Travelers 2005 Annual Report Download - page 9

2005 Annual Report 7
Specialty Net Written Premium: $5.7 billion
designers, urban planners and audio-visual consultants
have access to the company’s general liability and pro-
fessional liability products.
Global Underwriting strengthened its position in the
fast-growing, international marketplace through the
addition of a small business unit. The unit provides
commercial property and casualty insurance to U.S-
based businesses with developing international opera-
tions. The unit’s staff has expertise in the international
insurance risks faced by these businesses.
Bond intensified its efforts to promote its identity
fraud expense reimbursement coverage. The coverage
reimburses identity fraud victims up to $2,500 for a
variety of expenses involved in reclaiming one’s identity.
•International Specialty
The company’s U.K. operation raised its profile as
a provider of professional indemnity insurance for
surveyors by signing a sponsorship agreement with the
Royal Institution of Chartered Surveyors. Under the
agreement, the company will provide risk management
advice and support to the group’s members.
Specialty offers a full array of insurance products and
services to customers requiring dedicated industry
expertise or specialized coverages. Domestic Specialty
business units focus on providing surety, executive
liability, crime, umbrella, and excess liability products
to businesses and nonprofit entities of all sizes and
structures. Other Domestic Specialty units focus on
meeting the coverage needs of industries including
construction, financial and professional services, tech-
nology, ocean marine and oil and gas, as well as the
public sector market. International Specialty includes
the company’s operations in the U.K., Ireland, Canada
and its syndicate at Lloyd’s of London.
2005 Highlights
•Domestic Specialty
Global Technology unveiled a new policy for small-to
mid-sized enterprises that conduct business over the
Internet. Internet Basic Liability Protection covers
two common risks: failing to protect private customer
information from hackers and failing to prevent the
spread of computer viruses.
Financial and Professional Services broadened its reach
for Architects and Engineers to service a greater variety
of construction and design consultants. Now, interior
Personal Net Written Premium: $6.2 billion
Personal offers a broad array of property and casualty
insurance products for consumers under the Travelers
brand. Products include automobile, homeowners, con-
dominium, tenant, flood, identity theft, valuable items,
boat and yacht coverages. Personal products are distrib-
uted primarily through a network of approximately
7,800 independent agents, as well as through employee
and affinity groups and joint marketing arrangements.
2005 Highlights
• Growth. The introduction of the Quantum AutoSM
program brought an enhanced level of pricing sophisti-
cation and segmentation to the marketplace. The ability
to respond to a broader customer base is a key attribute
of the new product. Policies grew by almost 20 percent
in states where this program was introduced as 40 per-
cent more agents began quoting Travelers on a regular
basis. The success with Quantum AutoSM also enhanced
growth in property and supplemental lines.
• Distribution. The company successfully added 1,000
agency locations throughout 11 regions to increase the
number of sales outlets and to broaden its geographic
footprint. The National Distribution unit also is grow-
ing by employing new sales techniques through use of
the Internet and response modeling.
• Claim. Despite responding to unprecedented catas-
trophes, the company continued to improve speed
and quality of claim service. Travelers now offers cus-
tomers one-stop auto collision service through 28 new
ConciergeClaimSM locations countrywide. As a result
of this new program and other operational changes
the company’s average time to close an auto claim
has decreased by more than 30 percent over the past
two years.
• Operational Effectiveness. Travelers’ leadership in
agency service was recognized by Applied Systems
Client Network’s “Ease of Doing Business” Gold Award.
Also, Web sites were enhanced to allow agents and
customers to manage their accounts around the clock.