Innovation: Innovative Products & Services

Connected Protection

• Our Connected Protection program helps our property customers reduce risk by introducing them to Internet of Things (IoT) solutions, such as smart devices, and a network of preferred suppliers who can provide them.
• The smart devices provide customers with real-time feedback and alerts through a smart phone or dashboard. The devices can address a range of risks, such as water leaks and broken manufacturing equipment, while the suppliers can offer potential discounts and smart device guidance.

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.

Travelers’ third-party claims administration services

• Through its subsidiary Constitution State Services (CSS), Travelers has provided claim management services for more than 40 years. CSS acts as 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. CSS is able to deliver superior results by leveraging its national scale and technical expertise.

BrokerTech Ventures

• We continue to partner with BrokerTech Ventures – an entity that convenes broker-centric innovation, ideation, investment and communication – to identify new ways to collaborate on technology solutions for agents and brokers. BrokerTech Ventures continues to provide Travelers with early access to startups focused on developing technology solutions for the insurance industry.

Digital delivery of policy documents

• By enabling agents and customers to correspond and transact business with us digitally, including by e-signing documents, we’re able to provide quicker service while reducing our paper usage and mail costs.

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 help keep their businesses running smoothly.

MyTravelers^® for Business

• In 2023, 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. 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.

Global Companion^℠ Plus+

• Global Companion Plus+ is a product that 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 reputable 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.

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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.

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 on more than 30 million businesses, nonprofits and municipalities, providing a 360-degree view of each entity. Certified Business currently enables 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.

Groundspeed Analytics

• Travelers has a strategic partnership with Groundspeed Analytics, Inc. to simplify the company’s new business and policy renewal processes through the use of artificial intelligence (AI). We plan to continue to collaborate with Groundspeed on the design of additional AI capabilities to improve operational efficiencies through the automation of commercial insurance analytics.

LiveEasy

• Travelers is a strategic investor in LiveEasy, formerly MoveEasy − a full-service home management concierge platform designed to help U.S. homeowners and renters with all their moving and home management needs.
• LiveEasy’s service is delivered primarily through partnerships with realtors, home inspectors and mortgage banks. Travelers is its primary partner for the insurance shopping and buying experience on the LiveEasy site, offering insurance rate comparisons with multiple carriers via InsuraMatch.

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Premium Compare Tool

• The Premium Compare Tool is a fast, convenient, easily accessible way for our customer-facing employees and agents to clearly understand why a customer’s premium has changed.
• This tool has created efficiencies to better equip our employees, agents and partners to meet our customers’ needs.

Trōv

• In 2022, our Personal Insurance business acquired sophisticated technology from Trōv, a provider of digital insurance solutions. The technology will build upon existing capabilities to embed or products into partners’ digital ecosystems to reach more customers where they are.
• In addition to acquiring the technology, Personal Insurance welcomed several new team members from Trōv. With deep expertise in the acquired technology, a proven track record of innovation and an entrepreneurial spirit, they are a strong complement to our existing team.

Project loss insurance

• As construction projects continue to reach new heights, so do the exposures faced by construction companies. Bigger projects mean greater bottom-line risk. One poor estimate or delinquent subcontractor could cause construction companies to face significant business impairment or worse – complete failure. Only Travelers offers this innovative product designed to help protect construction companies from a potential catastrophic loss.

Cyber risk management expertise and services

• When it comes to cybersecurity, the right insurance policy is essential, but that is only one part of what we have to offer. Through both public and private partnerships, we are improving the knowledge and risk management capabilities we bring to agents and customers. Travelers provides its CyberRisk policyholders with innovative pre- and post-breach risk management resources, such as access to the Travelers eRiskHub^® powered by NetDiligence^®, cyber coaches who can offer actionable advice and answers, and pre-breach services provided by HCL Technologies.

Corvus Insurance

• Corvus Insurance leverages AI-driven data to offer cyber insurance products.
• Travelers entered into a strategic partnership with Corvus in 2022 to support its cyber insurance offerings and to extend Travelers’ business into continental Europe. This partnership provides localized cyber insurance products primarily in Germany and Austria.
• Travelers acquired Corvus in January 2024 in order to leverage its cutting-edge cyber capabilities and expertise.

Management liability offerings via Travis

• Through the Small Commercial Travis platform, in a few easy clicks, agents can cross-sell, quote and bind certain Management Liability coverages with speed and simplicity alongside the Business Owner’s Policy (BOP). This enhanced digital connectivity and integration of products drives efficiencies for our distribution partners and provides value to our Small Commercial customers.

Travelers Click^®

• This modern and sophisticated online system leverages our data to place smaller transactional bonds, such as notary and license and permit bonds, through a no-touch process. With over 5,000 bond types available and new features continually being added to this robust underwriting engine, we help agents and brokers process bonds more easily.

Embedded insurance opportunities

• Travelers Personal Insurance provides embedded commerce solutions for insurance-adjacent brands, where insurance is a secondary but necessary consideration.
• Customers of these digital brands can receive quotes either directly from Travelers or via various other carriers. They may also purchase an insurance policy through InsuraMatch, a Travelers-owned national insurance agency.

InsuraMatch

• InsuraMatch is a Travelers-owned property casualty insurance agency that writes business for 50+ carriers across the United States. It provides its partners’ clients with an easy online comparison-shopping experience backed by a licensed staff of insurance advisors.
• InsuraMatch has enabled Travelers to strengthen its direct-to-consumer business and its Affinity relationships, as well as launch embedded partnerships through digital and call center experiences.
• InsuraMatch began offering small commercial Excess and Surplus Wholesale brokering in late 2022. It expanded its services to E&S commercial lines with a goal of better serving Travelers Select Retail Agents. This wholesale division launched in 20 states during 2023.

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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 with a presence in the United Kingdom and the United States.
• 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 one million microbusiness and landlord customers, representing more than 1,000 classes of business.

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Zensurance investment

• Zensurance, our wholly owned subsidiary, is 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 businesses and microbusinesses.

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MyTravelers^® Repair Network for Auto

• We expedite the processing of auto damage claims through predictive models that quickly categorize types of vehicle damage and assist in the damage assessment process. Through partnerships with trusted repair shops, we can then offer an efficient one-stop repair solution.

Catastrophe event analytics

• We continually leverage data, analytics and artificial intelligence to track storms, policies in force and pre-storm damage to understand the impact of a catastrophe event and proactively deploy resources to help our customers restore what matters most to them.

QuantumSubro^SM

• QuantumSubro utilizes the scale and expertise of Travelers’ subrogation capabilities to provide a cost-effective recovery solution for carriers or entities impacted by mass claim events.

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.
• More than 700 of our certified pilots conducted approximately 200,000 drone flights for property claims in 48 states and Canada 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.
• Aloft, a leading provider of drone operations software, reinforces our leadership role in the commercial application of drone technology.

Preferred contractor network

• Introduced in 2022, our preferred contractor network for home repairs helps connect homeowners with qualified contractors quickly and easily.

Mental health app

• In Workers Compensation, we offer new tools focused on the biopsychosocial wellness of the injured employee, including the Wysa Return to Work app designed to support the well-being of injured employees.

Virtual inspection tools

• We partner with vendors to offer virtual tools that help customers share information with us about their homes or vehicles to streamline the damage inspection process. With our virtual inspection tools, we can quickly assess coverage and damages and often resolve a property or auto claim in hours.

Claim helper

• We launched efforts in our General Liability business to help unrepresented claimants understand how to value their claims, creating efficiencies for all parties.

Construction vibration app

• When construction work is occurring, the impacts may be felt beyond the worksite. The online tool ZoneCheck^® helps construction companies understand how site activities can impact ground vibration and identify related risks to nearby structures.

Forensics and Digital Forensics Laboratories

• We have a Forensics Laboratory staffed by a team of scientists and engineers with backgrounds in chemistry, materials science, fire investigation, construction, oil and gas, fire protection, electrical, mechanical and accident reconstruction. These broad capabilities leverage 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. This capability considerably advances forensic investigations and contributes to our understanding of how losses occur.

Ergonomics specialist expertise and technology

• The combination of Travelers’ ergonomics expertise and video capabilities enhanced by artificial intelligence (AI) allows us to help customers measurably reduce the risk of soft tissue injuries and musculoskeletal disorders.
• This virtual safety consulting capability enables customers to access our network of safety specialists in real time. Customers can upload digital media and collaborate with Travelers specialists 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.

Personalized risk control advice

• We help customers protect their businesses and employees through one-on-one consultations with Risk Control professionals and personalized web-based systems to get them the right resource at the right time.

Risk Control On-Demand^®

• Risk Control On-Demand capabilities allow us to virtually interact with our customers to assess their operations and collaborate with their management teams across multiple locations.
• We develop consultative reports to provide actionable solutions that can help our customers reduce risk.

Fire protection impairment 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 systems 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.

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Helping contractors manage the cost of risk

• Travelers has 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.

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Pump Loan Plus^®

• Our Pump Loan Plus program (PLP) is a virtual consulting program to help customers assess their occupational health exposures. The program also includes options to use remote sensing technologies for indoor air quality.
• Travelers loans customers the necessary equipment to complete various sampling. Customers conduct sampling and send the data and samples back for analysis. Risk Control staff provides technical assistance under the direction of a Certified Industrial Hygienist.
• Following analysis by the Travelers Industrial Hygiene Laboratory, the customer receives a letter of interpretation from our consultants to assist in risk mitigation.
• This flexible approach promotes self-sufficiency for customers to better understand occupational exposures in a timely and cost-effective manner.

RightTouch

• Right Touch is an engagement strategy between our Underwriting and Risk Control groups that leverages data, technology and our collective field experience to effectively identify changes in an account between the previous risk assessment to the current renewal period.
• The Right Touch tool analyzes data related to changes in exposure, changes in claim trends, observations and recommendations to help prioritize on-site surveys or follow-up consultations.
• The Right Touch analytics and conclusions are expected to guide faster, more consistent decisions regarding whether and when to engage Risk Control and to enable us to provide customers with the right products at a competitive price.