Innovation: Harnessing the Power of Data & Knowledge

Data and analytics can help us explain events from the past or 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.

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 one 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 the innovative use of technology, data, analytics and artificial intelligence (AI). These ingredients are at the core of our digital journey and we believe they will help us reimagine those business interactions over time.

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, analytics and AI priorities. Through these 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.

We are accelerating our transformation by expanding omnichannel customer engagement and leveraging advanced analytics and artificial intelligence to drive better risk segmentation, boost productivity, improve operational efficiencies and create great experiences for our customers, agents and brokers.

Responding to the needs of our customers and business teams, we have prioritized design-thinking tools and have shifted from a project management focus to a product-led mindset. This means that small teams composed of individuals from a mix of disciplines and functions are responsible for specific products and are empowered to make decisions that help drive business outcomes and speed to market.

We have 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.

Cultivating our data culture

Our Data Culture program reinforces 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. The series extends beyond traditional uses in product risk segmentation, enabling leaders to rethink work across the value chain. Through this series, we seek to support 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.