New Business Submission Automation Nets Fourth Gartner Eye on Innovation Award
Travelers won its fourth (and third consecutive) Gartner Eye on Innovation Award in 2024 for its New Business Submission Automation tool developed by Bond & Specialty Insurance and Technology employees. This AI-powered solution significantly reduces the time it takes to register new business submissions – from two hours to two minutes – increasing our opportunity to win more business and to deliver on the Travelers Promise to take care of our customers, communities and each other.
The previous process for registering new business submissions was manual and time-consuming, relying primarily on email exchanges along with manual data extraction and input. But speed is critical in the insurance industry: Surveys show that quote turnaround time is among the most important factors in business placement and agency satisfaction.
The New Business Submission Automation solution, powered by Amazon Web Services, expedites the process by first extracting critical data from email submissions and predicting other key data. This information is then prioritized based on AI outputs and integrated with both third-party and proprietary Travelers data products, offering end-to-end processing that significantly outperforms vendors’ single-use cases.
This tool was built with scalability and flexibility in mind, with an eye toward broad use cases. In addition to Bond & Specialty Insurance, we’ve expanded its use to Canada Business Insurance, which follows a similar process for collecting and inputting submission data. As additional businesses adopt the model, improvements can be plugged into the pipeline.
Travelers’ success in innovation is driven by the expertise and collaboration of our people. The development of the New Business Submission Automation tool is a testament to the talent and forward-thinking mindset of our employees. By leveraging AI and automation, they’ve not only streamlined critical processes but also created opportunities for professional growth and cross-functional teamwork. As we continue to enhance this technology and expand its impact, our employees remain at the center—applying their skills to solve complex challenges and shape the future of insurance.
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