Harnessing the Power of Data
Data and analytics can help us explain events from the past or even anticipate what may happen in the future. At Travelers, we believe data and analytics are transformative, strategic assets that provide us with a competitive advantage, help create great customer experiences and improve the overall productivity and efficiency of our business.
Our digital journey continues to accelerate technology innovation, expand omnichannel customer engagement and leverage advanced analytics and artificial intelligence to boost productivity, improve operational efficiencies and drive better experiences for our customers and agents. And our investments in digital capabilities in recent years were instrumental in our ability to respond to the global pandemic.
Responding to the needs of our customers and business teams, we placed a high priority on design thinking and shifted from a project management focus to product teams. These small teams, made up of individuals from a mix of disciplines and functions, are responsible for specific products and empowered to make decisions that help drive business outcomes and speed to market.
We’ve also shifted to an engineering mindset throughout the Technology & Operations teams, such that instead of simply translating business requirements into code, our engineers are more directly integrated into the business and are thus better able to understand and appreciate the digital business drivers in today’s market. These mindset shifts help inform how we interact with our customers, agents, brokers and employees to create frictionless digital experiences.
Our Data and Analytics team, led by our Chief Data and Analytics Officer, has strong partnerships across the enterprise and is responsible for executing our strategic data and analytics priorities. Through our data and analytics capabilities, we are providing solutions to challenges in our business and our industry, with the explicit goal of further extending our data and analytics advantage to drive industry-leading performance for years to come.
Travelers has been using data and analytics for more than 165 years, but the world is constantly evolving. Our Data and Analytics team continually incorporates new sources of data to further enhance our risk insights and optimize our operational decisions.
Each year, we:
- Process more than 1 million loss notices.
- Respond to roughly 20 million quotes.
- Answer more than 10 million calls from customers and agents.
That equates to more than 30 million “events” per year, or roughly 100,000 different business interactions a day, that can be optimized through data and analytics.
Cultivating Our Data Culture
Our Data Culture program was launched in 2020 to reinforce the strategic value of data and how it impacts our business. The program is intended to ensure that all employees take ownership of data, understand and protect data, capture data appropriately and make sure the data they are using is accurate and timely. Program highlights include:
- Engagement. Creating awareness and understanding of the importance and impact of data.
- Learning and Development. Offering programs to support a community of continual learning and growth.
- Enablement. Providing tools and resources to aid in maturing a data-driven culture.
As part of this program, our new Leadership Series prepares our operational leaders to become even better consumers of data and analytics capabilities, extending beyond traditional uses in product risk segmentation and enabling them to reimagine work across the value chain. Through this series, we seek to enable better decision-making, enhance productivity and build improved experiences for our agents, brokers, customers and employees – all of which help us maintain and advance our industry-leading performance.