SUNNYVALE, Calif. and HARTFORD, Conn., Sept. 22,
2022 /PRNewswire/ -- Google Cloud and The Travelers
Companies, Inc. (NYSE: TRV) today announced they are working
together to create a cloud-based data ecosystem that will quickly
synthesize vast amounts of information, helping Travelers'
underwriters more efficiently evaluate risks for large and middle
market businesses.
The data ecosystem, built on Google Cloud, will securely
integrate millions of structured and unstructured data points from
multiple sources – internal and external – and leverage artificial
intelligence and advanced analytics to give underwriters a clearer
picture of a prospective account's risk profile. This will
accelerate the quoting process for agents and customers.
"Insurance companies are rich with proprietary data, but there's
an abundance of new and developing third-party data that's becoming
increasingly valuable to underwriters," said Henna Karna, managing
director, Global Insurance, Reinsurance & Risk Management
Industry Solutions, Google Cloud. "Our ultimate goal is to empower
the insurance industry with cloud-based capabilities that connect
those dots and provide a complete view of risk. Travelers is an
industry leader known for underwriting excellence and innovation,
and together, we're working to further scale its advanced analytics
and unlock additional data-driven insights."
Early pilot results from the Google Cloud and Travelers
partnership have demonstrated that by leveraging Google Cloud's
data and analytics tools, the time to complete an underwriting file
for a commercial insurance quote for a large or middle market
business can be reduced from an industry standard of weeks to
potentially just minutes, substantially shortening the time from
submission to quote.
"We have made great strides in recent years to improve and
simplify the underwriting experience for our customers, agents and
employees," said Greg Toczydlowski,
executive vice president and president of Business Insurance at
Travelers. "Google Cloud's world-class data science capabilities
will significantly enhance our efforts and provide us with an even
more granular understanding of the risks we're evaluating at a
faster pace."
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider
of property casualty insurance for auto, home and business. A
component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of
approximately $35 billion in 2021.
For more information, visit Travelers.com.
About Google Cloud
Google Cloud accelerates every organization's ability to
digitally transform its business. We deliver enterprise-grade
solutions that leverage Google's cutting-edge technology – all on
the cleanest cloud in the industry. Customers in more than 200
countries and territories turn to Google Cloud as their trusted
partner to enable growth and solve their most critical business
problems.
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SOURCE Google Cloud