence and advanced analytics to give insurers a clearer picture of a future account’s risk profile. This speeds up the quotation process for agents and customers.

See also  Workers' Comp Insurance Industry Backs CompScience Technology in $6 Million Starting Round

“Insurance companies are rich in proprietary data, but there is a plethora of new and evolving third-party data that is becoming increasingly valuable to insurers,” said Henna Karna, managing director, Global Insurance, Resurance & Risk Management Industry Solutions, Google Cloud. “Our ultimate goal is to provide the insurance industry with cloud-based capabilities that connect these dots and provide a complete picture of risk.”

The first trial results of the Google Cloud and Travelers partnership have shown that by leveraging Google Cloud’s data and analytics tools, the time it takes to complete an acceptance file for a commercial insurance quote for a large or medium-sized business can be reduced from an industry standard of weeks to possibly just minutes, significantly reducing the time between submission and quote.

See also  Howden acquires French maritime insurance broker Seasecure Group

“We have made great strides in recent years to improve and simplify the underwriting experience for our customers, agents and employees,” said Greg Toczydlowski, executive vice president and president of Business Insurance at Travelers. “Google Cloud’s world-class data science capabilities will greatly enhance our efforts and give us an even more granular understanding of the risks we are evaluating at a faster pace.”

See also  McDonald's Must File Byron Allen's $10 Billion Lawsuit

subjects
Commercial insurance Business insurance

Was this article valuable?


Here are more articles you may like.

Interested in Business insurance?

Receive automatic notifications for this topic.

LEAVE A REPLY

Please enter your comment!
Please enter your name here