Intelligent Underwriting

Navigating the Deluge of Submissions

Picture an underwriter sitting at a desk, inundated with submissions from brokers and agents, each packed with intricate details and extensive documentation. These submissions represent not only potential revenue but also a significant operational challenge. The task of manually sorting, analyzing, and prioritizing this flood of data has long plagued the insurance industry, leading to inefficiencies and lost opportunities.

Travelers, a leader in property and casualty insurance, faced this exact challenge. As Mojgan Lefebvre, Chief Technology and Operations Officer at Travelers, explains, “Insurance has always been about data. AI lets us act on that data faster and smarter than ever before.” Faced with rising submission volumes and heightened expectations for quick responses, Travelers sought to revolutionize its underwriting processes with AI.

Intelligent Submission Triage

Under Lefebvre’s leadership, Travelers implemented an AI-driven submission triage system, transforming how underwriting is performed. The AI acts as a digital assistant, analyzing incoming submissions, extracting key details, and ranking them based on potential value, risk profile, and historical trends. By integrating external datasets such as geospatial information and claims history, the system provides underwriters with a clear, actionable picture of each submission.

“AI has changed how we work by triaging submissions upfront,” says Lefebvre. “It saves hours and ensures we’re focusing on what matters most.” The technology doesn’t just automate repetitive tasks; it enhances decision-making by presenting enriched, context-driven insights, allowing underwriters to make informed choices more quickly and confidently.

Improved Efficiency and Focus

Travelers’ AI-driven triage system has led to transformative qualitative improvements in underwriting efficiency:

• Enhanced productivity: Freed from the manual burden of sorting submissions, underwriters now focus on high-value opportunities. Lefebvre emphasizes that this approach eliminates “the drudgery” of routine tasks, enabling employees to apply their expertise where it matters most.
• ‍Faster responses to brokers: Automation of initial triage means submissions are processed and prioritized within minutes rather than hours, improving response times and strengthening relationships with brokers and agents.‍
• Sharper risk management: By leveraging data-driven insights, underwriters can better assess risks and prioritize cases with the highest potential for profitability. Lefebvre notes that AI allows the team to “cut down the time it takes to get the right information to the right underwriters,” ensuring no critical cases are overlooked.

These improvements reflect a shift in operational dynamics, where technology augments human capabilities, ensuring that underwriters focus their efforts on tasks requiring their expertise.

The Broader Context: AI’s Role in Enterprise Transformation

Travelers’ adoption of AI aligns with a growing trend in enterprise innovation. A 2024 survey on AI adoption revealed that 85% of companies are actively using data science techniques, such as predictive analytics and natural language processing, to enhance business functions. Insurance, as one of the earliest adopters of data-driven decision-making, is uniquely positioned to benefit from such advancements.

Lefebvre highlights this potential, stating, “We’ve come up with a thousand use cases... but it’s probably less than 10 that we’re focused on because we want to make sure we’re focusing on the ones that are really going to make a business difference that we can scale.” This disciplined approach to innovation ensures that AI initiatives at Travelers deliver tangible value.

Lessons Learned: Leading with Purpose

Travelers’ journey underscores key principles for successful AI adoption:

• Strategic Focus: By prioritizing high-impact use cases, such as submission triage, Travelers maximized the ROI of its AI investments.
• Transparency and Trust: AI-generated insights are explainable and actionable, fostering trust among underwriters and driving adoption.
• Human-Centric Design: The system was built to complement human expertise rather than replace it, empowering employees to excel in their roles.

The Future of AI in Insurance

As AI continues to reshape the insurance landscape, Travelers remains at the forefront of innovation. Lefebvre envisions a future where AI enables seamless, straight-through processing across the insurance value chain. “It’s about using AI to take the drudgery out of the work, letting our people focus on where they can add the most value,” she says.

Travelers’ success in transforming underwriting operations serves as a blueprint for other organizations. By aligning technology with business objectives and focusing on measurable outcomes, companies can harness the power of AI to drive efficiency, improve customer satisfaction, and maintain a competitive edge.