For the second straight year, Travelers has been selected by the CIO 100 Awards competition, which honors 100 organizations whose teams use technology in innovative ways to deliver business value. This year’s recognition is based on our enterprise-wide approach to digitizing key aspects of our business value chain, and for transforming the way we engage with customers, collaborate with partners and maintain our competitive advantage in risk expertise.
The highlights of our nomination included our powerful use of deep-learning AI models, the Business Owner Policy (BOP) 2.0 product offering, the Claim Virtual Visit tool and our Unified Chat platform capabilities.
We’re applying our models to streamline the underwriting process and improve customer service – especially in the aftermath of weather catastrophes. Our Roof Shape Classification AI Model is one of the latest examples of how we use aerial imagery, deep learning models and geospatial data in an AI-powered tool now used by our agents.
For BOP 2.0, we built a product enabled by a technology platform that includes an AI-powered recommendation engine and uses geospatial and third-party data to predict the business type based on information submitted by agents to properly classify and accurately price businesses up the underwriting process.
And we rolled out a major release for our Unified Chat platform in response to the escalating customer needs during the COVID-19 pandemic, retraining an AI-powered, self-service chatbot within 24 hours to better answer pandemic-related questions.
Mojgan Lefebvre, Travelers Chief Technology & Operations Officer, says, “It is a tremendous honor for Travelers to receive this year’s award two years running. It further demonstrates how an innovative mindset plus advanced analytics and AI can power exceptional customer experiences.”
Read the CIO 100 press release to learn more about the award and consider joining a winning team through a technology career at Travelers.
How does a large company tackle complex business challenges in imaginative ways? One effective method is to tap into the creativity data-driven employees bring to the table, providing them development opportunities and generating outcomes to create the products that best serve our customers.
Bring on the friendly competition.
During the 2020 Virtual Predictive Modeling Competition, 75 companywide data scientists, data engineers and technology-oriented employees formed into 21 teams with one challenge: to develop a new model that helps our Claim organization more swiftly predict the severity of an accident at faster rates and improve payout predictions.
The eight-week competition gave participants the chance to work with new technologies and frameworks that deepened their skillsets and provided opportunities to collaborate across departments. The event was sponsored by Travelers Claim Business Intelligence and Analytics (CBIA) and Enterprise Data and Analytics (ED&A).
Teams relied on their knowledge of AWS cloud technology, graphics processing units, unstructured data sources and machine learning to analyze a range of information to develop and build their models.
According to the competition winners, reviewing data from customer interaction with claim handlers was paramount. “We didn’t reinvent the wheel, but our model predictions were sensible and could predict high severity claims with a high level of confidence,” said Murat Yasar, Analytics & Research, Business Insurance.
“I saw the competition as a great challenge. It was also a great way to network and share knowledge – which is really a precious opportunity, especially during the pandemic,” said Susan Ye, Data & Research, CBIA.
Travelers began these modeling competitions in 2016 with the goal of providing training opportunities around deep learning and image analytics. But the impact of the work goes far beyond training.
“The winning solution from the 2018 competition is still being used at Travelers – it’s like a Swiss army knife for data scientists,” said George Lee, who leads the Data Science team in ED&A’s AI Accelerator. “That’s our hope for this year’s winning solution.”
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.
Company Release – 2/25/2019 2:41 PM ET
HARTFORD, Conn.–(BUSINESS WIRE)– The Travelers Companies, Inc. (NYSE: TRV) has announced an innovative new benefit for its employees that takes the tough choice out of paying down student debt or saving for retirement.
With The Travelers Paying It Forward Savings Program, payments by eligible U.S. employees toward their student loans will qualify for the company’s 401(k) Plan “matching” program.
The new program will help tackle two of the biggest financial challenges Americans face today: getting out from under the burden of student loan debt and building healthy savings for retirement.
“We have the most talented workforce in our industry and benefit immeasurably from the education and expertise they bring to their work,” said Alan Schnitzer, Chairman and Chief Executive Officer of Travelers. “Yet many of our colleagues all too often struggle to save for retirement because student loans weigh so heavily on their finances. Investing in their education shouldn’t stop our employees from investing in their future. We are promoting a standard of employee care that enables them to do both.”
According to the Federal Reserve, student loan debt in the United States reached more than $1.5 trillion at the end of 2018. Starting to save early is key to a healthy retirement fund, yet the Fed’s latest Report on the Economic Well-Being of U.S. Households noted that 41 percent of 18- to 29-year-olds said they had no retirement savings. The report also highlighted that 42 percent of those who attended college, representing 30 percent of all adults, have incurred at least some debt for their education.
As part of its leading benefits package, Travelers currently has a “matching” program for employee contributions to 401(k) accounts. Beginning in January 2020, when The Travelers Paying It Forward Savings Program takes effect, student loan payments will also be taken into account when determining the company’s 401(k) contribution.
Employees, including those who are not in a position to contribute at all to their 401(k) accounts because of student loans, who participate in the new program could accumulate tens of thousands of dollars in their 401(k) accounts over a decade, which could be worth hundreds of thousands of dollars at retirement. That demonstrates the importance of starting to save for retirement early in order to realize the benefit of compounding returns over time.
Travelers hires thousands of employees each year under the age of 35, most of whom have college degrees and many of whom have advanced degrees.
“This program is truly life changing for those of us who are chipping away at our debt and still trying to build for our futures,” said Sasha Kashalapov, a user experience designer who joined Travelers in 2018 with a degree in visual communication design. “It speaks volumes about how a company that cares about its employees invests in their personal well-being and success.”
Blake Perry, a claim manager at Travelers, said, “In a long list of initiatives I’ve seen Travelers implement to support and invest in employees during my nine years with the organization, I believe this is among the most impactful of them all. I look forward to participating fully!” Blake joined Travelers in 2010 and has a degree in political science as well as an advanced degree in law.
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 $30 billion in 2018. For more information, visit www.travelers.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190225005944/en/
Matt Bordonaro, 860-277-7014
Source: The Travelers Companies, Inc.