Innovation

We recognize that the world is evolving quickly. While our long-term financial strategy is not changing, the competitive advantages that have fueled our success over the last decade will not necessarily be the same as those we will need to continue to lead for the next decade. That is the focus of our ambitious innovation agenda: making sure that our competitive advantages are as relevant and differentiating tomorrow as they are today. Ultimately, the vision for our innovation agenda is to be the undeniable choice for the customer and an indispensable partner for our agents and brokers.

Approach

As one of the United States’ largest multiline insurers, we continually invest in data, analytics, technology and operations to make our processes more efficient and effective to better serve our customers and maintain our competitive edge. Our competitive advantages set Travelers apart; they are foundational to the success of our long-term financial strategy. Nonetheless, we understand clearly that the world is changing, and changing quickly. Broadly speaking, we see four significant forces of change impacting our industry:

Forces of Change

Forces of Change graphic, see details below

Forces_Of_Change

We are pursuing an ambitious innovation agenda that is focused intently on these forces of change and is designed to ensure that our competitive advantages remain relevant and differentiating to drive our long-term success.

We believe the winners in our industry will be those with deep domain expertise who can continue to deliver industry-leading results while innovating successfully on top of a foundation of excellence. To ensure that we keep pace with the accelerating rate of demographic, economic, technological and cultural change in today’s consumer and business environment, we have adopted a focused approach to innovation as a business discipline. Our Chief Innovation Officer leads a dedicated team of innovation specialists who focus on championing and supporting experimentation across the enterprise and enable connections to new capabilities in external ecosystems. The Travelers iCouncil, a working group of senior leaders, oversees our innovation initiatives across the enterprise, helping to ensure consistency and streamline our innovation efforts.

At the same time, our Technology & Operations teams, led by our Chief Technology & Operations Officer, are also actively engaged in our broad and ambitious innovation agenda by driving our digital and advanced data and analytics initiatives. As we scale our agile practices across the organization, including through the creation of persistent, cross-functional groups, we can reinforce our leading position in the industry.

Our “perform and transform” mindset, discussed in our Chairman and CEO's message, and our culture of innovation have become important parts of our DNA. Our collaborative approach to innovation helps us “focus on the future” by bringing an innovative mindset to everything we do, forging strategic internal and external partnerships and accelerating new ideas with speed and direction – or, as we refer to it internally, “innovating with velocity.”

We are pursuing innovation in service of our vision to be the undeniable choice for the customer and an indispensable partner to our agents and brokers. In support of that vision, we have three innovation priorities:

Strategic Innovation Priorities

Extend our advantage in risk expertise. Understanding risk, and the products and services our customers need to manage risk, has been foundational to our success for decades. Core to that is our ability to balance the science and art of risk-based decision-making based on data and analytics. That skill set requires a combination of deep expertise and a special culture that values collaboration and long-term success. It is an important competitive advantage developed over a long period of time and one we believe is very difficult to replicate. We seek to extend our advantage by investing in areas such as predictive modeling, advanced analytics, robotic process automation, machine learning, artificial intelligence and new products.
Provide great experiences for our customers, agents and brokers. Across all of our businesses, we are focused on becoming faster, easier, nimbler, more digital, more mobile and more personalized. When we think there is a proprietary advantage, we invest in building these capabilities ourselves. In other cases, we partner with, invest in or acquire organizations – both established businesses and startups – to bring these great experiences to market more efficiently. Both approaches have resulted in new and enhanced capabilities, such as on-demand certificates of insurance for Small Commercial accounts, ongoing improvement to our self-service web experience, a completely redesigned mobile app, virtual home and auto inspections, virtual telemedicine visits, loss consultation and digital claim payments, to name a few.
Optimize productivity and efficiency. We are continually working to optimize our productivity and efficiency to enhance our operating leverage. We primarily do this through investing in technology and improving workflow. Enhanced operating leverage provides us with the flexibility to let the savings fall to the bottom line, reinvest the savings and/or compete on price without compromising our return objectives.

Discovering Emerging & Future Opportunities

As a leading property and casualty insurer with deep industry expertise and a long-standing commitment to learning, we believe that our employees, and the knowledge and insight they bring to serving our customers, underlie all of our key competitive advantages. We combine our talent and expertise with data, analytic tools and research capabilities to identify emerging and future opportunities to provide our customers with the products and services they need to protect what’s important to them.

We track key trends that offer clues to how the future may evolve so that we are better positioned as customer preferences and expectations continue to evolve with time. We have in-house teams dedicated to researching and formulating educated viewpoints about the future of society, technology and the insurance industry, driving our long-term strategic priorities. From autonomous vehicles to artificial intelligence (AI), we systematically assess new technologies, plan for their potential impact and identify the business opportunities that may arise as a result. This brief video describes our approach and identifies the trends we are watching.

Building_Perspective

Building_Perspective_Accordion

In addition to watching industry trends, we continually evaluate evolving risks to our customers and help them with mitigation opportunities. We can test real-life scenarios at our research and training facilities – Claim University, the National Catastrophe Center and the Risk Control Forensics Laboratory. Sharing what we learn with our underwriters helps them better select and price risks and develop products and services that address emerging risks to meet customer needs. These insights also give our Risk Control professionals a competitive edge, allowing them to work effectively with customers to help them identify occupational risks and mitigate and manage exposures to loss. In addition, our learnings allow our customers to help improve their employees’ safety and wellness, as well as their own business results. Finally, these insights enable our Claim professionals to help our customers recover from losses quickly and efficiently. We also share our insights with our customers and the public through our agent and broker partners, our Prepare & Prevent website, Travelers Institute^® and MyTravelers^® for Business.

Fostering External Partnerships

With emerging trends and future scenarios in mind, our dedicated innovation scouts help us forge new partnerships and alliances outside of Travelers to broaden our perspective, gain early access to new ideas and develop solutions to some of the most compelling challenges impacting the industry. We position ourselves in the flow of innovation around the globe by collaborating with incubators, startups, venture capital and private equity firms, and others that are developing exciting new technologies and capabilities. We partner with incubators like Plug and Play and FinTech Innovation Lab New York, both innovation programs that bring together startups and some of the world’s largest corporations. Through these partnerships, we participate in initiatives such as the Hartford InsurTech Hub, a collaboration of insurance carriers, representatives of the city of Hartford and community stakeholders, all focused on industry evolution through collaboration and innovation. The goal of this group is to develop a local innovation ecosystem supported by local resources, capabilities and talent, in which insurance technology startups can grow and flourish. We view our involvement in this Hartford-based initiative as an investment in both our communities and our business.

Our external partnerships also help us drive co-innovation on data and AI capabilities. We continue to assemble new third-party datasets while refining our existing data to unlock new sources of insights and drive automation and productivity. For example, we set out to find new ways to expedite the process used to detect total losses from wildfires, specifically in the most prevalent fire loss areas of the western United States. Using third-party imagery collected from previous California wildfires, we tapped into our property boundary data to isolate home locations in the pictures. We then crowdsourced the tagging of 40,000 images, enabling a deep learning model to analyze the data and immediately assess which properties were total losses. The identification of total losses from imagery enables us to initiate the claim process faster, which, in turn, allows our customers to begin recovering and rebuilding their properties more quickly.

Driving an Innovation Mindset & Velocity

We built our internal innovation ecosystem to develop the key capabilities needed for the future by leveraging the best talent and ideas from both inside and outside our company. In collaboration with our dedicated Innovation team, our network of Travelers leaders spanning our businesses and functions – our Innovation Evangelist Network – take ownership of crafting the innovation objectives for their respective business lines. This network is supported by hundreds of subject matter experts, software engineers, design specialists and data and analytics professionals. These teams deploy their unique insights, perspectives and skills to bring innovative products and services to market and optimize productivity and efficiency to better serve our customers and agent and broker partners.

Supporting our evangelists and business leaders are our Experimentation Partners, who enable innovation within the business through mentoring, coaching, facilitation, tools and testing platforms. They provide:

A best-in-class innovation methodology to rapidly bring ideas to life, supported by tools, training classes and online resources.
Innovation designers to facilitate problem definition, information gathering, experiment design and, ultimately, the building of robust business cases for new ideas.
A platform for rapid test-and-learn, with technology and engineers available to enable experimentation at scale, leveraging the latest software tools and emerging technologies inside and outside the company.
Help solving critical business problems and driving velocity within our innovation agenda.

Experimentation Partners graphic, see details below

Innovation_Mindset

We developed tools, training, communications and events to foster an innovation mindset throughout Travelers. Notably, to elicit new ideas, we regularly host hackathons, which we refer to as “Innovation Jams.” Participants collaborate and compete over the course of 24 hours to develop prototypes that address business challenges. Innovation Jam participants include Travelers employees from the United States, Canada and Europe and span all of our business functions, bringing together employees’ knowledge and expertise in insurance, technology, design, customer experience, marketing and communications, among other disciplines, to solve critical business problems in new and creative ways. Now in its seventh year, our annual Innovation Jam has engaged thousands of employees, inspired a number of practical solutions and led to over 60 patent applications by Travelers. The 2021 Innovation Jam, which was again conducted virtually due to the ongoing pandemic, drew over 700 employees forming more than 90 teams.

Innovative Products & Services

The forces of change in our industry present not only risk but also significant opportunities. We continually leverage our innovation ecosystem and data-centric culture to provide new products and services to the insurance market. Here are some examples of those innovative products and services and how we are using technology to deliver them.

Products_Services

To learn about how our innovative products and services incentivize health, safety and/or environmentally responsible actions and behaviors, see our SASB report.

Using AI to Streamline Submission and Quoting Processes	Insurance quote requests often require significant manual effort to extract information from submitted documents before an underwriter can fully evaluate and price the risk. By organizing valuable unstructured data from submission documents, artificial intelligence (AI) augments our underwriting capabilities, enhancing risk selection and increasing efficiency while also enabling agents and brokers to write more business more quickly. Through our strategic partnership with Groundspeed Analytics, Inc., announced in October 2019, we use AI to simplify our new business and policy renewal processes and drive a better experience for our agents, brokers and customers. The partnership includes collaboration with Groundspeed on the design of additional AI capabilities for the automation of commercial insurance analytics.
Certified Data Products	We created a series of certified data products that leverage both Travelers and third-party data. These products are operationally integrated, mastered, standardized, curated and quality controlled. For example, our new Certified Business database contains details about more than 30 million businesses, nonprofits and municipalities, providing a 360-degree view of each customer. Certified Business currently enables field and home office employees to share customer information across all lines of business – improving our ability to generate new business leads, cross-sell our products and make more informed business decisions during the sales and underwriting process.
Digital Delivery of Policy Documents	By enabling agents and customers to correspond and transact with us digitally, including by signing or approving forms using e-signature, we’re able to provide quicker service while reducing our paper usage and mail costs.
MyTravelers® for Business	In 2021, we continued to experience increased adoption of our digital business assets. MyTravelers for Business provides online, on-demand self-service capabilities for our customers so they can manage their business insurance accounts on their own schedules. Once logged in, customers can view their Travelers policies and billing accounts and access an extensive inventory of capabilities. Some of these include reporting a claim or checking the status of a claim; obtaining copies of policy documents or certificates of insurance; accessing historical claim or loss run information; printing auto ID cards; and viewing limits and deductibles.
Risk Management Information Services (e-CARMA®)	Travelers Risk Management Information Services uses advanced technology to gather and analyze many elements that can have a significant impact on loss experience. For our larger Business Insurance customers with more sophisticated or complex operations, we offer e-CARMA®, a comprehensive and customizable analysis tool that makes accessing loss information faster and easier so our customers can make timely and informed decisions to keep their businesses running smoothly.
Travelers BOP 2.0	Our BOP (Business Owner Policy) 2.0 product, launched in 2019 with input from our agents and brokers, makes the quoting experience faster and easier with simplified screens, fewer questions, more customer information prefilled and modernized business classifications. We also adjusted our pricing, introduced new discounts and provided flexible offerings that allow agents and brokers to package coverages in a way that best meets the needs of our customers. Countrywide rollout is in progress.
Global Companion^℠ Plus+	In 2020, Travelers announced the launch of Global Companion^℠ Plus+. This new product builds on the company’s broad property and casualty offerings for U.S. firms with foreign exposures. Features of Global Companion^℠ Plus+ include: Primary Foreign Voluntary Workers Compensation. Protects employees who are working outside their home countries. Financial Interest. Provides a separate $1 million limit for U.S.-based companies as an extra layer of protection when an eligible foreign subsidiary suffers a covered loss. Global Panel Counsel Service. Helps businesses in need of legal assistance abroad find in-country representation experienced in local regulations and languages. Emergency Evacuation Coverage. Offsets the cost of employees who must evacuate while abroad. This now includes coverage for natural disasters, political unrest and endemic disease. Learn more
CSS Third-Party Claims Administration Services	Constitution State Services (CSS) is a Travelers subsidiary providing claim management services for over 40 years. CSS is a third-party administrator for larger commercial customers for workers compensation claims, general liability claims, commercial auto claims and property claims. CSS provides a prompt, focused response to claims, working collaboratively with our clients to efficiently pay what is owed, manage expenses and provide excellent customer service. Leveraging its national scale and technical expertise enables us to deliver superior results.
Enabling Agent Service Capabilities through APIs	Travelers recently launched a pilot application programming interface (API) that enables our agent and broker partners to access certificates of insurance on a real-time basis. This API allows an ACORD 25 certificate of insurance to be created by pulling real-time policy data into the certificate of insurance form.

Digital Service Options	The majority of our personal insurance policies are registered on MyTravelers for self-service, which provides a more seamless experience for our customers. As we continue our strategic shift to digital, we are on track to realize a meaningful increase in registrations and in eligible self-service transactions.
Digital Quote Proposal	Digital Quote Proposal allows agents to text or email interactive quote proposals to their customers, with easy-to-understand policy coverage details, discounts and payment options. It also offers real-time direct customer feedback capabilities so customers can ask questions and inquire about additional coverages. Currently available in 31 states.
MyTravelers® Mobile App	Our customer portal for personal insurance customers, available 24/7, enables our customers to manage their insurance needs more quickly and conveniently. It allows our customers to make payments, view or change policy information, report and track the status of a claim, download auto ID cards, request roadside assistance and otherwise manage their insurance policies. Through this robust digital experience, we also provide our customers with explanations about our insurance products and coverage using plain language and, in some cases, video content. Learn more
Quantum Home 2.0®	Through its rebuilt quote and issue system, our Quantum Home 2.0 product, which was designed in close collaboration with our agent and broker partners, makes it easier to tailor flexible and cost-effective coverage packages and specialty options for home and condo owners, tenants and landlords. Its granular pricing segmentation, customizable coverages and ease of quoting offer a sophisticated yet simple solution that delivers value to both customers and agents. Currently available in 42 states and the District of Columbia. Learn more
IntelliDrive®	Travelers IntelliDrive is a mobile-app telematics program that allows customers to better understand their driving habits by collecting and assessing data on behaviors, such as hard braking, rapid acceleration, speed, the time of day customers drive and distracted driving. IntelliDrive, which captures driving information for all enrolled drivers in the household for 90 days to determine their overall driving performance, allows customers to get auto insurance priced according to how they drive. In most states, safe drivers can see savings of up to 30% on their auto premiums at renewal, as well as savings of up to 10% for new customers at the time of enrollment. In most states, riskier driving habits can result in higher premiums. Throughout 2020 and 2021, we introduced a number of significant enhancements to IntelliDrive. We launched a completely redesigned mobile app experience, based on agent and consumer feedback. Our redesigned app allows customers to more easily monitor driving performance, challenges them to put their phones down while driving with the new “Distraction-Free Streak” and gives them information on ways to be a safer driver. We introduced distracted driving as an additional scoring variable, thereby encouraging drivers to limit phone use when driving. These changes, as well as an increased discount for enrolling and the potential for greater savings for safe driving, have greatly increased the IntelliDrive adoption rate. Currently available in 43 states, as well as Canada. Learn more
Pet Insurance	In 2020, Travelers partnered with Crum & Forster Pet Insurance Group to offer pet insurance directly to consumers. The products are sold under the American Society for the Prevention of Cruelty to Animals (ASPCA) Pet Health Insurance Program brand, which Crum & Forster licenses. This partnership enables us to take advantage of a meaningful market opportunity while enhancing our ability to cross-sell products. InsuraMatch, which is a Travelers-owned agency, is the agent of record for new and renewal sales generated online and by phone. Learn more
Motorcycle Insurance	In 2021, Travelers began making motorcycle insurance available directly to consumers through a partnership with Dairyland® Insurance, which is a member of Sentry® Insurance. Dairyland also offers off-road vehicle coverage in a growing number of states. With this partnership, we are expanding the risk protection solutions we offer to consumers, enabling them to get a quote quickly and consult on other insurance needs. InsuraMatch, which is a Travelers-owned agency, is the agent of record for new and renewal sales generated online and by phone. Learn more
Traverse℠	Traverse is an innovative personal insurance product designed for consumers who want to insure personal articles that are valuable to them and may not need a traditional homeowners policy. Designed to meet the needs of millennials and Gen Z, Traverse can insure items such as smartphones, laptops, musical instruments and jewelry, often acting as an alternative to traditional renter’s insurance. Traverse offers personal liability coverage that meets most landlord requirements. Traverse is a digital offering; from quotes and policy issuance to policy changes and claims – customers can do it all online. Currently available in New York and Texas. Learn more
Travelers Home Central^™	*Travelers Home Central* is a set of online tools and resources that provides information about moving, refinancing, buying and remodeling a home. The content is designed to help our current and future personal insurance customers protect themselves, feel more confident in making difficult choices and better understand the risks involved with being a homeowner.

Aerial Imagery and Virtual Damage Inspection	We have an AI-driven solution that combines high-resolution before-and-after aerial images of areas affected by disasters with geospatial mapping tools and virtual damage inspection programs to accurately assess damage, often before physical access to the affected areas is possible. In addition to using this technology to help expedite claim processing, Travelers also makes it available to our independent agents and brokers to help them quickly answer their customers’ questions.
Artificial Intelligence (AI) in Fraud Detection	We leverage state-of-the-art AI tools to process both structured and unstructured data to help identify questionable claim behaviors. For Auto and Property claims, deep-learning NLP (natural language processing) models help our Claim professionals detect suspicious cases earlier in the claim process, leading to more efficient and effective claim processing.
Catastrophe Response Staffing Strategy	Extensive employee cross-training and advanced workforce management programs enable Travelers to respond quickly and effectively to large-scale weather events without disruption or use of third-party adjusting firms, supporting operational effectiveness and customer experience. Learn more
Drones in Property Inspection	Widespread use of unmanned aerial systems (drones) in property damage inspections speeds claim inspection and resolution times; approximately 96% of all Personal Insurance claims were closed within 30 days when a drone was used during the inspection process, as compared with 89% when a drone was not used. Widespread use of drones enhances customer experience and increases employee safety, including by more easily enabling social distancing. We conducted approximately 84,000 drone flights for property claims in 48 states since the inception of the program. Travelers was the first insurer to develop a drone training program and assisted with developing FAA regulations for commercial use of unmanned aircraft systems. Our strategic investment in Kittyhawk, a leading provider of drone operations software, reinforces our leadership role in the commercial application of drone technology.
Virtual Inspections	Using innovative virtual inspection and measurement technology, we are able to transform smartphone photos of a property into an accurate 3D model so that our Claim professionals can easily inspect property damage without climbing ladders and our policyholders can provide information without having to schedule an on-site inspection. We are now using virtual claim handling capabilities on a significant number of both auto appraisals and wind/hail claims without the need for inspection by a Travelers Claim professional. We are also handling significantly more water claims virtually as compared with pre-pandemic levels.
Wildfire Defense Systems Partnership	We partner with Wildfire Defense Systems (WDS) to give California home, landlord and Small Commercial policyholders an added layer of wildfire protection at no additional cost. In 2021, we expanded WDS to home, landlord, farm and ranch customers in Colorado. WDS uses proprietary forecasting and threat analysis to identify which Travelers customers could be impacted by a wildfire and then assists them in taking preventive measures. Among other things, our relationship with WDS allows for the deployment of wildfire prevention specialists to customers’ homes to help prevent or minimize damages when wildfires are imminent. Learn more
Early Severity Predictor®	The Travelers proprietary *Early Severity Predictor* model, which identifies injured employees at greater risk for chronic pain and therefore opioid addiction, which allows us to help them by recommending appropriate medical and behavioral interventions.
MyTravelers® for Injured Employees	In response to the evolving needs of our customers and their injured employees, we have made a number of investments in our workers compensation claim-handling model, TravComp®. For example, we introduced our self-service workers compensation claim portal, MyTravelers for Injured Employees. Through this innovative platform, injured employees are empowered to engage in their return-to-work journey and interact with us digitally throughout the claim process. In-portal claim notifications, messaging with Claim and medical professionals, two-way document sharing and tailored digital content help ensure we quickly get the right claim information into the hands of injured employees.
Loss Consultation	Many times, smaller claims are below policy deductibles. Loss Consultation is an innovative program that gives customers the option of speaking with a loss specialist, who can provide information on the scope of loss, deductibles and coverages so that the customer can make an informed decision about whether to file a claim.
Virtual Assistants	Virtual chat assistants on the MyTravelers portal answer frequently asked questions, help customers start the claim reporting process and facilitate common service transactions digitally. For example, through our virtual assistants, customers can get guidance on how to accomplish tasks such as changing their address, paying their bill or adding a vehicle to their policy.
Operational “Bots”	Our operational “bots” are autonomous programs that handle routine claim management tasks, creating capacity for Claim professionals to focus on higher-value work while accelerating the claim process by reducing touchpoints and handoffs.
Enhanced Digital Customer Engagement Channels	Video communication, secure chat and file exchange capabilities within the MyTravelers portal enable more efficient communication between Claim professionals and customers and provide convenient access to claim information.

Online Risk Control Resources	We provide customers with pre-loss safety and damage mitigation resources through direct communications, social media and our extensive Prepare & Prevent website. Business Insurance customers also have access to the Travelers Risk Control website on MyTravelers® for Business, a library of self-service loss prevention and safety resources for risk management professionals. Together, our Prepare & Prevent website and MyTravelers for Business give customers online access to more than 1,250 resources to help them better understand risk, mitigate exposures and prevent losses.
Fire Protection System Impairment Management Tool	Available on our secure Risk Control website on MyTravelers for Business, this tool is designed to help customers record and communicate to Travelers when a sprinkler system, fire pump, special extinguishing system or other fire protection system component is out of service. Customers can track impairments at multiple properties and get reminder emails to help return a system back to service in a timely manner, helping to protect their business and employees. Learn more
Risk Control On-Demand®	This virtual safety consulting platform enables customers to access our network of safety specialists in real time. Customers can upload digital media and collaborate with consultants around the globe to evaluate occupational hazards and design and implement safety improvements. Using digital video and screen-sharing technology, ergonomic specialists collaborate with our customers, including through the use of our AI-Assisted Ergonomic Assessment, to identify job hazards and design improvements to help reduce the risk of developing musculoskeletal disorders.
Construction Vibration App	The smartphone-based app ZoneCheck^® helps construction companies understand how site activities can impact ground vibration and identify related risks to nearby structures.
Helping Contractors Manage the Cost of Risk	In 2020, Travelers announced an exclusive agreement with Procore, a leading provider of construction management software, to help contractors manage the total cost of risk through improved operations and job-site safety. Procore’s construction platform connects entire project teams, from the office to the field and across companies. This provides key stakeholders – owners, general contractors, specialty contractors, architects and engineers – with the ability to collaborate across locations and devices. Procore’s platform can help contractors avoid many costly losses and delays through effective risk management and cross-team collaboration. The Procore software is currently available at a 20% discount for eligible Travelers construction insurance customers (state availability applies). Learn more
Forensics and Digital Forensics Laboratories	We have a Forensics Laboratory staffed by a team of scientists and engineers with backgrounds in chemistry, metallurgy, materials science, fire forensics and construction. This capability brings analytical rigor to identify how losses occur and who or what is responsible. Our Digital Forensics Laboratory, staffed by specialists, enables Travelers to ingest, preserve and analyze digital data from any source, including the web, social media and smart devices.

Illustrative Initiatives

SEE ALL INITIATIVES

Our Drivers of Sustained Value

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What will tomorrow look like? Or next year? Or five years from now? The way we live and work is
continuously evolving. Entire industries are being disrupted.

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At Travelers, we are transforming with velocity because of business is built on a promise.

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Helping our customers, our communities and each other. For today, and tomorrow.

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our communities

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and each other.

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For today, and tomorrow.

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We are tracking key trends that offer clues to changes in the insurance value chain.

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These provide a glimpse at what the future may look like and position us to better respond.

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We're anticipating how customers will want to buy insurance in the future.

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Applying artificial intelligence and new data sources to power decisions.

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Responding to social, environmental and economic shifts.

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Developing new products and value-added services to meet future customer needs.

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Adapting our capabilities in response to growth opportunities.

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And, we're applying new skills, processes and technologies to drive efficiency.

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Understanding the key changes in these six areas is essential to our continued success.

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We are an insurance company that cares.

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Our expertise and focus on innovation have made us a leader for more than 165 years.

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and will continue to help us deliver on our promise

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and provide peace of mind to our customers for many years to come.

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Travelers logo with Innovation+

INNOVATIVE PRODUCTS & SERVICES

Business Insurance

Using AI to Streamline Submission and Quoting Processes	Insurance quote requests often require significant manual effort to extract information from submitted documents before an underwriter can fully evaluate and price the risk. By organizing valuable unstructured data from submission documents, artificial intelligence (AI) augments our underwriting capabilities, enhancing risk selection and increasing efficiency while also enabling agents and brokers to write more business more quickly. Through our strategic partnership with Groundspeed Analytics, Inc., announced in October 2019, we use AI to simplify our new business and policy renewal processes and drive a better experience for our agents, brokers and customers. The partnership includes collaboration with Groundspeed on the design of additional AI capabilities for the automation of commercial insurance analytics.
Certified Data Products	We created a series of certified data products that leverage both Travelers and third-party data. These products are operationally integrated, mastered, standardized, curated and quality controlled. For example, our new Certified Business database contains details about more than 30 million businesses, nonprofits and municipalities, providing a 360-degree view of each customer. Certified Business currently enables field and home office employees to share customer information across all lines of business – improving our ability to generate new business leads, cross-sell our products and make more informed business decisions during the sales and underwriting process.
Digital Delivery of Policy Documents	By enabling agents and customers to correspond and transact with us digitally, including by signing or approving forms using e-signature, we’re able to provide quicker service while reducing our paper usage and mail costs.
MyTravelers® for Business	In 2021, we continued to experience increased adoption of our digital business assets. MyTravelers for Business provides online, on-demand self-service capabilities for our customers so they can manage their business insurance accounts on their own schedules. Once logged in, customers can view their Travelers policies and billing accounts and access an extensive inventory of capabilities. Some of these include reporting a claim or checking the status of a claim; obtaining copies of policy documents or certificates of insurance; accessing historical claim or loss run information; printing auto ID cards; and viewing limits and deductibles.
Risk Management Information Services (e-CARMA®)	Travelers Risk Management Information Services uses advanced technology to gather and analyze many elements that can have a significant impact on loss experience. For our larger Business Insurance customers with more sophisticated or complex operations, we offer e-CARMA®, a comprehensive and customizable analysis tool that makes accessing loss information faster and easier so our customers can make timely and informed decisions to keep their businesses running smoothly.
Travelers BOP 2.0	Our BOP (Business Owner Policy) 2.0 product, launched in 2019 with input from our agents and brokers, makes the quoting experience faster and easier with simplified screens, fewer questions, more customer information prefilled and modernized business classifications. We also adjusted our pricing, introduced new discounts and provided flexible offerings that allow agents and brokers to package coverages in a way that best meets the needs of our customers. Countrywide rollout is in progress.
Global Companion^℠ Plus+	In 2020, Travelers announced the launch of Global Companion^℠ Plus+. This new product builds on the company’s broad property and casualty offerings for U.S. firms with foreign exposures. Features of Global Companion^℠ Plus+ include: Primary Foreign Voluntary Workers Compensation. Protects employees who are working outside their home countries. Financial Interest. Provides a separate $1 million limit for U.S.-based companies as an extra layer of protection when an eligible foreign subsidiary suffers a covered loss. Global Panel Counsel Service. Helps businesses in need of legal assistance abroad find in-country representation experienced in local regulations and languages. Emergency Evacuation Coverage. Offsets the cost of employees who must evacuate while abroad. This now includes coverage for natural disasters, political unrest and endemic disease. Learn more
CSS Third-Party Claims Administration Services	Constitution State Services (CSS) is a Travelers subsidiary providing claim management services for over 40 years. CSS is a third-party administrator for larger commercial customers for workers compensation claims, general liability claims, commercial auto claims and property claims. CSS provides a prompt, focused response to claims, working collaboratively with our clients to efficiently pay what is owed, manage expenses and provide excellent customer service. Leveraging its national scale and technical expertise enables us to deliver superior results.
Enabling Agent Service Capabilities through APIs	Travelers recently launched a pilot application programming interface (API) that enables our agent and broker partners to access certificates of insurance on a real-time basis. This API allows an ACORD 25 certificate of insurance to be created by pulling real-time policy data into the certificate of insurance form.

Personal Insurance

Digital Service Options	The majority of our personal insurance policies are registered on MyTravelers for self-service, which provides a more seamless experience for our customers. As we continue our strategic shift to digital, we are on track to realize a meaningful increase in registrations and in eligible self-service transactions.
Digital Quote Proposal	Digital Quote Proposal allows agents to text or email interactive quote proposals to their customers, with easy-to-understand policy coverage details, discounts and payment options. It also offers real-time direct customer feedback capabilities so customers can ask questions and inquire about additional coverages. Currently available in 31 states.
MyTravelers® Mobile App	Our customer portal for personal insurance customers, available 24/7, enables our customers to manage their insurance needs more quickly and conveniently. It allows our customers to make payments, view or change policy information, report and track the status of a claim, download auto ID cards, request roadside assistance and otherwise manage their insurance policies. Through this robust digital experience, we also provide our customers with explanations about our insurance products and coverage using plain language and, in some cases, video content. Learn more
Quantum Home 2.0®	Through its rebuilt quote and issue system, our Quantum Home 2.0 product, which was designed in close collaboration with our agent and broker partners, makes it easier to tailor flexible and cost-effective coverage packages and specialty options for home and condo owners, tenants and landlords. Its granular pricing segmentation, customizable coverages and ease of quoting offer a sophisticated yet simple solution that delivers value to both customers and agents. Currently available in 42 states and the District of Columbia. Learn more
IntelliDrive®	Travelers IntelliDrive is a mobile-app telematics program that allows customers to better understand their driving habits by collecting and assessing data on behaviors, such as hard braking, rapid acceleration, speed, the time of day customers drive and distracted driving. IntelliDrive, which captures driving information for all enrolled drivers in the household for 90 days to determine their overall driving performance, allows customers to get auto insurance priced according to how they drive. In most states, safe drivers can see savings of up to 30% on their auto premiums at renewal, as well as savings of up to 10% for new customers at the time of enrollment. In most states, riskier driving habits can result in higher premiums. Throughout 2020 and 2021, we introduced a number of significant enhancements to IntelliDrive. We launched a completely redesigned mobile app experience, based on agent and consumer feedback. Our redesigned app allows customers to more easily monitor driving performance, challenges them to put their phones down while driving with the new “Distraction-Free Streak” and gives them information on ways to be a safer driver. We introduced distracted driving as an additional scoring variable, thereby encouraging drivers to limit phone use when driving. These changes, as well as an increased discount for enrolling and the potential for greater savings for safe driving, have greatly increased the IntelliDrive adoption rate. Currently available in 43 states, as well as Canada. Learn more
Pet Insurance	In 2020, Travelers partnered with Crum & Forster Pet Insurance Group to offer pet insurance directly to consumers. The products are sold under the American Society for the Prevention of Cruelty to Animals (ASPCA) Pet Health Insurance Program brand, which Crum & Forster licenses. This partnership enables us to take advantage of a meaningful market opportunity while enhancing our ability to cross-sell products. InsuraMatch, which is a Travelers-owned agency, is the agent of record for new and renewal sales generated online and by phone. Learn more
Motorcycle Insurance	In 2021, Travelers began making motorcycle insurance available directly to consumers through a partnership with Dairyland® Insurance, which is a member of Sentry® Insurance. Dairyland also offers off-road vehicle coverage in a growing number of states. With this partnership, we are expanding the risk protection solutions we offer to consumers, enabling them to get a quote quickly and consult on other insurance needs. InsuraMatch, which is a Travelers-owned agency, is the agent of record for new and renewal sales generated online and by phone. Learn more
Traverse℠	Traverse is an innovative personal insurance product designed for consumers who want to insure personal articles that are valuable to them and may not need a traditional homeowners policy. Designed to meet the needs of millennials and Gen Z, Traverse can insure items such as smartphones, laptops, musical instruments and jewelry, often acting as an alternative to traditional renter’s insurance. Traverse offers personal liability coverage that meets most landlord requirements. Traverse is a digital offering; from quotes and policy issuance to policy changes and claims – customers can do it all online. Currently available in New York and Texas. Learn more
Travelers Home Central^™	*Travelers Home Central* is a set of online tools and resources that provides information about moving, refinancing, buying and remodeling a home. The content is designed to help our current and future personal insurance customers protect themselves, feel more confident in making difficult choices and better understand the risks involved with being a homeowner.

Distribution

InsuraMatch

Acquired by Travelers in 2021, InsuraMatch is a national property casualty insurance agency that writes business for 50+ carriers across the United States.
InsuraMatch currently focuses on personal insurance products and offers coverage for auto, home, boat, motorcycle, renters, umbrella, flood and other lines.
InsuraMatch uses a series of digital platforms to provide its partners’ clients with an easy online comparison shopping experience backed by a licensed staff of insurance advisors to help consumers make the best decisions for themselves and their families.

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Simply Business

Simply Business is a growing technology company, owned by Travelers and operated as a stand-alone business, which offers products online on behalf of a broad panel of carriers.
Its proven business model enhances the insurance buying experience for microbusiness owners and aligns with Travelers’ efforts to simplify the small commercial insurance transaction.
Simply Business has more than 785,000 microbusiness and landlord customers, representing more than 1,000 classes of business.
Simply Business has been named a Best Place to Work in Insurance by Business Insurance.

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Zensurance Investment

In 2018, Travelers took a majority ownership stake in Zensurance, a Toronto-based digital provider of online insurance solutions for small businesses, offering business insurance online on behalf of a broad panel of carriers in Canada.
Zensurance uses data and analytics to identify the most common risks that small businesses face and designs insurance packages that are best suited for their respective industries.
Zensurance is a natural fit with our Simply Business team, further adding to our digital capabilities and medium-term strategic positioning to serve small and microbusinesses.

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Claim

Aerial Imagery and Virtual Damage Inspection	We have an AI-driven solution that combines high-resolution before-and-after aerial images of areas affected by disasters with geospatial mapping tools and virtual damage inspection programs to accurately assess damage, often before physical access to the affected areas is possible. In addition to using this technology to help expedite claim processing, Travelers also makes it available to our independent agents and brokers to help them quickly answer their customers’ questions.
Artificial Intelligence (AI) in Fraud Detection	We leverage state-of-the-art AI tools to process both structured and unstructured data to help identify questionable claim behaviors. For Auto and Property claims, deep-learning NLP (natural language processing) models help our Claim professionals detect suspicious cases earlier in the claim process, leading to more efficient and effective claim processing.
Catastrophe Response Staffing Strategy	Extensive employee cross-training and advanced workforce management programs enable Travelers to respond quickly and effectively to large-scale weather events without disruption or use of third-party adjusting firms, supporting operational effectiveness and customer experience. Learn more
Drones in Property Inspection	Widespread use of unmanned aerial systems (drones) in property damage inspections speeds claim inspection and resolution times; approximately 96% of all Personal Insurance claims were closed within 30 days when a drone was used during the inspection process, as compared with 89% when a drone was not used. Widespread use of drones enhances customer experience and increases employee safety, including by more easily enabling social distancing. We conducted approximately 84,000 drone flights for property claims in 48 states since the inception of the program. Travelers was the first insurer to develop a drone training program and assisted with developing FAA regulations for commercial use of unmanned aircraft systems. Our strategic investment in Kittyhawk, a leading provider of drone operations software, reinforces our leadership role in the commercial application of drone technology.
Virtual Inspections	Using innovative virtual inspection and measurement technology, we are able to transform smartphone photos of a property into an accurate 3D model so that our Claim professionals can easily inspect property damage without climbing ladders and our policyholders can provide information without having to schedule an on-site inspection. We are now using virtual claim handling capabilities on a significant number of both auto appraisals and wind/hail claims without the need for inspection by a Travelers Claim professional. We are also handling significantly more water claims virtually as compared with pre-pandemic levels.
Wildfire Defense Systems Partnership	We partner with Wildfire Defense Systems (WDS) to give California home, landlord and Small Commercial policyholders an added layer of wildfire protection at no additional cost. In 2021, we expanded WDS to home, landlord, farm and ranch customers in Colorado. WDS uses proprietary forecasting and threat analysis to identify which Travelers customers could be impacted by a wildfire and then assists them in taking preventive measures. Among other things, our relationship with WDS allows for the deployment of wildfire prevention specialists to customers’ homes to help prevent or minimize damages when wildfires are imminent. Learn more
Early Severity Predictor®	The Travelers proprietary *Early Severity Predictor* model, which identifies injured employees at greater risk for chronic pain and therefore opioid addiction, which allows us to help them by recommending appropriate medical and behavioral interventions.
MyTravelers® for Injured Employees	In response to the evolving needs of our customers and their injured employees, we have made a number of investments in our workers compensation claim-handling model, TravComp®. For example, we introduced our self-service workers compensation claim portal, MyTravelers for Injured Employees. Through this innovative platform, injured employees are empowered to engage in their return-to-work journey and interact with us digitally throughout the claim process. In-portal claim notifications, messaging with Claim and medical professionals, two-way document sharing and tailored digital content help ensure we quickly get the right claim information into the hands of injured employees.
Loss Consultation	Many times, smaller claims are below policy deductibles. Loss Consultation is an innovative program that gives customers the option of speaking with a loss specialist, who can provide information on the scope of loss, deductibles and coverages so that the customer can make an informed decision about whether to file a claim.
Virtual Assistants	Virtual chat assistants on the MyTravelers portal answer frequently asked questions, help customers start the claim reporting process and facilitate common service transactions digitally. For example, through our virtual assistants, customers can get guidance on how to accomplish tasks such as changing their address, paying their bill or adding a vehicle to their policy.
Operational “Bots”	Our operational “bots” are autonomous programs that handle routine claim management tasks, creating capacity for Claim professionals to focus on higher-value work while accelerating the claim process by reducing touchpoints and handoffs.
Enhanced Digital Customer Engagement Channels	Video communication, secure chat and file exchange capabilities within the MyTravelers portal enable more efficient communication between Claim professionals and customers and provide convenient access to claim information.

Risk Control

Online Risk Control Resources	We provide customers with pre-loss safety and damage mitigation resources through direct communications, social media and our extensive Prepare & Prevent website. Business Insurance customers also have access to the Travelers Risk Control website on MyTravelers® for Business, a library of self-service loss prevention and safety resources for risk management professionals. Together, our Prepare & Prevent website and MyTravelers for Business give customers online access to more than 1,250 resources to help them better understand risk, mitigate exposures and prevent losses.
Fire Protection System Impairment Management Tool	Available on our secure Risk Control website on MyTravelers for Business, this tool is designed to help customers record and communicate to Travelers when a sprinkler system, fire pump, special extinguishing system or other fire protection system component is out of service. Customers can track impairments at multiple properties and get reminder emails to help return a system back to service in a timely manner, helping to protect their business and employees. Learn more
Risk Control On-Demand®	This virtual safety consulting platform enables customers to access our network of safety specialists in real time. Customers can upload digital media and collaborate with consultants around the globe to evaluate occupational hazards and design and implement safety improvements. Using digital video and screen-sharing technology, ergonomic specialists collaborate with our customers, including through the use of our AI-Assisted Ergonomic Assessment, to identify job hazards and design improvements to help reduce the risk of developing musculoskeletal disorders.
Construction Vibration App	The smartphone-based app ZoneCheck^® helps construction companies understand how site activities can impact ground vibration and identify related risks to nearby structures.
Helping Contractors Manage the Cost of Risk	In 2020, Travelers announced an exclusive agreement with Procore, a leading provider of construction management software, to help contractors manage the total cost of risk through improved operations and job-site safety. Procore’s construction platform connects entire project teams, from the office to the field and across companies. This provides key stakeholders – owners, general contractors, specialty contractors, architects and engineers – with the ability to collaborate across locations and devices. Procore’s platform can help contractors avoid many costly losses and delays through effective risk management and cross-team collaboration. The Procore software is currently available at a 20% discount for eligible Travelers construction insurance customers (state availability applies). Learn more
Forensics and Digital Forensics Laboratories	We have a Forensics Laboratory staffed by a team of scientists and engineers with backgrounds in chemistry, metallurgy, materials science, fire forensics and construction. This capability brings analytical rigor to identify how losses occur and who or what is responsible. Our Digital Forensics Laboratory, staffed by specialists, enables Travelers to ingest, preserve and analyze digital data from any source, including the web, social media and smart devices.

Innovation

Approach

Forces of Change

Strategic Innovation Priorities

Discovering Emerging & Future Opportunities

Fostering External Partnerships

Driving an Innovation Mindset & Velocity

Harnessing the Power of Data

Cultivating Our Data Culture

Innovative Products & Services

Illustrative Initiatives

Our Drivers of Sustained Value

INNOVATIVE PRODUCTS & SERVICES