Groundspeed was acquired by Insurance Quantified in 2023.
THE COMPANY
Travelers is a leading provider of property and 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 $32 billion in 2019.
THE PROBLEM
Quote requests require manual effort to extract information from submissions documents before an underwriter can fully evaluate and price the risk. Travelers needed more structured data so that management and underwriters would be able to assess each account quickly, without reviewing the entire submission.
THE WORK
The Groundspeed Rapid Fusion Data Pipeline captured relevant inbound submission data and extracted, cleaned, and transformed the submission of those data fields automatically for rating and underwriting. The data became structured in a way that optimizes productivity for underwriters and agent and broker partners.
THE IMPACT
Groundspeed’s Rapid Fusion Data Pipeline removed the need for manual data entry, providing underwriters with actionable information in less time for enhanced risk selection, underwriting efficiency, and business growth. Travelers is currently increasing their quote ratio, reducing underwriter bias in submission selection, and creating an underwriting dataset to determine growth opportunities.
