Supporting Our Agents & Brokers
Our partnerships with our agents and brokers are a key competitive advantage for us and an important driver of our long-term success. We aim to be their indispensable partner; together, we deliver on our promise to be there for our shared customers.
To best support our agents and brokers, we continually enhance and evolve our digital marketing and sales tools, which enable our partners to better identify and capture new business opportunities. We provide our agents and brokers with customizable social media, marketing and customer relationship resources, allowing them to engage more effectively with their target markets and local communities.
In addition, we support agents and brokers as they face global challenges such as cybersecurity, inflation and marketplace conditions. For example, across all business lines, Travelers has implemented multifactor authentication with our agent and broker partners to help protect our customers, our company and each other from cybercrimes such as ransomware attacks, fraudulent sign-ins and other potential security breaches.
Here are some of the other ways we support our agent and broker partners:
- In 2022, Personal Insurance provided agents with tools to help customers understand the factors driving premium increases across the industry. By developing detailed Auto and Home Marketplace Guides, we enabled agents to confidently address premium increase questions. With our Renewal Premium Compare Tool, agents can also see why auto, home or landlord renewal premiums may have changed and find discounts that may help lower a customer’s premium.
- To support agency development, we offer READY, SET, PIVOTSM, a web-based program designed to prepare agents for the future of insurance. In addition, the Travelers Agent Leadership Program offers in-person training to help agents increase sales, improve retention, leverage digital resources and grow their bottom line.
- In 2022, we continued to offer hundreds of digital marketing resources through toolkitPlus, introduced our Quantum Home 2.0® product in New York, enhanced our Digital Quote Proposal experience and expanded our IntelliDrive® telematics offering.
- In Business Insurance, we continue to digitize and streamline the transaction life cycle, so we can meet – and ultimately exceed – expectations and improve the overall experience for agents, brokers and customers.
- We provide business insurance products to agents and brokers through our dedicated online portal ForAgents and directly through multiple Agency Management Systems (AMSs). We have also deployed an industry-leading collection of Application Programming Interfaces (APIs) that connect our platforms directly into virtually every major AMS and distribution platform in the marketplace.
- For larger brokers, we’re connecting directly to the desktop of their producers, allowing them to send us account data in real time. We also continue to invest in our risk information management services capabilities, such as e-CARMA®, a key differentiator for our larger broker partners. For middle market customers who typically have more complex insurance requirements, we have updated our APIs so agents and brokers can digitally send multiline submissions via their own internal systems. And for smaller commercial customers, we have updated our APIs to return indications or fully bindable quotes for both Business Owner Package and Workers Compensation policies.
- Additionally, we continue to roll out Travis℠ – our new proprietary rate, quote and issue platform – to additional lines of business and states. With 60% fewer questions and 50% fewer screens, Travis significantly reduces the time and effort to compare rates, provide quotes and issue policies, thereby improving the experience for agents and customers alike.
Bond & Specialty Insurance
- In Bond & Specialty Insurance, we continue to improve the agent experience by enhancing the convenience, connectivity and responsiveness of our digital solutions for Surety & Management Liability. We are leveraging our significant data advantage to improve time to market and deliver enhanced risk management content for our distribution partners and customers.
Travelers Institute® educational programming also offers unique value to our network of 13,500 agent and broker partners, providing a distinguished thought leadership platform. Over the course of more than a decade, the Travelers Institute has hosted more than 700 events in collaboration with agents and brokers, enhancing these relationships while providing education and risk mitigation strategies to thousands of consumers.
The programming leverages our agents’ knowledge of how issues such as cybersecurity, distracted driving and natural disasters directly affect families, businesses and communities. Agencies and agent associations regularly co-host programs with the Travelers Institute, invite customers and provide expert speakers, showcasing their risk management expertise and reinforcing their value as trusted advisors for critical insurance decisions. In addition, the Travelers Institute offers presentations on the economic outlook and political landscape at agent conferences and events and provides educational content, including publications, social media campaigns and videos, for agents and brokers to share with clients.
During the pandemic, the Travelers Institute continued to foster these relationships and provide educational programming through its new Wednesdays with Woodward® webinar series. The series launched in June 2020 to explore personal and professional issues impacting our agents, our brokers, our customers, our employees and the communities we serve. Seventy-seven programs have been held through the end of 2022, with topics including telematics-based insurance programs, cross-sector efforts to fight cybercrime and mental well-being in the workplace, among many others. Notably, the Travelers Institute hosted the webinar 60 Minutes in Personal Insurance: Opportunities in a Changing Marketplace, highlighting significant trends impacting midsized businesses and providing shared insights that insurance agents and brokers can use to find opportunities amid a changing risk landscape.
Additional programs explored distribution and agency trends for personal insurance and commercial insurance. These included the following webinars:
Travelers Institute programs are a great example of how our efforts to strengthen our communities also enhance our relationships with our agent and broker partners and drive our bottom line. In 2022, nearly 90% of agents and brokers who responded to post-program surveys reported that the content was “very” or “extremely” valuable to them, while their comments often highlighted that these programs are shared throughout their teams.