Technology & Data Analytics Teams Recognized for Focus on Innovation
2020 CIO 100 Award
From a field of more than 400 nominations, Travelers made the 2020 CIO 100 Award honorees list for an innovation that is especially relevant today, the Wildfire Loss Detector (WLD), which uses high-resolution geospatial imagery and a deep-learning model to quickly identify properties that are total losses.
As a result of this tool, this year alone, Travelers has helped many of our customers in California and Oregon begin the recovery process before returning home following wildfire events.
Mojgan Lefebvre, EVP, Chief Technology and Operations Officer, was interviewed about WLD during a breakout session at the CIO 100 Virtual Symposium, Conference & Awards entitled “How Travelers Uses Artificial Intelligence (AI) to Accelerate Wildfire Damage Assessment and Claims.” She spoke about the positive business outcomes that AI-driven technologies can deliver directly to customers.
“By using AI – along with existing and emerging technologies – we can accelerate the transformation of our data into actionable insights that enhance the experience for our customers while allowing us to better manage risk,” Mojgan said. “And while advanced analytics have always been utilized in the insurance and financial services industry, the use of AI is amplifying that usage and giving it greater momentum.”
In addition to securing the CIO 100 Award for WLD, the solution also earned a Gartner Eye on Innovation Award in 2019.
2020 Gartner Eye on Innovation Award
For the second consecutive year, Travelers made the list of finalists for the Gartner Eye on Innovation Award for Financial Services – this time, for the AI Roof Shape Model.
This Personal Insurance (PI) innovation was named one of the top nine finalists out of more than 220 global nominations for the award, which recognizes innovative use of digital technology-enabled capabilities, products or services for financial services in the Americas.
The model can identify a roof’s shape with high accuracy using aerial imagery and machine learning. This provides rating consistency and pricing accuracy and improves the customer experience.
Mano Mannoochahr, SVP, Chief Data and Analytics Officer, says, “The AI roof shape work has led to several other imagery-based automations, including solar panel identification and roof condition assessment. It’s also helping us reduce friction from the underwriting process while improving risk segmentation and pricing.”
Read more about our 2019 Gartner Eye on Innovation Award.