HARTFORD, Conn.--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) today announced a strategic partnership with Groundspeed Analytics, Inc. to simplify its new business and policy renewal processes through the use of artificial intelligence (AI). The two companies will also collaborate on the design of additional AI capabilities that can provide increased efficiencies through the automation of commercial insurance analytics. Quote requests often require manual effort to extract information from submitted documents before an underwriter can fully evaluate and price the risk. The use of AI will augment the company's underwriting capabilities by enhancing risk selection and increasing efficiency while also allowing agents and brokers to write business more quickly. "Using Groundspeed's AI capabilities will optimize productivity for both our underwriters and our agent and broker partners," said Bill Devine, Senior Vice President, Business Insurance, Travelers.

Groundspeed is an Ann Arbor based insurance technology firm that uses artificial intelligence to provide metrics to insurance companies to help them more efficiently price risk. Taft advised Groundspeed with a team including David A. Zimmerman (Picture), Marissa W. Huffman and Thomas R. Stasi.