Travelers is partnering with a technology company to simplify its new business and policy renewal processes by using artificial intelligence. The InsurTech Trov is launching a new product on its signature platform. Willis Towers Watson is rolling out three new cyber insurance policies for clients in key markets.
The Travelers Companies, Inc. is partnering with Groundspeed Analytics Inc. to simplify its new business and policy renewal processes through the use of artificial intelligence (AI).
The two companies will also collaborate on the design of additional AI capabilities that can provide increased efficiencies through the automation of commercial insurance analytics, their announcement noted.
Quote requests often require manual effort to extract information from submitted documents before an underwriter can fully evaluate and price the risk. The use of AI will augment the company’s underwriting capabilities by enhancing risk selection and increasing efficiency while also allowing agents and brokers to write business more quickly, Travelers said.
Trov said it is launching a new Personal Auto & Mobility Insurance product built on its Powered by Trov platform.
The rollout will take place in the coming months in partnership with Suncorp Group in the Australian market. Suncorp is a major insurer in Australia and a long-term Trov partner.
Built using the flexible, variable period, event driven architecture of its Powered by Trov platform, the new Personal Auto & Mobility Insurance application is designed to align with the evolving behaviors of auto-owners who have a growing number of options when choosing the way they get around.
Trov is an insurance technology company whose InsurTech platform lets financial institutions, insurers and leading consumer brands rapidly deploy modern insurance applications designed for homeowners, renters, motorists and small businesses. Additionally, its technology-enabled brokerage combines software with bespoke insurance products to solve complex risk management challenges facing companies in emerging mobility and gig work, according to the company.
Willis Towers Watson launched three new cyber insurance policies for clients across the U.S., Canada, the U.K. and Western Europe.
The policies are pitched as providing “innovative, tailored” products and services for large enterprise and mid-market clients, enabling them to fully assess, protect and recover losses related to cyber risk.
Willis Towers Watson said that the policies contain broad cyber triggers for data breach coverage, regulatory claims and business interruptions, as well as important protection for cyberattacks against the supply chain. They also provide coverage clarity and affirmative cyber coverages to limit silent cyber exposures.
Sources: Travelers, Trov, Willis Towers Watson