New Business Submission Automation Nets Fourth Gartner Eye on Innovation Award

Travelers has 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 Tech teams. 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 deliver the Travelers Promise to more customers.

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.

This Gartner Eye on Innovation Award follows our General Liability Coverage Assistant (2023), Organized Fraud Detector (2022) and our Wildfire Loss Detector (2019) wins. The award recognizes financial services companies for their innovative use of technology to drive best-in-class initiatives. 

Join our winning team through a technology career at Travelers.