The collaboration will help travelers underwriters to more effectively assess risks for large and middle market businesses by quickly synthesising huge volumes of data
Google Cloud and American insurer Travelers Companies have joined forces to develop a cloud-based data ecosystem to boost the commercial insurance underwriting process.
The collaboration is expected to enable Travelers’ underwriters to more effectively assess risks for large and middle market businesses by quickly synthesising huge amounts of data.
Google Cloud global insurance reinsurance and risk management industry solutions managing director Henna Karna said: “Insurance companies are rich with proprietary data, but there’s an abundance of new and developing third-party data that’s becoming increasingly valuable to underwriters.
“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’re working to further scale its advanced analytics and unlock additional data-driven insights.”
The data ecosystem, which is to be created on Google Cloud, will use artificial intelligence (AI) and advanced analytics.
It is designed to help underwriters better understand the risk profile of a prospective account by securely integrating millions of structured and unstructured data points from various sources, both internal and external.
According to Google Cloud, early pilot results from the partnership have shown that by utilising its data and analytics tools, the time taken for underwriting file for a commercial insurance quote for a large or middle market business can be slashed from weeks to possibly just minutes. This significantly reduces the time from submission to quote, said Google Cloud.
Travelers executive vice president and business insurance president 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.”