TravelersExpress is an approach to processing new small commercial policy applicants since risk evaluation and pricing are delivered to the agent upfront during the submission process. It will be available initially to agents in Illinois, Utah and Nevada and rolled out across the US in 2007.
The tool works behind-the-scenes in IENet, Travelers’ existing small business rating and issuance system. Using advanced modeling tools, external data and detailed loss trends by class of business, it is designed to reduce the amount of underwriter involvement.
TravelersExpress is in-synch with agents’ needs because it speeds up the process, said Marc Schmittlein, president of Travelers Select Accounts. The power of TravelersExpress, combined with Travelers’ extensive market segment eligibility, allows agents to efficiently quote and insure a wide range of small business types.
Agents have told us that ease of use and the capability to quickly quote and issue are critical to winning in the small business market. TravelersExpress now gives them an unbeatable combination of speed, competitive pricing and broad appetite from the leader in the small business segment, Mr Schmittlein continued.
